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