FBR Survey Puts Numbers to Franchisee Satisfaction and Brand Performance
I've never met a franchise executive who said, "Franchisee satisfaction doesn't make a difference in growing our brand." But sometimes I wonder if this is a politically correct reply, especially after taking a look at the results in the disclosure documents. But rather than going on a wild chase with bunch of words and opinions, I asked my friends over at Franchise Business Review for help.
For years, Eric Stites, Michelle Rowan, and the FBR team have been focused on measuring franchisee satisfaction and connecting the dots back to actual performance. FBR's "2018 Annual Franchisee Satisfaction Study" was compiled from surveying more than 23,000 franchisees from 180 brands with a minimum of 100 outlets and franchise disclosure documents. If increasing your unit count is critical, then invest some time with this report and what it means for your future.
"Satisfaction" in this column and the FBR study is not a soft, subjective, touchy-feely metric. I subscribe to FBR's definition of franchisee satisfaction: "It's about achieving a franchise company's strategic and financial goals. Satisfaction is dependent on how franchise owners' experiences compare with their expectations."
Take a look at the graphs and hard data comparing satisfaction and performance. Judge for yourself.
As a franchise executive and leader, the job requires looking in the mirror. If you're tracking annual franchisee satisfaction vs. unit economics and results in the FDD followed by benchmarking vs. other brands, and then building action plans and strategy... way to go! Keep it up.
If you're not, get started today! An added benefit is that recruiting the best-quality new franchisees who will follow your system and build top-performing franchise units will be massively more efficient and effective. Franchisee satisfaction matters.
Let's go to work!
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