You’ve invested the time and resources to develop a great franchise concept, but to grow your organization, you need to convince potential franchisees that it’s a great business too. And since today’s investors have a wealth of franchise options to choose from, you are competing against a lot of other outstanding concepts for the same franchisees.
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Fortunately, there are tools that can help you define your core customers, validate your organization’s growth potential, and even support franchisees with their site selection efforts – factors that demonstrate to a potential franchisee that you have your act together and will be a great long-term partner.
If you can answer these questions, you will be well on your way to presenting a convincing case to new franchisees.
- Can you articulate who your franchise’s core customers are?
If someone is going to become a partner in your business, it’s reasonable for them to assume that you will be able to tell them who your customers are. However, very few companies have a clear definition of their core customers. Using analytics to develop a customer profile based on your customer data will help you understand who you are trying to reach and where there are pockets of opportunity. - Do you know how many locations each market can realistically support?
Before you sell franchise territories, you need to define those territories. And before you define the territories, you need to know how many locations each market can support. Analytics can help you set territory definitions that maximize the number of territories without overselling. Having a third-party assessment can give a potential franchisee confidence that they are making a smart investment. - How do you help franchisees ensure their sites are in the right locations?
Begin franchisee support from day 1 by helping franchisees to select sites that will set them up for success. Today’s site selection tools have evolved beyond radial rings, demographics, and traffic counts, and instead utilize sophisticated models that assess the strength of a site based on factors that are shown to correlate with performance.
To learn more about how customer analytics can help you answer critical questions and sell more franchises, explore our franchise solutions.
