We have long moved past the phase of shock from a pandemic to resuming work in business. It is essential to accept and adapt as quickly as possible to ensure we stay ahead in the game. Like all business, franchise too has its own challenges. The below five important actions for franchise sales leaders can help push past the challenges with ease and confidence amidst the current situation.
Monitor team sales
It is evident that there is an increase in the number of people interested in owning their own business. The cause for this is mostly due to unemployment. However, we can also agree that this is best time to reach people at home. Though not sound business practice, franchisors do not call more than 50% of their new leads. And usually 80% of the lead conversion happens within the first 4hrs. Therefore, it is crucial to monitor the teams contact rates and response times. Publishing the performance rates for the each team member real time keeps the attention on priorities and boosts healthy competition.
Focus on what works
Focus on what needs to be fixed to generate the sales target. For instance, franchise portals of some brands have better conversion than others. In most cases, they also serve as a “virtual billboard” that aids in prospects’ online research. Find venues and opportunities that aid in an increased possibility of organic lead generation and conversion. In many cases, currently the social media has also increased the awareness and credibility of the brands.
Rewarding the referring franchisee
The lead-to-deal conversions are usually high when it includes a referral. It is not sufficient to convince the franchisee with an improvement in lifestyle, income, debt reduction, equity, and ultimately, wealth. To refer a potential candidate may require a bit more recognition as an incentive. For instance, present them with an award on stage during your annual convention or create videos that recognise franchisees who help the business grow or reward them with an family trip (once the travel ban ends).
Rule of Seven
This talks about an average of seven interactions with your brand before a purchase. This includes a call from the franchise sales manager, reading a review, receiving emails and content that enable the buyer’s research capabilities. The idea is to create a mix of automated and personal contacting system to increase conversion. An robust CRM can come in very handy to ensure you map out workflows and maintain a dashboard for receiving real time insights on the sales leads.
Keep your CRM updated
Employee furlough has impacted all divisions in the firms. It is common for most sales members to maintain all information about client conversations over data entry. Losing this valuable information, in the absence of a robust CRM can cost the company big. With employees prone to the risk of falling ill (from Covid-19) the probability of losing a hot lead can be high. With or without any pandemic, it is good practice to ensure that all sales data is updated on CRM. This ensure the staff have all the necessary tools and informations required to be most productive.
Source: Franchising.com
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