29 08, 2019

The Franchise Manual Podcast – Episode #28 – Generating Franchisee Leads

By |August 29th, 2019|Brokers and Consultants, Franchise Lead Management, Franchise Recruitment, Podcast|Comments Off on The Franchise Manual Podcast – Episode #28 – Generating Franchisee Leads

Red Boswell talks with us about how to generate franchisee leads. This is one of the hottest topics with franchisors. This discussion will benefit both new and seasoned franchisors.

Red is a unique character, and I mean that in a good way. This guy has been driven to make money ever since he was a kid. Starting in grade school when he was selling NFL pencils for a profit, into hos twenties when he build up a pet services franchise system? all the way up to 148 units. He?s been operating in the world of franchising practically his entire adult life. He?ll give us more details in just a few minutes.

Red now gets to fuel his business building passion as President of the International Franchise Professionals Group (IFPG), The World?s Largest and Most Respected Franchise Consultant Organization.?.

Time Stamps

Red Boswell Intro 00:00:28
Segment 1 00:02:05
Get to know Red Boswell
Segment 2 00:29:45
Topic Segment ? Generating Franchisee Leads
Segment 3 01:01:50
Quickdraw Questions

TOPICS DISCUSSED IN THIS EPISODE:

The cost of a lead

  • The average cost of a lead in 2019 is $10,000
  • That number does not including commissions
  • That number includes large companies that don?t need to spend anything for leads because their brand is so well knows that they don?t need to advertise to get leads
  • Small companies usually pay a lot more to generate leads since their concepts usually don?t have any brand recognition

16 sources of leads

  • Direct mail
  • Print
  • Online
  • Brokers
  • Referrals
  • Consumer / Clients
  • PR
  • Industry / Conversions
  • Prospecting
  • Buying leads
  • Live events / Expos
  • Mobile / Roadside
  • Upgrade / Multi-unit Operators
  • Past leads
  • Guerilla marketing
  • TV Radio

The marketing mix is a moving target and is different for every concept. There is no silver bullet, one size fits all solution for the marketing spend mix.

Do a lot ? do it for a long time ? test and measure

Every option will involve one or all of these three

  • Time
  • Money
  • Resources

The trick is to utilize the options that require the resources you have the most of.

Red?s Favorite Five

Red says that every solution must be customized to the individual concept, but if he HAD to pick his favorite five, the would be:

Brokers

  • Best option for any size franchisor
  • You pay to be a member then pay a commission per close
  • Many broker groups won?t accept smaller start-up concepts
  • Big saver of time and resources

PR

  • Hire a PR firm
  • Find one who is familiar with the world of franchising
  • IFA members a plus
  • Validate with their past clients

Industry Conversions

  • Converting existing business people who are struggling
  • You never know who may be disenchanted with operating their own concept and who would love to convert
  • These are cold calls usually

Live Events / Expos

  • Usually between $5k and $10K per event
  • Use common sense and work it hard
  • Energy ? follow-up ? is key

Online

  • You could make online all five
  • PPC Pay per click / Banners
  • SEO of your own franchise site
  • Develop a GREAT portal that grabs and tracks leads and conveys the information well. Portals tend to generate? a lot of volume with lower quality, but still worth the spend
  • Social media posting
  • Big data targeting
  • Job boards ? make a job advertisement? with the tag ?some investment required? ? describes a dream job

Bonus Source: Guerilla Marketing

  • Example: flyers on every windshield at the local franchise expo

Common mistakes made by franchisors as it relates to lead sources:

  • Lack of infrastructure ? be able to walk away from your business for 6 months
  • Don?t try to run your business and franchise it all by yourself
    • Franchise Development person
    • Marketing person
    • Onboarding / Training person
    • Field support person
  • Lack of good ops manuals
  • Not charging enough for the franchisee fee in order to pay for the costs associated with lead generation and other expenses
  • Negotiate a broker commission too low ? nobody will show your system if the commission is too low
  • Seek wise counsel

Books Mentioned

  • Franchise Management for Dummies
  • Becoming a Strategic Business Owner
  • How to Win Friends and Influence People
Red Boswell
International Franchise Professional Group
888-977-4374 x 112
Kit Vinson
214-736-3939 x 101

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14 06, 2019

The Franchise Manual Podcast – Episode #26 – CRM Software for Franchisors

By |June 14th, 2019|CRM for Franchisors, Franchise Lead Management, Franchise Recruitment, Podcast|Comments Off on The Franchise Manual Podcast – Episode #26 – CRM Software for Franchisors

Stan Friedman talks about Customer Relationship Management software, or CRMs, and how franchisors can best utilize them to manage franchise leads.

