"Just how far are you willing to go to sell more franchises? What are you willing to do - not say, but actually do - to sell more?"
It's very easy to fall into the mindset that all "leads" are prospects for your franchise. In fact, a huge proportion of "leads" could better be described as "suspects". They're the "tire-kickers" that have no intention in going any further than simply requesting information from you. Or they want to buy a franchise, but have very little, or no net worth. Astoundingly, I've heard many stories of "leads" that want to open a QSR but only have $5000 in net worth!
Is it really worth your franchise sales staff's time and your money to be contacting all these "leads" in hopes of turning them into franchisees? Wouldn't it make more sense to spend time with the leads that you actually have a hope of putting them into your recruitment campaign?
Ever wonder how much higher your conversion rate would be if your sales personnel were able to devote their time to converting candidates to franchisees rather than wasting so much time on leads? With a typical ratio of 2-5 franchises sold for every 100 leads, your conversion rate has to go up. In effect, your "cost of acquisition" for each new franchisee will drop. And that leads directly to higher profits.
Believe it or not, it's as easy as 1, 2, 3.
Step 1 - Find the gold nuggets faster
Finding real prospects for your franchise is similar to panning for gold. To find that 1 nugget of gold, you'll sift through many grains of sand.
Step 1 of our FranchiZe Selection System will help your salespeople sift through the sand and get them to those gold nuggets much faster.
Step 2 - Closing more deals
Winnowing out all the tire-kickers is all well and good, but if you want to maximize your sales efforts, it's important to know how to effectively sell to this prospect. Knowing how the candidate makes decisions is a huge help in closing the deal. Knowing this improves your closing rate because you'll know whether your prospect makes decisions emotionally. Or if she deliberates and takes care with decisions.
Step 3 - Getting down to the nitty-gritty of increasing royalties.
Just prior to "Discovery Day", you incorporate Step 3 of the FranchiZe Selection System. Now you're looking into areas where you can make a decision about whether the candidate will be a powerful force for improvement of your franchise.