In my last year as the master franchisee for corporate territory, why was my conversion rate 27%? I’m gonna give you some tips on these things.
One: I invest time with the brokers, as a franchisor, or as a master franchisee, I invest time with the brokers. This is a relationship business so that’s the point.
Number two: build relationships, critical, they are not going to make referrals to people who they don’t have relationships with who they don’t have confidence in closing a deal together. So you need to invest the time and you need to build relationships.
A third point is work the leads together, as if you’re a consultant, don’t just throw the lead over the wall and cross your fingers and hope they’re gonna make the sale, you want to engage with the franchisor. If you’re a franchisor, you want to engage with the broker, the consultant, you want to increase your level of communication.
This is one of the biggest things I learned when I was a master, I learned from some of the best broker consultants in the business. They were highly communicative. In fact, as a master, if I didn’t call them on a regular basis, at least weekly about their candidates, they were calling me, the broker, the consultant was bugging me for information. We shared notes: there were two, sometimes three brands that had been presented to the candidate, but the broker was still keen on sharing the information, hey, you’re number two right now but if you did this, and this, that’s what’s going to help them potentially move you to the top of the list.
So the broker and the master, the broker and the franchisor friend dev person must work closely together to make these deals.You have to be highly communicative in the sales process. So, I talked today about why 24% of my sales were from broker leads. I talked today about why 27% of my sales in the last year as a corporate master, closed broker leads. Again, it was about investing time. It is about building relationships. It’s about working the leads together as a consultant. Don’t just think your day is over or your job is over when you’ve gotten the lead. You need to work the lead together with the franchisor. The last thing is as you’re working the lead together, be highly communicative. Ask questions about what your prospect is going through, ask questions about what they’re saying, share the information about what’s going on, so that you can be sure your brand is the one that’s chosen.
You know, if you want more ideas, and you want more tips about making more money faster, why don’t you check out my masterclass at FSAcourse.com/masterclass. That is the franchise sales accelerator course that I’ve developed.
So again, invest time between brokers and source, have a trusting relationship so that people will make referrals, work the leads together so that you increase the probability of closing and then highly communicate throughout the sales process again so that you can get your name and your brand to the top of your candidates list.