Five More Tips on Mastering the Psychology of Franchise Buyers
This is the third part of a mini-series on how to better understand the psychology of franchise buyers. The first part appeared in December's newsletter, and part two last month. All 14 tips originally appeared in "Grow to Greatness: How to build a world-class franchise system - faster," a book by Steve Olson, president of Franchise Update Media Group (see below for how to order).
10) Buyers process information in stages
Avoid overdosing individuals with too much information too quickly, or you'll prompt prospects to prematurely eliminate your opportunity. Worse yet, you can overly excite a candidate at the outset with nothing left for an encore.
Our brain is most effective processing new information in modules, progressing from general content to specific details in later stages. So keep prospects engaged by wanting more and by deflecting questions for additional information you'll cover further on in the process. Script your promotional material and presentations in a step-by-step sequence, leading up to the grand finale of your Discovery Day. Don't hesitate to say, "Joe, when we receive your qualifying application, then we can discuss financials from our disclosure documents."
"Spin selling" helps in successful franchise recruitment, as it recognizes buyers' emotions as they move through the process. Build their interest as they go, and avoid the danger of peaking too soon. Have you ever lost a deal you assumed was a "slam dunk"? You knew early on your prospect was all fired up, ready to sign up at that moment! The problem was you got them moving too quickly, they short-circuited, and you never heard from them again.
11) Buyers are guided by behavioral styles
If you haven't already, learn how to sell to the different behavioral styles of your buyers. Studying their behavioral characteristics will equip you with effective techniques for working with "driver," "analytical," "expressive," and "amiable" personalities. This powerful understanding will help you build closer relationships with your candidates and be a better closer.
Who buys on emotion and ego? Who purchases on facts and logic? Which personalities require more assistance in making the right decision? How do you adjust your language and speech patterns to the buyer type you are working with? Knowing these answers will improve your relationship skills and eliminate "personality conflicts" with your qualified buyers. This is particularly beneficial with closing candidates, who are quite vulnerable and may seize up with buyer's fright before signing the franchise agreement.
12) Buyers have decision-making hot buttons
Discover your prospects' buying triggers through probing questions and observation. Different buyers have different motivations. They will appreciate you asking, and will tell you what they are. Also observe what your prospects don't say. One franchise sales pro refined his Discovery Day selling strategy by closely watching how his prospects watched and responded to his 10-minute franchise video. He zeroed in on those areas that caught their attention and those that prompted yawns.
13) Buyers' actions reveal their intentions
It's not what prospects say, it's what they do! When a candidate breaks an appointment without an explanation, or stops returning calls, it means he isn't interested any longer. Yet some franchise reps continue to chase these individuals. Is the application sloppy and not completely filled out, or is it neatly typed with each question thoughtfully answered? Did your candidate contact three franchisees as agreed, or "just didn't have a chance to get to it yet"?
Confront and eliminate prospects who are wandering around with you. Keeping six-month-old applications on your active list is usually a waste of time. Move 'em up, or move 'em out.
A 6-to 12-month mass mailing to former prospects occasionally resuscitates a sale. But don't spend wasted time digging for the dead. Focus on those who show interest and who are responsive by following your process. They are your buyers!
14) Master the psychology of buying, and you'll both win
Joining your franchise system is a major decision affecting the life, security, and future of each candidate considering your opportunity. Understanding prospect behavior, apprehensions, needs, expectations, and personality styles can catapult your selling success to the next level... empowering you with extraordinary insights that can benefit you and your buyers, and beat out your competition.
This is an excerpt from my Amazon.com best-selling book, "Grow to Greatness: How to build a world-class franchise system faster." To order copies, click here.
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