Franchising is growing at an extraordinary rate. Clearly, would-be entrepreneurs see the value in the many advantages franchising has to offer: the support of a proven system, an established brand name, ongoing support, and opportunities for work/life balance.
Not only are the number of franchise establishments growing year over year, the franchise model itself is growing too. In fact, Franchise Business Review just published our Top Emerging Franchises of 2018 – newer brands that are growing quickly and steadily, while ensuring they provide proper support to accommodate their growing numbers of franchisees.
With the proliferation of franchises, it can make it even more difficult for a brand to differentiate itself to potential buyers. Franchisee satisfaction is what can set your brand apart. Candidates want to know what it’s like to be part of your system, and when you can show that your franchisees are happy and would do it all over again, you send a powerful message that your brand is committed to their success.
Here are six ways to use franchisee satisfaction data to capture more leads and close more deals:
- Post it on your development site. There’s a buyer’s journey that consumers go through when determining when to make a purchase, whether it’s a franchise or any other purchase. Often, that doesn’t involve talking with a salesperson until halfway or more through the journey, but it does involve multiple touch points, including, of course, Internet research and online reviews.
Give potential buyers research they’re looking for up front. Sharing your satisfaction survey results online shows transparency, but it’s also an opportunity to capture online leads and nudge candidates to the next step in their journey.
2. Create collateral to share at expos. Expos are a great venue to meet candidates face-to-face, but it can also be an overwhelming sales environment with hundreds of brands looking to grab the attention of candidates. Showcasing the satisfaction of your existing franchisees – especially when it’s been collected and validated by an independent third-party research firm – makes your brand stand out when candidates are being bombarded.
3. Use a summary report of your data to respond to initial inquiries. Instead of bombarding candidates with information, or not giving them enough, start with what your current franchisees are saying. This is an important differentiator–especially with candidates who are inquiring to multiple brands in a competitive sector.
4. Give it to your brokers. If you use franchise brokers, make sure they understand how to use and talk about your franchisee satisfaction data when talking with candidates. Check out this post, What Your Franchise Broker Needs to Know About Franchisee Satisfaction, for tips on how to educate brokers on using your franchisees satisfaction data to close more deals.
5. Create a step before candidates can call your franchisees in the FDD. Ask them to review the survey results with you before giving out franchisee contact information and the FDD. This will help you determine which buyers are really serious and weed out the “tire kickers” who needlessly take up your franchisees’ time.
6. Reach out to candidates that have gone dark. If you had interested candidates that fell out of the process for no apparent reason, the most recent results of your survey data is a fresh reason to re-engage with them and get them back in your development pipeline.
What other ways are you using franchisee satisfaction to differentiate your brand? Share your ideas with us! Send them to [email protected]sebusinessreview.com.