99% of typical franchise leads will be a waste of your time. And since time is your most valuable asset, here a few tips to help flip the game in your favor:
1) It may seem obvious, but ONLY look where people with the capital required are hunting and open to new businesses. Just like with Amazon, people are now shopping at home for everything, including franchises. They’re using the internet more than ever to research brands, compare opportunities, and see what others have to say.
2) Make your brand’s capital and experience requirements extremely simple and straightforward for your prospects. This will maximize efficiency as you build your sales pipeline, knowing earlier in the process who can meet these key hurdles before investing time and resources.
3) Start with a pool of non-competing existing franchisees of other brands. Why? The qualification and much of the training has already been done for you. They often have infrastructure, a local customer base, and other key components already established that your brand can tap into.
4) Shorten and simplify your initial qualification form. Some things the form should NOT include: items requiring a calculator, account numbers, and more than 12 fields. If they pass the deal-breakers, give them a call right away.
5) Talk to multi-unit developers, area franchisees, or chain retail licensee owners. Finding and pitching these experienced investors and operators is worth your while. Not only is dealing with less franchisee customers appealing, but these folks lower entry risk into new markets and can help accelerate your growth.
6) If they haven’t visited your stores or experienced your brand firsthand, you’re not close to a deal. Regardless of how you find them, they need to have connected with your brand before things can really move forward. Put them in touch with your current franchisees, or host an open house. The sooner this can happen from your initial communication, the better.
The above tips should help you minimize resources and maximize efficiencies as you take your business to the next level.
To remain competitive in today’s dynamic franchise landscape and maintain the integrity of your brand, you need to attract top-tier franchisees.
The problem is that the way franchise prospects find your brand and decide to buy are rapidly changing. The tried-and-true franchise sales and marketing techniques are quickly falling out of favor. What used to generate results just may not cut it anymore