As 2016 comes to a close and prospective franchisees are closely examining all the opportunities they have been considering, now is the time to make good on quality leads generated. Whether leads were garnered through tradeshows, recruiting websites, email and social media marketing tactics or phone calls, the fourth quarter is crucial to closing qualified prospects and adding valued partners to your franchise system.
By working closely with established candidates through the process and strategically aligning your sales process to their buying process, both franchisor and franchisee will feel confident in the relationship after the sale, building the foundation for success and continued business partnership for years to come.
Try the following tips to accelerate the inquiry-to-close cycle within the fourth quarter and bring home closed franchise agreements:
FIND THE BUYERS
At this stage, relationships have been established with each prospective partner, but have you determined who is ready to take the plunge? Call all hot prospects to determine what their year-end needs or goals are and make informed decisions on who is serious and ready to buy. Place a majority of time and resources into those prospects.
Communicate with this group individually to gain a better understanding of their concerns and what may be hindering them from buying. Think like a customer and listen to their motives and main business objectives. Doing so will help discover what will encourage them to invest, how they see purchasing a franchise as achieving their goals and where they would like the franchise to take them in the future. This not only fosters a continued trusting relationship between you, but also helps you serve each prospect with tailored solutions to guide them to future success within your franchise system.
An in-person meeting adds a human element to the sales process and also allows for the opportunity to present the prospect with visual incentives such as slideshows or physical products to help validate their decision to join your franchise organization. In a competitive franchise marketplace, willingness to meet face-to-face to discuss concerns or even just to touch base is often what can set a franchisor apart from the rest. Since aspiring entrepreneurs are most likely looking at many other franchise businesses, working with them during...