Knowing your numbers is a fundamental component in the franchise sales equation but having a well defined franchise sales process in place to apply those numbers is essential to a successful franchise sales effort and a healthy franchise development program.
Having a well defined sales process is vital to the development efficiencies of a franchise system and may be even for important now than ever with the changes taking place in the global economy. Being nimble and knowing when to make adjustments can be the difference between success and its alternative. Numbers will help tell you that.
Franchise Sales conversations with franchisor owners and executives are usually centered on discussion about the sales pipeline or sales funnel and very little more. Most consider their sales processes to consist of some form of prospecting, initial greeting, sales presentation, handling objections, discovery day, and close. Sale cycle time lines are mostly unknown with this approach or focused only on “hot prospects”. This approach usually becomes too exclusive. It is also future quota dangerous as it is so easy to invest all your time in too few candidates and then have to start all over again.
From a prospect’s viewpoint entering into a franchise relationship is a huge decision emotionally, financially, personally and usually involves the family or other buying influences. It may mean doing something totally different from their professional training and education. The prospect will have a very different time line.
Therefore the franchise sales process must be reflective of “goal set” timelines to engage the prospect with touches and activities to do minimally each week to learn more about the franchise concept while the franchisor learns more about the prospect and the prospect’s buying influences.
This franchise sales process approach will develop a “more inclusive” rather than “exclusive” sales pipeline, help eliminate pipeline clogs and build predictability into the sale cycle. Not every inquiry will be ready to invest immediately but by having a guiding light for those qualified candidates keeps a pipeline filled. The process becomes very predictable because multiple candidates are entering the process at alternate times and advancing to sequential next steps at different times. Fallout is followed by new arrivals.
A good franchise sales process should be constructed to engage the franchise candidate as soon as possible to think ownership thoughts and empower the candidate with knowledge activities to get a feeling of comfort by navigating around and through the system. It also helps to take the candidate off the market. The process helps sale team accountability by requiring touch points to be completed, dated and advancement to the next step executed. If something is going to derail, a salesperson will know sooner than later and have the opportunity to correct the situation before it gets out of hand.
With a viable sales process in place, management will be able to see the pipeline prospect flow, make corrections and adjustments proactively rather than reacting.
Without a well defined franchise sales process achieving franchise sales quotas will continue to be challenging and unpredictable at best.
Copyright 2008 Paul M. Roesch
Franchise Sales are Predictable with a well defined Franchise Sales Process - To learn more about this author, visit Paul Roesch's Website.
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Paul Roesch
(Visit Paul's Website)
I am an entrepreneur and always eager to
learn about and flush out ideas about new
concepts and opportunities. My career has
enjoyed the advantages and independence of
American small business ownership
generally focused in sale of intangible
services.
Self-employment ownership has included a
commercial independent insurance agency
and the franchise business model.
Corporate world experience has included
positions in franchising concepts like
mature giants Realogy’s Century 21,
Prudential Real Estate Affiliates to start
up and emerging franchise systems like
Case Handyman and City Publications.
Franchise Sales and Development experience
includes working directly with franchise
prospects and franchisees completing new,
conversion, resale, merger & acquisition
growth and expansion as well as system and
unit expansion through Area Development.
Franchise Operations knowledge includes
project management and operational
functions leading the successful
technology logic overhaul, delivery and
training for Franchisor and franchisees
including email migration, client
relationship management (CRM) system,
franchisee individual website development,
optimization and conversion.
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