FranConnect has made a name for itself in the franchise world by providing a unique franchise management platform to more than 700 franchise brands and 140,000 franchisees. By using a single, cloud-based management platform for all of their franchisees, franchisors are able to effortlessly track previously invisible data across their entire system. For its sales index, FranConnect has anonymized and compared all of that data across franchise systems, offering franchisors a look at the performance and trends of the franchise world at large.
Download: FranConnect Sales Index Report
Keith Gerson, President of FranConnect, told 1851 Franchise Publisher Nick Powills, “The report was based on 487 different franchise brands. It was anonymized and aggregated. We then broke down brand information by the size of the systems, the industries that they were in—so, you can slice it and dice it any which way. We broke it down into a number of classifications, starting with the actual lead generation—the top of the pipeline if you will—and take it all the way through lead nurturing and campaigning. The results are nothing short of spectacular and staggering.”
The report is divided into four segments: Lead Generation, KPI Tracking and Continuous Improvement, Funnel Management, and Nurturing Candidates and Closure. Each segment studies a wealth of data, and when combined, provides a comprehensive picture of the state of the industry. That data is also broken down by franchise size, segment and maturity so franchisors can see which patterns apply to the entire industry and which are correlated to certain categories.
One of the biggest myths that FranConnect’s Franchise Sales Index busts is the idea that there aren’t enough leads in the industry. This Index analyzes data from almost 700,000 leads that came through nearly 500 brands, proving that the leads are there. The more pertinent problem, according to Gerson, is what comes next.
“What we’re finding from the analysis of the data is that a disproportionate amount of leads never receive a return telephone call, it’s shocking. A lot of times, we’re damning the source. ‘Portals don’t work, trade shows don’t work, etc. The truth is, there’s a problem with the execution and it comes through loud and clear when we’re looking at this comprehensive data set.
The sales index is designed to provide relevant data that becomes actionable for franchise brands across the world. FranConnect’s analysis provides an entirely unique glimpse into the state of the franchise world, and a careful reading of the report can help development teams refine their growth strategies and show operations managers which practices have proven effective across systems. And as Gerson notes, “FranConnect’s Franchise Sales Index is the only report of its kind in the industry, which makes these insights so invaluable.”
He said, “Every other previous franchise industry report has been somewhat anecdotal and self-reported information. What’s really differentiated here is this is based on the actual data coming from nearly 700,000 leads that are passing through the same system used by hundreds of leading brands, providing us the ability to track all leads collected all the way through the sales process.”
For more information about FranConnect’s Franchise Sales Index Report and to purchase a copy, please visit http://franchisesalesindex.com/.