No Limit expert offers ways to ensure a winning strategy.
After coming up with the concept, creating a Franchise Disclosure Document and getting your Operations Manual in order, it’s now time to find the franchisees to expand your brand. Before you begin, it’s important to come up with development strategy that will help your brand succeed. That
includes having the right systems and processes in place.
Here are five things you need to know to create a sound development strategy:
Positioning and Messaging
“Where most brands fail is that they are selling the same things everyone else has,” said Fitzgerald. “Everyone has a proven process, training, support and operations manuals, it’s the definition of a franchise. You need to talk about why this is a great franchise opportunity.”
Whether it’s consumer positioning or the economy, a brand needs to have a strong message of why this business is a great business to buy and why now. This is important to include in the awarding process and to get the right type of franchisee to sign on the dotted line.
An experienced franchise sales person can sell and find the right perspectives.
Awarding Process/Recruiting Process
“A detailed awarding process will help the candidate and your development team stay organized,” said Fitzgerald.
Fitzgerald recommends breaking the awarding process into smaller more manageable steps for the potential franchisee. That helps build confidence in the candidate and in your franchise system. You don’t want to overwhelm them with too much data and information at once. It could portray that your business model is complex.
CRM and Metrics
Leads to applications ratios will help you determine the quality of leads you are getting. If the leads aren’t good you’re spinning your tires. If you’re not getting applications you have to look at lead sources. Applications to sales ratios will show you effectiveness of sales team and process. Lead to sales ratios help to determine your overall efforts compared to the industry. Right now the industry average lead to sale is 1 to 2 percent.