1851

Where are my leads?&nbsp;That is a question nearly every sales person, founder and CEO has questioned and asked in franchising. Yet, the answer isn’t as simple as turning on the lead faucet and letting them pour in – it’s much more complex than that. Why? Per our previous discussions, selling a franchise is freakin’ hard. You are trying to convince someone (often with no prior franchise experience) to accidentally fall into franchising, invest their life savings and buy your business. Oh, and there are a million other franchises and a million franchise brokers all trying to convince them to buy something else.It is vital, especially in sales, to report on the weather of next week, not last. In order to do that, you have to build out a model (sophisticated or simple) that can give you a glimpse of where the funnel is building.First, the funnel and the tactics:<img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcT9gR3rxy_Vq0n_SZVE9QauOHey1MBZnoliI9PHysYdav3AQ1FyWRPGCgOKYgnxzYVPy5kkPdCTzWuWOTlwBKEDbiCsA6FUM4CDiOSLZ-5qev4aJElN7vl5Vhe3Ds9gjKLCJoe5A?key=1SWIlJ4auk8LO5MapcDUmA">To build predictability, you will want to start with your target markets. How do you determine your target market buckets?&nbsp;<ol><li>Existing Locations: Concentric circles protect and build upon your brand awareness. When you open additional locations in a market, it should increase AUVs. This is if you didn’t oversell the territory.</li><li>High performance markets: If you have size, build a plan around your highest performing franchisees. They will likely validate better and great reviews will impact the next franchisee.</li><li>Best financial performance states that are near your existing locations):&nbsp;<a href="https://1851franchise.com/what-alec-laffers-2024-state-level-economic-index-report-means-for-franchising-2727636#stories">https://1851franchise.com/what-alec-laffers-2024-state-level-economic-index-report-means-for-franchising-2727636#stories</a></li></ol>Then, you need to build a budget. $25,000 per deal is a good rule of thumb for spend. You want 10 deals, budget $250,000.&nbsp;Armed with your markets and budget, you should now start building your chart (financial and performance)<img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd3yJlCJLfa_nzaKjtsDrUhanGquaiz76MGvTMwv_E9H2PLmdhjXJbftZFv3qOQNaa13W3l_hPK6WMaAU4DNiISm9Vc8oc0tQzzYrvXorLMFIg3nBCbgIGLqoJ8EpfNeHnu3xe02g?key=1SWIlJ4auk8LO5MapcDUmA"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcsQC_PIiXaZwC3IgZPh4iTShUcGVAPSkuJWpJ6yE6daij97Q96klrJ0mLHuE6s32qT4cX2oSK75Gyqnk568nYGvb4YODeWb_mIpTYBK7JyoA58c86wN-jheF0VizU4ewNuJrkafA?key=1SWIlJ4auk8LO5MapcDUmA">If you track candidates (people that reply) to good candidates (moving in the funnel) to deals, you can now start seeing a comparison to traffic in a city or state to deal flow. While this won’t be perfect, it will help you understand movement in key markets. It will allow you to maintain focus and shift your budgets to be focused on momentum markets.Additionally, if you want to up the game with spend against predictability, when a good candidate (motivated and financially sound) enters your funnel, you start buying Meta and LinkedIn ads in that market. This will create a sense of urgency. When you are able to say you have another good candidate you are speaking with in a market, it creates a supply and demand issue. It helps candidates sidestep fears and move faster.Imagine going into a meeting and being able to present this: &nbsp;<h3>Full Funnel: Website Traffic → Leads → Applications → Franchise Sales</h3><figure class="table"><table><tbody><tr><td>Stage</td><td>Volume</td><td>% Conversion</td><td>Cumulative Conversion</td><td>Notes / KPIs to Monitor</td></tr><tr><td>Website Visitors (Traffic)</td><td>10,000</td><td>3%</td><td>3%</td><td>Bounce rate, time on site, CTA clicks</td></tr><tr><td>Lead Forms Submitted</td><td>300</td><td>33%</td><td>1%</td><td>Cost-per-lead (CPL), lead source performance</td></tr><tr><td>Qualified Leads (Pre-screened)</td><td>100</td><td>60%</td><td>0.6%</td><td>Funding, territory availability, timeline</td></tr><tr><td>Franchise Applications Submitted</td><td>60</td><td>70%</td><td>0.42%</td><td>Drop-off due to FDD, lack of alignment</td></tr><tr><td>Discovery Day Attendees</td><td>42</td><td>71%</td><td>0.29%</td><td>Scheduling, travel, validation experience</td></tr><tr><td>Closed Franchise Deals</td><td>30</td><td>71%</td><td>0.3%</td><td>Avg. time-to-close, cost-per-close (CPC)</td></tr></tbody></table></figure>And this<figure class="table"><table><tbody><tr><td>Funnel Stage</td><td>Leads In</td><td>% Conversion</td><td>Leads Out</td><td>Drop-Off %</td><td>Notes / Roadblocks</td></tr><tr><td>Discovery Form</td><td>100</td><td>70%</td><td>70</td><td>30%</td><td>&nbsp;</td></tr><tr><td>Intro Call Completed</td><td>70</td><td>60%</td><td>42</td><td>40%</td><td>Timeframe, funding</td></tr><tr><td>FDD Review</td><td>42</td><td>50%</td><td>21</td><td>50%</td><td>Financials, legal confusion</td></tr><tr><td>Brand Validation</td><td>21</td><td>67%</td><td>14</td><td>33%</td><td>Weak franchisee stories</td></tr><tr><td>Discovery Day Attended</td><td>14</td><td>71%</td><td>10</td><td>29%</td><td>Timing, spousal buy-in</td></tr><tr><td>Closed Deal</td><td>10</td><td>100%</td><td>10</td><td>0%</td><td>🎉</td></tr></tbody></table></figure>Equipped with this data, the pressure shifts from “selling” to identifying friction. Once you understand where candidates drop off, you can fix it with targeted PR, better content, or process improvements.Improve the quality at the top. Improve the performance at the bottom.That’s how you build predictability in your franchise funnel.

Franchise Masterclass: Building Predictability in Your Franchise Funnel

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