Papa Murphy’s Take ‘N’ Bake Pizza
achieved a 14-times higher lead-to-sale conversion rate when a lead received a bQual report, a real-time financing education solution by BoeFly
, the leader in franchise lending.
Papa Murphy’s franchise executives are relentless in their quest to optimize their lead-to-franchisee conversion process, which ultimately led them to partner with BoeFly
to conduct a six-month pilot program
. The program’s premise is simple: Leads that are confident about their financing prospects convert better. To improve that confidence, Papa Murphy’s offered all web leads a free bQual report starting last January.
Headquarted in New York City, BoeFly has invested millions of dollars to develop a proprietary franchise sales- and finance-system to help brands optimize lead conversion and franchisee financing.
Existing and prospective small business owners can access their bQual report, which includes the credit score required by the Small Business Adminstration (SBA), the FICO consumer credit score, educational content explaining the scores, insight into why they scored the way they did and how lenders typically view the score. Free bQual reports are exclusively available online at bQual.BoeFly.com
and can be securely accessed from iPads, tablets, smartphones and computers.
The results of the Papa Murphy’s and BoeFly program were clear: Leads who received their bQual report became franchisees 14-times more often than those leads who did not receive a bQual report. These results were achieved from a pool of more than 4,000 web leads captured during the pilot program. Jayson Tipp, Papa Murphy’s chief development officer and senior vice president of technology, sees the importance of addressing all candidate concerns.
“The job of franchise sales is to ensure the candidate has clear information to make a decision,” said Tipp. “By offering bQual, a few key things occur: First, our brand is giving the lead something of monetary value, which we expect helps with engagement. Second, the lead gets objective data on how banks will judge them, so it instills confidence that they are fundable—this gets them through the process quicker. Third, the lead started on the financing process earlier, which leads to quicker financing—this helps speed up the opening date.”
“Small business lenders have long been stymied in their efforts to offer pre-qualifications because prospective borrowers had no way to secure their small business credit score without formally applying,” said Mike Rozman, chief executive officer of BoeFly, the company that invented bQual in alliance with FICO and Equifax. “bQual’ed leads convert at such a strikingly higher rate because the lead accesses the same data the lenders will ultimately use to judge them. Since the data is independently secured, rather than self-reported, banks can use the information to issue meaningful pre-qualifications.”
“I’ve been following BoeFly’s development of bQual for years, and I’m very impressed by the pilot results, though not at all surprised, as I’ve always believed it solved a big problem,” said Eric Stites, chief executive officer of Franchise Business Review and a franchise sales expert. “The strikingly significant 14-times spike in conversion rate speaks for itself, and at this point it is, for me, a no-brainer: bQual should be baked in as an early step in every franchisor’s sales process.”