Joel Libava
Franchisee satisfaction is the key to a healthy, thriving, and constantly growing franchise system.
But there’s one vital element tied to happy franchise owners that’s often ignored by franchise executives.
And that’s too bad, because it stunts the growth of way too many franchise concepts.
Keep reading to find out the secret to increasing franchisee satisfaction.
The Secret To Franchisee Satisfaction
Are you ready?
The not used enough secret to franchise owner satisfaction is to help your franchisees make a lot of money. That’s it.
Because highly profitable franchisees are satisfied franchisees.
Additionally, when it comes to selling new franchises, they’re your best promoters.
But how can you help your franchisees make a lot of money?
How To Help Your Franchisees Make Lots Of Money
Here are a few things you can do to help your franchisees make money… and become thoroughly satisfied franchise owners.
- Listen to what they’re telling you. How? By listening to what they’re saying. After all, they’re on the front lines. They deal with customers/clients on a daily basis. And if they’re smart, they’re observing them and listening to them. I know…”But I’m the franchisor, Joel. They need to follow MY rules and listen to me.” To a point yes. But success is a two-way street. So hear them out.
- Conduct a comprehensive analysis of each franchisee’s performance, including their sales, expenses, and profit margins. By identifying areas of strength and weakness, you can develop tailored strategies to optimize their operations for maximum profit. But the way you do it needs to be a joint operation. As in, work together. Don’t approach it like you’re coming at them from your big corporate tower. And do it on a regular basis.
- Strengthen your marketing and branding support for franchisees. This could involve developing and implementing targeted marketing campaigns to increase customer acquisition and retention. Provide your franchisees with sharp, updated marketing materials and fresh advertising templates. Help them with their and social media initiatives. And step up your SEO efforts for their local websites. Help them get more “looks” online.
- Bring new, exciting product or services to market. Then train your franchisees on the best ways to present and sell them. Set up a big marketing budget to launch said products. Finally, remember that today’s franchisees love new product offerings! Especially ones that have a big profit margin.
- Invest in money-making and money-saving franchise technology. For example, are you getting the biggest bang for your buck with your PPC advertising? Or is there a new tool you can invest in that will help you in that regard? Is your email marketing platform getting results at an attractive price? Or is their a better platform out there? Bottom line? Invest in the best technology for you and your franchisees.
Wrapping Up
As you’ve learned, franchisees who are making good money equals satisfied franchisees. This isn’t complicated.
Now that doesn’t mean that 100% of your franchisees will be completely satisfied. There are always complainers.
But if you take the time to listen to your franchisees, spend time training them, help them with their marketing, and provide them with top-notch systems and technology, your odds of having a cadre of happy franchisees increases a lot.
It all boils down to this:
Don’t make this more complicated then it needs to be,
Just help your franchisees make a lot of money.
Because that’s where the rubber hits the road in all things franchise.
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