How Important Are Franchise Leads Right Now

Cut Spending or Go All In During Uncertain Times?

Here’s a question: How important are leads to you RIGHT NOW? We know how critical leads are to any business, and especially in franchise development, but with the world in chaos during the COVID-19 pandemic, teams are split into two camps - one cutting all spending until the economy stabilizes, the other pushing their marketing budgets to grab the attention of candidates still looking for opportunities. And they are! Online traffic from candidates remains steady. 

But this post isn’t about jumping into one of those two camps. Instead, let’s focus on the opportunity when the franchise lead flow dries up, and we’re suddenly forced to look at our businesses in new ways. 

Of all the lessons this unprecedented time has taught us, one thing is clear: The foundation of our systems must be solid. Now - to support franchisees through chaos - and when you plan to jumpstart your development efforts. But what are those foundations? 

  1. The SATISFACTION of franchisees
  2. The LEADERSHIP of your organization, and 
  3. The SUPPORT of your people and resources through new processes and communication.

If these are missing, the system is bound to crumble. Even just a few months ago, the focus was leads, sales and ROI. But what these difficult times have revealed is that our focus should really be the satisfaction of our internal and external organizations. These are the validators.

While we have all been forced to peel back the layers of our businesses, there's been clarity that we can do better and be better moving forward. If you don’t have satisfaction, engagement and validation, or real trust in the system, you won’t get the leads. And, if you do, they may not make it through the development process.

If you don’t ask the right questions of your stakeholders, how do you really know where to improve? Franchisee satisfaction surveys help you understand your system’s strengths and weaknesses through qualitative and quantitative data from your franchisees and employees. During this turning point in franchising, it’s critical to be informed. Using data from your system, we can help:

    • Boost performance by helping you re-engage the disengaged franchisees and team members, 
    • Improve operations to drive ROI, and
    • Award more franchises to the right candidates 

Of course, leads are important- they are the driving force behind how franchise systems grow. But I challenge you to look at your organization in a deeper way. Benchmark this moment in time to find out what your franchisees think you do well, and what could make you the best franchise system for a candidate to join. 

Ready to start benchmarking franchisee satisfaction and reaching more candidates? Contact me at michelle@franchisebusinessreview.com or 603.433.2260 to learn more about how our franchisee satisfaction surveys can help.

 

About the Author:Michelle Rowan

Michelle Rowan

Michelle is the president & COO of FBR, chair of the International Franchise Association Women’s Franchise Committee, and a Certified Franchise Executive. She has facilitated CEO Performance Groups and Executive Networking Groups and is also a mentor of UNH college students. When she is not at work she is usually reading, playing outside, or hanging out with her husband and daughter.