TES Insights
Franchise Development Efforts Focused on Education Yield Higher Results
Einstein defined insanity as doing the same thing over and over again and expecting different results. Franchise development tactics have remained the same for over 3 decades, keeping the average conversion rate hovering at 1.2%. The need to adjust franchise development strategy to meet clients where they’re at has never been greater.
When exploring franchises, candidates today want to take a self-directed approach grounded in education, but too often, they leave the Discovery experience feeling like they’re being sold a franchise.
For forward-thinking franchisors, the opportunity has never been greater to increase that industry average in their own organizations, as candidates are desperate to take ownership of their careers.
Franchisors’ success in raising their individual conversion rate is directly impacted by their willingness to do things differently than the way they’ve been done in the franchising industry for the past 40 years.
Franchisors who try to strong-arm candidates into buying a franchise by deploying high-pressure sales tactics and landgrab techniques will only succeed in scaring away high-caliber franchisees.
Those who adopt an educational approach, however, will ultimately guide the candidate to make the best choice for them and their family and will attract loyal, high-producing franchisees to strengthen the health of their franchise system.
Because our Career Ownership Coaches™ deliver a Discovery experience that enables clients to explore franchising as a career option in a no-pressure environment, our franchisor members have told us for years that The Entrepreneur’s Source (TES) candidates are 9x more likely to become a franchisee than a candidate from another lead source.
95% of our clients who invest in a franchise admittedly invest in something they never would have looked at that on their own, or that they prematurely dismissed, prior to working with a TES Career Ownership Coach.
What we’re saying here isn’t new. It has just never been more important that franchisors who are committed to growing a sustainable brand commit to working with candidates in this way—the sooner the better.
If you’re a franchisor who is interested in doing things differently to see different, better results, reach out to learn more about becoming a member with The Entrepreneur’s Source.
Career Ownership Coaches is a registered trademark of The Entrepreneur’s Source.