4 plus 4 More Ways for Improving Your Franchise Sales Closing Ratio

Posted by Joe Caruso  |  category Sales

I previously wrote an article "How to Quit Having Discovery Days & Sell More Franchises".

I suggested you come up with a new and better name for "Discovery Day".

Here is what you need to do before and during your "New Name Discovery Day".

If you are like most franchisors you carefully track your closing ratios.

And the sale closes soon or just after you have met your candidates at your corporate office.

Here's what you should know about your candidates well before meeting day.

1. How many. Financially qualified for the number of units they plan to develop.

2. Where: Area of Interest is available and you want development in that market

3. Who: Key person or operator has the talent you require to run the business

4. Ready to Buy? Candidates are ready-to-buy

The franchise sales team has been living with the prospective franchisee throughout the franchise sales process, however the rest of the headquarters team haven't.

You need to inform your operations, training, marketing and real estate teams about your franchise candidates. Make it easy for them to buy-in on your prospects.

Write up a summarizing profile including  the vital information and decision logic or business case for approving your candidates. 

On meeting day here's what you need to do make it come off without a hitch.

1. Have a simple agenda, give it to your candidates & headquarter team in advance and follow it.

2. Define exactly what you want the company presenters to say and give them scripts to follow.

3. Have only the essential franchisor staff meet with your candidates.

4. Do a "What Happens Next" at the meeting by scheduling a closing date and review your closing process with your candidates.

When you embrace these basic franchise sales process control elements you'll improve your closing ratio and sell more franchises.

Bottom-line is you should know you have approved the candidate and meeting them is simply a confirmation of a previously made decision.

Tags: How Many Franchise Deals am I Going to Close?

February 23, 2014 05:38 PM