Now that your franchise brand’s development program has established how to attract and qualify candidates, you will need to measure each step of your franchise development process to manage efficiencies.
This is the third post of a three-part series focusing on how to: attract candidates, qualify candidates, and use software to manage and measure all of the necessary processes. Please see previous posts for the first two parts: How you can attract candidates to your franchise brand? How to qualify and convert franchise candidates?
Why Measure Your Franchise Development Process?
We’ve all heard the adage: “What gets measured, gets managed.” But, this can be a cumbersome task. So, why bother instead of dedicating full time to lead management and sales? Well, for many reasons, including successfully growing your franchise brand and the profitability of your franchise development team. More specifically, when you measure and study a franchise development process, you learn where candidates are falling out of your process, you collect data for business planning and forecasting, and you can assess how each team member is performing as well as the full team.
What Should You Measure in a Franchise Development Process?
If you are measuring your data, there is more than enough information for you to manage, improve, plan, and forecast. A few examples of common measurements in franchise development include:
- Cost Per Lead (or Acquisition)
- Cost Per Deal
- Lead Comparison by Source for Quantity and Deals
- Monthly Metrics Such as Leads, Candidates by Key Process Steps, and Deals by Team Member
- Year Over Year Comparisons
- Funnel Report by All Process Steps
- And More
How to Measure Your Franchise Development Process?
Once your preferred measurements have been established, how do you track this data for analysis over each month, quarter, and year? This can be cumbersome and inaccurate to keep in spreadsheets and tallies. Most franchisors find that using a form of automation is a solution that is necessary for data capture and organization.
There are software solutions specifically written for the unique needs of franchisors that automate data capture and analysis. One such product is offered by Naranga: eMaximation. eMaximation is an excellent tool that initially is set up for each franchisor with standard reports like those listed previously already built and in place. As you review your preferred measurements and determine further need, eMaximation allows users to simply build custom measurements and reporting as needed. This permits the proper measurement and management of your franchise development process for team member and team performance review as well as planning and forecasting. To allow your franchise development process to move at the speed of your competition, it is important to capture, qualify, and convert with automation.
Long recognized as the industry standard for sales and marketing automation in franchise development, eMaximation joined the Naranga platform of centralized sales and operations management solutions. Contact us today to learn how eMaximation can help grow your franchise brand!