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We’ve partnered with FranConnect!
FranConnect offers an enterprise resource planning (ERP) system that’s tailored specifically for franchising operations. It covers franchising needs comprehensively: expanding to new locations, onboarding and retaining employees, managing agreements, ensuring quality and compliance across the network, calculating and collecting royalties, and assessing performance. FranConnect takes pride in being able to flex from the needs of an emerging brand with 10 locations, out to the very largest ones, with tens of thousands of locations.
We integrate tightly with their Sales Module, which is all about managing relationships with prospective franchisees, qualifying them, providing the necessary disclosures, and eventually signing a Franchise Agreement.
Keith Gerson, who is FranConnect’s President of Franchise Operations, teed up the webinar by sharing stats on franchisors’ effectiveness at following up on their franchisee leads. These stats were drawn from data representing the sale of more than 3,000 franchise locations in the last 6 months. Apparently 72% of leads never result in any kind of closed-loop contact between the franchisor and prospective franchisee, and only 4.2% of franchisors contact their prospects within 30 minutes.
That’s a huge opportunity according to Keith, who cited a typical cost per lead of $135 and a steep dropoff in effective use of those leads associated with a host of speed metrics.
I used my portion of the webinar to introduce the franchising community to what we do: why we care, how we boost the key metrics described above, and how our system interacts with the sales team via FranConnect.
Ian Walsh, SVP of Marketing, then followed up by demonstrating how Lumin.ai and FranConnect combine to create a unified experience for the prospect and the franchise sales team, leading to essentially 100% coverage and, in the case of Floor Coverings International, a >40% improvement in lead closure rate.
See FranConnect’s webinar post here.
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