May 12, 2021

Education Franchises: Sample Objectives and Key Results (OKR)

Written by FranConnect

Education franchises employ hundreds of thousands of people across the US and around the world. According to IBISWorld, there are almost 173,000 businesses operating as tutoring or driving schools in the U.S., employing 343,451 people. As the world shifts, some of this revenue will be coming from online sources.

OKRs


Objective: Increase profitability through sales and marketing enhancements.
  1. KRs:
    1. Get cost/lead to $70 off of online sources.
    2. Have a trial conversion rate of 80% (new students/trial).
    3. Increase walk-in traffic by 10%.
    4. Get online reviews to 4.1 stars.
  2. Initiatives:
    1. Have home office marketing team review marketing campaigns.
    2. Work with property management company for brighter and more engaging signage outside of center.
    3. Have an email campaign directed at happy customers encouraging reviews.
    4. Conduct a self-audit.
Objective: Increase franchisee efficiency.
  1. KRs:
    1. Maintain coach cost at 33% or lower.
    2. Get marketing cost to 10% of sales.
    3. Increase coach to student ratio from 1:5 to 1:8.
    4. Increase engagement in online platform for students by 20%
  2. Initiatives
    1. Review coach cost on monthly FranConnect scorecard.
    2. Do a Facebook live showcasing the new online platform.
    3. Train coaches on how to manage more students.
    4. Apply for government grant for hiring students.Initiatives:
Objective: Delight customers.
  1. KRs:
    1. Have an NPS of 70 from parents.
    2. Have an NPS of 50 from students.
    3. Get three customers to post a review over 4 stars/month.
    4. Have 10% of customers enroll a second student from same household.
  2. Initiatives:
    1. Launch a customer appreciation event including parents, students, and their family and friends.
    2. Create flyers for second student promotion to be handed out at the center.
    3. Create annual award for coach with highest NPS for parents or students.
    4. Train coaches to ask happy parents to post a positive review.

Hopefully these sample objectives and key results have helped you out. Do you want to take it a step further? Learn more about strategy and education franchises by checking out the following:

About Objectives and Key Results in Franchising
How to be a Collaborative Franchise Business Coach (FBC)

 

About the author

FranConnect

FranConnect is the leading franchise management software provider. Based on an analytics approach, only its award-winning, unified FranConnect platform engages stakeholders to grow, scale and optimize franchise systems through a connected and complete view of the business from sales to multi-unit and multi-brand performance. Over 800 brands — including 40 of the Entrepreneur’s Top 100 Global Franchises — in 18 countries count on FranConnect to successfully grow their franchise systems. FranConnect customers span all sizes, growth phases, and industries and have grown 44% faster than the broader franchising market. Backed by private-equity investor Serent Capital, FranConnect is headquartered in Herndon, Virginia, with global follow-the-sun operations.

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