Franchise Update publishes a report on franchise sales volume every year. The report is awesome. It explains where franchisors’ sales teams are having the most success in lead generation, franchise sales, and more. An interesting thing they report each year is how many of the franchises they survey who don’t have any system for tracking their lead-to-close ratios. These franchisors are simply making decisions blindly and on their impressions of what is happening instead of the actual data.
Don’t be like those franchisors who are running their sales blindly. As a franchise broker, we are involved in the sales process of the franchise. While we do not directly sell, we certainly source and buy leads, which means all franchise brokers should be tracking their lead volume, their lead-to-close ratios, their lead-to-sales stage conversions, and their lead sources. Different brokers have different strengths. One broker may be excellent at networking and terrible at internet leads. Another broker can be the exact opposite. The best way to measure these things is through actual data collection and testing.
We have a great system for our brokers with metrics they can use to rate their success. Make sure you know these numbers for yourself and for the health of your business.
There are a few difficult things in this world that we all experience, regardless of country and culture. These are wars, pandemics, and economic hardships. And though these make for tough times - throughout history, we have overcome them each time. As the economy starts to slow - both here in the US and globally, […]
What: FBA’s Quarterly “Spark the Light” Event When: Thursday, May 2nd, at 1-2:30 PM EST Where: Zoom (Invite to attend has been sent to your calendar) How/Why: See Communications from FBA & Your Assigned Rising Star Broker If you've been tuning into our weekly mentoring sessions, you know we can't get enough of discussing the ins […]
A franchise definition, according to the International Franchise Association (IFA). Franchise (noun): “A franchise, or franchising, is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to […]
