Franchise Sales
The franchise sales process is not just about closing the deal. It’s about finding the right fit for both candidate and brand. Learn how to move your franchise prospects and candidates through your sales process to determine if there’s a match. To achieve this, you’ll need the right team. Find out how to evaluate your franchise sales and development team, and best practices for pay, incentives, and commissions to attract and retain top sales talent and meet your development goals.
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November 7th, 2020
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Have you been there? Where, you ask? On a ladder, climbing upward to obtain something, complete a task, or simply attempting to overcome an obstacle... like a wall.
- Larry Carnell
- 2,900 Reads 213 Shares
In last month's Franchise Update Sales Report, I provided an introduction to working with brokers to increase your franchise sales, and highlighted some of the advantages of using brokers as part of your development strategy. This month I examine some of the risks and downsides, as well as how sign up with a broker that works for you.
- Steve Olson
- 3,690 Reads 245 Shares
Online behavior is maturing more rapidly than ever before. Social networking advancements from all the market leaders have, and will forever, change how we collaborate, communicate, share, and engage with any relationship online--whether it's the closeness of a family member or a first encounter with a franchise sales representative. Trust and transparency are the new operating rules, and engagement is determined by the initiator.
- Tom Hochstatter
- 3,061 Reads 10 Shares
Many years ago (I won't say exactly how many) as a small boy, I would fish off a wooden pier on the banks of Mobile Bay near the Gulf Coast. To this day, my younger brother talks about the "Monster Fish."
- Larry Carnell
- 3,398 Reads 1,023 Shares
Truly great franchise sales and development teams are hard to find... and can be even harder to create. For franchise sales executives, attracting the right mix of people, passion, and experience, along with creating a positive culture and providing the right mix of recognition and reward, it's a delicate balance. Achieving that balance means the difference between a marginal brand and a great one
- Kerry Pipes
- 3,177 Reads 68 Shares
Happy New Year to all! The parties and holidays are all now behind us and it's time to get back to assisting people who are searching for the business of their dreams. We all know making a decision to start a business during uncertain times takes a special individual who possesses a vision and drive for success. Over the years some of the strongest and most successful businesses have started, and even thrived, during all sorts of economic conditions.
- Marc Kiekenapp
- 1,763 Reads 1 Shares
The incredible surge in outsourcing prospect generation to franchise brokers has reshaped the sales programs of many franchise systems. Once tarred by the horror stories of the 1980s, today's brokers are reborn and repackaged as the "franchise sales consultants" of the 21st century. This isn't surprising. Networks of professional consultants with years of franchising experience have swooped onto the franchise sales scene with extraordinary success. Today they deliver an estimated 3,000-plus new franchise owners annually to appreciative franchise companies. Franchise Update Media Group's Annual Franchise Development Report revealed that 57 percent of the 126 franchisors surveyed used brokers, with 67 percent closing deals.
- Steve Olson
- 5,496 Reads
Are you conveying the correct message about your brand? Are you taking advantage of your opening programs to get new franchise owners to monthly breakeven more quickly? How long does it take your prospect to understand the long- and short-term financial opportunities of your franchise concept?
- Marc Kiekenapp
- 2,186 Reads 31 Shares
Each year, for more than a decade, Franchise Update Media Group has surveyed hundreds of franchisors about their sales and development practices and compiled the results in its Annual Franchise Development Report (AFDR).
- Eddy Goldberg
- 2,539 Reads 15 Shares
When your candidates arrive at Discovery Day, naturally you'll start with a warm welcome. Explain the purpose, process, and activities for the day to ensure everyone is "aligned" in the right direction. This provides further clarity for your Discovery Day guests and eliminates any potential confusion that may occur during the event.
- Steve Olson
- 5,419 Reads 6 Shares
Each year, for more than a decade, Franchise Update Media Group has surveyed hundreds of franchisors about their sales and development practices and compiled the results in the Annual Franchise Development Report (AFDR).
- Eddy Goldberg
- 2,799 Reads 10 Shares
Sales intelligence gives you the competitive edge. Growth companies know that if you're not guarding your front and backside, you'll fall behind in the race. They keep smart and savvy by gathering data, insights, and profiling information from their franchisees, sales people, and competitors. Periodic feedback sets you atop of and in tune with the highly competitive recruitment environment. You can reap the rewards and gain the inside track on building a better, more attractive franchise program for franchisees.
- Steve Olson
- 2,936 Reads 7 Shares
Franchisors that provide a strong support program to help struggling franchisees should seriously consider using this as a selling point to help make new franchise sales in uncertain times.
- Eddy Goldberg
- 2,883 Reads 12 Shares
So what do you do with franchisees that "aren't making it happen?" The ones who don't fit your formula and, realistically, will never turn things around? How do you make the best of a bad situation? The solution is logical.
- Steve Olson
- 2,938 Reads
Referrals are vital to franchise system growth. As noted in the May FUSR, studies validate the power of referral sales. Close rates for direct referrals are typically three times higher than for other leads. According to Franchise Update Media Group's Annual Franchise Development Report, referrals continue to be a top franchise sales producer every year.
- Steve Olson
- 5,192 Reads 4 Shares
As we all hope for the best in 2010 and realize we have weathered the biggest part of the economic storm, we need to look at the franchise development world differently--in this case, under partly cloudy skies.