Stan Friedman is a 31-year franchise veteran and is passionate about franchising. In fact, this guy lives and breathes it. Stan is the president of a company called FRM Solutions. FRM delivers CRM solutions, designed specifically for franchising, but to call it a CRM is like calling an elephant a mouse, just because they are both gray.

Before FRM Solutions, Stan held C-Level roles at: Blimpie International, Wing Zone, Maggie Moos and Tutor Doctor. Stan also produces and hosts “Franchise Today,” a live, weekly podcast on BlogTalkRadio.

Time Stamps

Stan Friedman Intro 00:00:27
Segment 1 00:02:34
Get to know Stan Friedman
Segment 2 00:23:32
Topic Segment ? CRM Software for Franchisors
Segment 3 01:07:51
Quickdraw Questions

TOPICS DISCUSSED IN THIS EPISODE:

  • Brief history of CRM
  • What is CRM today
  • How is CRM used in franchising
  • Can a franchisor get by without CRM at first
  • When does a franchisor need to graduate to CRM
  • How to choose a CRM
  • What is FRM Solutions
  • The features of FRM Solutions
  • The types of information a franchisor need to be managing
  • the juggling act that a franchisor has to do when business gets that busy
  • Sortable, Reportable, and Dashboardable
  • Candidate Gate – Franchisee Gate
  • Gating the candidate experience versus free reign
  • Managing beyond acquisition

Stan Friedman
FRM Solutions
sfriedman@frmsolutions.com
404-936-8677
Skype – stanfriedman1

Kit Vinson
FranMan Inc.
kit.vinson@franman.net
214-736-3939 x 101


Books Mentioned in the Episode:

Traction
Gino Wickman

The E-Myth
Michael Gerber

Seven habits of Highly Effective People
Stephen Covey

Spin Selling
Neil Rackham

The Physics of the Impossible
Michio Kaku

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28 05, 2019

The Franchise Manual Podcast – Episode #25 – Franchisee Recruitment

By |May 28th, 2019|CRM for Franchisors, Franchise Lead Management, Franchise Recruitment, Podcast|Comments Off on The Franchise Manual Podcast – Episode #25 – Franchisee Recruitment

Art Coley talks about how to develop a franchisee recruitment system that will attract higher quality franchisees to your system.

Art is the CEO of a company called CGI Franchise, right here in Texas.

Art has served as President of a nationwide children’s technology education franchise where the brand had double-digit sales growth, opened a record number of new franchise territories, and was launched in the U.K., Australia, and Canada.

With a decade of global leadership and sales positions, he has been responsible for driving system-wide revenues and overall business operations for Top 200 franchise brands including a turnaround role in 2012 as the President and CEO for AlphaGraphics.

Art accepted the President and CEO position in May 2015 with Franchise Source Brands International, which owns several brands including: The Entrepreneur-s Source, AdviCoach, and ZorSource. Art is considered one of the top franchise development professionals in franchising.

.

Time Stamps

Art Coley Intro 00:00:27
Segment 1 00:03:00
Get to know Art Coley
Bonus Segment? 00:03:00
Near Business Failure – Art’s “E-Myth” Moment
Segment 2 00:32:00
Topic Segment ? Franchisee Recruitment
Segment 3 01:25:29
Quickdraw Questions

TOPICS DISCUSSED IN THIS EPISODE:

  • What is the founder’s trap that keeps many small business owners from growing to their Business? Becoming royalty self-sufficient needs to be a franchisor’s #1 goal at first.
  • Most franchisors never understand that franchise recruitment is a separate business that requires a separate skill set.
  • The value of a franchised business in not built on selling franchises, the value is based on unit economics.
  • Traditional franchise recruitment systems – what’s good about them – what’s bad about them?
  • What do you mean when you say “Disillusioned” franchise system?
  • Franchising Statistics:
    • 9% of all franchisors have ever made it past 200 locations
    • 20% have ever grown past 100+ units
  • The secret to franchise recruitment is having a system and implementing the system properly
  • What is Recruitment Operating System all about?
  • Discovery Culture versus Sales Culture – what does that mean?
  • Why is ?Executive Buy-In? so important to a successful franchise recruitment system?
  • Building a recruitment operating system isn’t for a bunch of wimps!
  • What are the 4 Pillars of the ROS System?
    • Lead Generation
    • Pre-Discovery
    • 8 Step Discovery Process
    • On-Boarding
  • Any franchisor who is not doing some sort of Discovery Day is making a massive mistake.
  • Managing the handoff to Onboarding ? Why is that important?
  • When there is no communication between Onboarding and Recruitment teams, the quality of the new franchisees will never improve.
  • What are the three phases of the discovery process? What do they mean?
    • Vision
    • Grind
    • Angst
  • What are some of the key metrics that every franchisor should be following regardless of what recruitment system they use?
  • What is situational leadership and what role does that play in the recruitment process?
    • Unconscious Incompetence
    • Conscious Incompetence
    • Unconscious Competence
    • Conscious Competence
  • What role does a good CRM play in the recruitment process?
  • Communication is key in every organization, but you say that communicating with existing franchisees is really important. Why?

