While it’s widely accepted that there are as many as 4,000 different franchise concepts in the U.S. today. That means the quest to find quality candidates is becoming an ever-increasing, hyper-competitive fight. And let’s be honest, while almost every franchisor in every industry claims to focus on finding quality candidates, the majority of them are more than content to chase volume in the relentless effort to promote brand growth at the unit level. The reality is, chasing high volume over ideal candidates almost always leads to wasted effort that could have been directed elsewhere. Then there’s the vaunted evaluation process to consider. Franchisors never seem to tire of promoting their strong vetting process, but privately, many would agree their effort could use some improvement.
In reality, franchisors in the trenches today could greatly benefit by ditching the idea of focusing on volume over substance. Let’s investigate the many ways brands can improve lead generation by focusing on quality over quantity.
Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.
The downside of chasing volume
Wasting time and effort aren’t the only downsides of chasing quality over quantity. Franchisors also risk losing capital, energy and burning out their teams by sending them on wild goose chases that don’t consistently produce real, bottom-line results. This puts undue pressure on sales and development teams, be they internal or external.
Then there’s the fallout from high volume candidates who somehow manage to make it through the process and are awarded a franchise. When some of these less than ideal franchisees inevitably fail because they weren’t the right fit to begin with, this can dilute your brand integrity and subject you to long-term operational — and reputational — damage.
Related: Why Your Franchise Leads Are Ghosting You — And How to Win Them Back
Finding the perfect fit
If franchisors truly want to redefine their effort to find quality candidates that match up well with their core values, mission and brand profile, it may be time to return to the proverbial drawing board. This is especially true if the brand has recently onboarded several inadequate franchisees in succession. While some brands have the means to spend significant capital to determine their ideal persona, you can refine your own candidate profile by retooling your messaging and outreach strategies. Other worthwhile ideas include:
- Investing in new content that’s designed to educate, as well as persuade
- Go big picture – think beyond the next sale and consider the next dozen sales
- Use data to your advantage to track lead sources – where are the quality candidates coming from?
- Implement tighter qualification tools capable of separating ideal candidates from tire-kickers
- Explore and invest in how AI can do a lot of this groundwork for you
Related: The Franchise Candidate You Should Think Twice About — And Why
Can you strike a balance?
The conventional thinking here is yes, but only if quality outranks quantity in your efforts. If you’re the director of franchise development for an emerging brand, what would you rather have on your radar at the moment — 100 leads to chase, or 10 truly qualified candidates? Yes, it will take time to reevaluate your targeting, filtering mechanisms and procedures. But by doing so, you can eventually scale your screening efforts without sacrificing lead integrity.
Here’s a caveat to consider – does having more leads always result in closing more deals? If the answer is no, it’s time for your brand to redefine the type of candidate you don’t want with as much fervor as you put into finding your preferred franchisee. And whatever your sales and development program looks like, it’s always advisable to build strong partnerships with platforms and brokers who fully understand your brand’s value proposition and key differentiators.
If you can put the same effort and focus in building your credibility as you do searching for quality prospects, you’ll be surprised how often the right candidates will eventually find you. Because the ideal franchisees you hope to bring into your system will always arrive from a place of trust and credibility, not volume.
Related: Choosing Quality Over Quantity Helped Our Company Grow During the Pandemic
While it’s widely accepted that there are as many as 4,000 different franchise concepts in the U.S. today. That means the quest to find quality candidates is becoming an ever-increasing, hyper-competitive fight. And let’s be honest, while almost every franchisor in every industry claims to focus on finding quality candidates, the majority of them are more than content to chase volume in the relentless effort to promote brand growth at the unit level. The reality is, chasing high volume over ideal candidates almost always leads to wasted effort that could have been directed elsewhere. Then there’s the vaunted evaluation process to consider. Franchisors never seem to tire of promoting their strong vetting process, but privately, many would agree their effort could use some improvement.
In reality, franchisors in the trenches today could greatly benefit by ditching the idea of focusing on volume over substance. Let’s investigate the many ways brands can improve lead generation by focusing on quality over quantity.
Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.
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