- Marc Kiekenapp
- 3,374 Reads 5 Shares
Nontraditional locations, typically seen as a vehicle for spreading a franchise brand into new places to reach a captive audience, also can serve as an additional lead generation tool, part of your overall development strategy. Let's consider a few instructional examples.
- Eddy Goldberg
- 2,974 Reads 25 Shares
Franchise shows have experienced an exciting rebirth during the past few years. The annual International Franchise Expo in Washington, D.C., as well as regional shows in the U.S. and international expos, have provided a valuable recruiting venue for generating qualified buyers. But not everybody is jumping aboard. Some franchisors confess they aren't interested in trying this successful, revitalized lead source.
- Steve Olson
- 3,747 Reads 21 Shares
Many of us in the franchise sales business have watched franchise brokerage companies (aka consultant groups, referral networks, etc.) grow in both presence and stature and become a commonly used source of franchise leads and sales. Although there are no reports that can tell us exactly how many deals are being produced through these groups, we can do some deductive reasoning to understand how and where these organizations fit into franchising today.
- Marc Kiekenapp
- 3,220 Reads 15 Shares
This month I complete the discussion of Selling Skill #3. These three skills, essential for making new franchise sales, are part of my book, "Grow to Greatness: How to build a world-class franchise system faster" - and are appropriate for both new and emerging franchisors, as well as experienced sales pros seeking to brush up on their skills and/or improve the performance of their sales staff.
- Steve Olson
- 2,861 Reads 49 Shares
Why would both a franchise capital finance company and the CEO of a retail franchise brand sign on as franchisees of a new concept? That's what Siegel Financial Group and Gabriel Bottazzi, CEO and founder of Bijoux Terner, have done. They are among the six franchisees who have signed on with RetroTax. Part of the reason, both say, is that it's a great concept. RetroTax, as the name implies, finds tax credits for both franchisors and franchisees--and gets paid as a percentage of what they find.
- Eddy Goldberg
- 2,857 Reads 15 Shares
On a recent monthly Webinar for the Franchise CEO Network, I was honored to interview Rhoda Olsen, president and COO of Great Clips, Inc. Quickly, the conversation turned to what it is like to lead more than 2,800 Great Clips franchisees, and the challenges that must be overcome to communicate effectively.
- Linda Burzynski
- 2,533 Reads 29 Shares
There's a saying I've heard in business and the franchise community for years: "Either your system is growing, or you are slowly going out of business and just don't know it yet." These days, everyone's singing the "Bad Economy Blues." Unfortunately, this sentiment can become contagious within franchise systems. So what can franchisors do to help their franchisees sustain and grow, and to maintain happy franchise systems in these difficult times? Or at least, what can franchisors do to circle the wagons and avoid franchisee attrition? Attrition is a franchisor's worst enemy as failed and/or closed units reduce royalty income, render some support staff obsolete, and wreak havoc with franchisee validation.
- Marc Kiekenapp
- 2,252 Reads 7 Shares
Welcome to the ever-changing world of franchising! Just when we all think we have things figured out, a new challenge arises. The economy! As I recall, we were all chugging along running our ad campaigns, generating leads, and (hopefully) converting some to qualified candidates. Guess what? Pipeline paralysis! Not that lead volume has fallen--on the contrary, lead flow is rising, right about in lockstep with the unemployment rate as more people are compelled to explore business and franchise ownership options. Yet as lead volume has increased since the clock struck 1/1/09, we are now faced with a new challenge: how to effectively position our business in a troubled economy and actually get qualified candidates financed and into business.
- Marc Kiekenapp
- 2,619 Reads 10 Shares
What if there were a way to hire great, energetic franchisees who not only were excited about the brand, but also already knew it inside and out? Your next great franchise operators might be sitting right beside you at your next internal meeting.
- Kerry Pipes
- 4,522 Reads 109 Shares
The Office Visit is arguably the most important step in the franchise sales qualification process. The Office Visit goes by many names: Discovery Day, Information Day, Audition Day, Support Center Visit Day and on and on. Regardless of what you name it, it is the day for the management team and the franchise candidate to "get to know" each other beyond phone and email and decide if this is a good match for both parties.
- Marc Kiekenapp
- 3,172 Reads 60 Shares
On the Friday morning after Congress voted down the first, "unsweetened" $700 billion bailout package--and with credit frozen and the lending climate getting icier by the hour--franchise sales executives at Franchise Update's Leadership & Development Conference put their heads together in a Friday morning "mindshare" session to brainstorm answers to some tough questions on what they're doing to make sales.
- Eddy Goldberg
- 2,594 Reads 1 Shares
We all know a sales process is mandatory for successful recruitment. But many continue to tilt at windmills with their marketing, not realizing that successful lead generation also demands an effective, step-by-step process. Those who embrace this methodology and performance metrics can increase prospecting success by 30 percent or more. Here's a time-tested, four-part approach to lead generation that can deliver more qualified buyers for your sales team at lower costs.
- Steve Olson
- 3,327 Reads
Every year thousands of franchise companies pour money and other precious resources into lead generation and sales with varying degrees of success. But few rise to the top.
- Kerry Pipes
- 3,087 Reads 34 Shares
Let's hope we're already well into a recession. Historically, that's been a good time for franchise sales. But before you start shopping for that new boat, the pain will continue for many brands. But not all.
- Eddy Goldberg
- 2,570 Reads 5 Shares
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