My Podner in this episode is Tom Portesy and he’s going to talk with us today about how to maximize the return on your investment at a franchise expo, how to avoid the pitfalls, and best practices that will help you represent your brand in the best light.
Tom Portesy Intro
Get to know Tom Portesy
Topic Segment: Maximizing the Franchise Expo
Topic Segment: Quick Draw Questions
TOPICS DISCUSSED IN THIS EPISODE:
What is a franchise expo
Short history of the expo
How to manage realistic expectations of an expo
Know your objective
DOs and DON’Ts at an expo
Take advantage of the free training offered by MFV
Mike Pollock give us tips on how to build a franchise development system for your franchise. But it was more than just that because we also talked about how to take a warm lead through the process to close the deal.
Rebecca Monet of Zoracle talks about how to utilize Psychographic Analysis, or personality profiling, to assist in franchisee selection and help franchisors select franchisees who will more likely fit into the corporate culture and who are more likely to be the best performers in the system.
Time Stamps 00:02:33 – Segment 1 – Get to know Rebecca
00:21:06 – Segment 2 – Psychographic Analysis for Franchisors
00:50:30 – Segment 3 – Quick Draw Questions
Segment 1 – Get to know Rebecca Recorded on at the Franchise Expo West, Denver Colorado
Born in Au Switzerland
She is NOT related to Claude Monet
Grew up speaking High German (Swiss German) in the house. Lived on a dairy farm as a child. Parents were Baptist missionaries.
Moved to the United States when she was 14 years old.
Moved to California in 1984 as a single mother to seek her fortune.
Founded her first business in 1994, Noodle Metrics
Co-founded her second business called Proven Match in 2009
Founded Zoracle Profiles in 2013
Segment 2 – Psychometric Assessments for Franchisors How franchisors can use psychometric assessments to improve franchisee performance.
To a franchisor, granting a franchise is very much like getting married, with very little courting in order to “get to know” their partner.
Personality style questions are not used at Zoracle because there is less than a 3% correlation between personality and performance.
The science of the process is not in the questions themselves, rather how the participant orders certain words into a hierarchy of preference that is weighted on the back end. This gives clues about motivation, drive, and the decision making process of the participant.
The psychographic analysis is not fool-proof but there are mechanisms in place to report out inconsistencies in the answers of the participant.
Startup franchisors with no existing franchisees can still benefit from a psychographic analysis tool.
A psychographic analysis tool will help a franchisor in the following ways:
Better quality franchisee and faster ramp-up
Greater franchisee satisfaction, better validation and less litigation
Reduced cost to support
Reduced cost to recruit, support and train franchisees
Stronger franchisee compliance and retention
Increased franchisee performance and profitability
Segment 3 – Quick Draw Rebecca’s favorite book – The Autobiography of Benjamin Franklin
PC and iPhone
Doesn’t watch TV – doesn’t own a TV
Working on her master list of movies that her friends helped her create in order to learn more about Americana culture.
IFA – Dentate YES!
Hobbies: golf, painting, cooking
Dog person: Bernese Mountain Dog
She used to be a car collector – 1967 Cougar
In a time machine, she would go to 1955 when cars were sexy
She has wanted to be a psychologist her entire life