Art Coley
www.cgifranchise.com
acoley@cgifranchise.com
281-658-9409

Kit Vinson
www.franman.net
kit.vinson@franman.net
214-736-3939 x 101


Books Mentioned in the Episode:
Scaling Up
Verne Harnish

Lessons Learned ? Wisdom Gained
Harish Babla

Empire of the Summer Moon
S.C. Gwynne

E-Myth
Michael Gerber

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22 08, 2018

The Franchise Manual Podcast – Episode #18 – Franchise Development 101 (Sales)

By |August 22nd, 2018|Franchise Development, Franchise Lead Management, Franchise Recruitment, Podcast, Uncategorized|Comments Off on The Franchise Manual Podcast – Episode #18 – Franchise Development 101 (Sales)

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.

Time Stamp
Mike Pollock Intro – 00:00:40

Segment 1 – 00:03:15
Get to know Get to know Mike

Segment 2 – 00:22:10
Topic Segment – Franchise Development 101 (Sales)

Segment 3 – 01:18:40
Quickdraw Questions

Topics discussed in this episode:

How to set up an efficient process for franchise development

  • Brand Overview Presentation (45 minutes to 1 hour long)
  • Develop a solid franchise prospect application that focuses on:
    • Background
    • Financial situation
  • Have the Unit Economics Call
    • FDD introduction call (15 minutes)
    • Unit Economics (45 minutes)
    • Receive signed Item 23 (Proof of receipt of FDD)
    • Password
    • Validation instructions
  • Validation Debriefing Call
  • Discovery Day
    • Brand Overview Review
    • Meet the Team
    • Lunch and dinner are the best opportunity to visit with prospects
    • Field Visits
  • Voting Process

It is best to have multiple prospects attend a discovery day (between 4 and 5)

If you are going to hire a company such as FranLift to manage the franchise development process, then it is best to get them involved earlier rather than later.

Have a marketing budget set aside in advance. It typically costs between 8K and 15K to bring 1 franchisee in the door.

Mike Pollock
FranLift Franchise Experts
mikep@franlift.com
214-551-0261

Kit Vinson
FranMan Inc. (Franchise Manuals)
Kit.vinson@franman.net
214-736-3939 x1

Find this podcast on:

27 04, 2017

The Franchise Manual Podcast – Episode #14 – Building a solid, emerging franchise model

By |April 27th, 2017|Franchise Development, Franchise Lead Management, Franchise Recruitment, Franchising Basics, Podcast|Comments Off on The Franchise Manual Podcast – Episode #14 – Building a solid, emerging franchise model

Pete Baldine talks about how to build a solid, emerging franchise model. It is a very broad topic, but the episode is filled with great ?take-aways? and is a must-listen for any emerging franchisor.

Time Stamp

Segment 1 – 03:01

Get to know Pete Baldine

Segment 2 – 33:58

Topic Segment – Building a solid emerging franchise model

Segment 3 – 01:12:32

Quickdraw Questions

Topics discussed in this episode:

  • Establish a solid, proven model
    • Running a business and being a franchisor are completely different
    • Prove the model by establishing good unit economics so you can develop a solid story of success
  • Be capitalized well enough to build proper infrastructure and support new franchisees
    • New franchisee training
    • FDD / FA
    • Ops manual
    • Ongoing training programs
  • Stage One franchise system growth – friends and family
    • Support friends and family franchisees and make them successful
    • Search your existing franchisee base for success stories and duplicate them
  • Stage Two franchise system growth – professional candidates
    • Successful franchise sales requires a solid process
  • What is a new franchisee worth – what are the costs
  • The importance of establishing trust
  • How to evaluate prospective franchisees candidates
  • Don’t bury your franchisees with validation calls
    • How to manage the franchise validation process
    • Validation conference calls
  • Listen to franchisees and build support program around that
    • Supporting single-unit operators versus multi-unit operators and area developers
  • Don’t grow faster than you can support your system
  • Tracking Validation
    • Communicating / Coaching franchisees before the validation call
    • “Download” meeting with prospect after the validation call
    • Evaluate how well candidate assesses information from validation call

Pete Baldine

Moran Family of Brands

pbaldine@moranbrands.com

708-297-2240

Kit Vinson

FranMan Inc. (Franchise Manuals)

Kit.vinson@franman.net

214-736-3939 x1

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