Spreadsheets
The jaw begins to loosen… the eyelids getting heavy…
Pipelines
A yawn begins to form in the deepest part of your being…
Conversion ratios
Now you’re questioning whether you should have even bothered reading this article.
I know these terms have a reputation for being duller than a salesy Discovery Day with no custard creams, but if you read on I reckon I can get you excited about these words and a few more to boot.
How would that even be possible?
Well, I’m here to tell you that these dull descriptors are your key to predicting where your next franchisee is going to come from. And where your marketing budget is best spent. AND improve your network’s overall performance.
Exciting stuff right? RIGHT?
If you could do all of that, what would it mean for your franchise? How big could you grow? How much more of an impact could you make nationally and maybe even internationally?
Just imagine it for a moment…see I told you it was exciting.
The key is in knowing your (get ready for it) NUMBERS.
Yep, the moment you start to look closely at the data on a spreadsheet you start to spot patterns…you notice the poor conversion ratios…and you start to discover what needs to be done to fix the leaky pipeline.
Basically what I’m saying is unless you’re tracking and regularly reviewing the numbers, you’re just guessing at what needs to be done to get your franchise recruitment on track.
Which is why you need what I’m now coining as the SEXY STATS.
Here they are:
- Cost per signed franchisee
- Lead Source to Signing Conversion Rate
- Conversion ratios between each franchise recruitment process step
- Average time to close
Those boring…er I mean…sexy stats will start telling you:
- what’s working,
- what’s wasting money,
- what to fix next and,
- when and where your next franchisee is likely to come from
It will mean that your franchise recruitment will stop being a guessing game and start to become a growth machine.
So like I said at the beginning, numbers are boring…until they’re not. And in Franchise Recruitment they might just be the most exciting thing you look at all week.
My advice?
Track them. Review them. Act on them.
