what the FRANCHISE

Why The Way You Financially Qualify Franchise Prospects Kills Deals

April 26, 2019 Season 2 Episode 6
what the FRANCHISE
Why The Way You Financially Qualify Franchise Prospects Kills Deals
Chapters
what the FRANCHISE
Why The Way You Financially Qualify Franchise Prospects Kills Deals
Apr 26, 2019 Season 2 Episode 6
Thomas Scott, CEO Brand Journalists and David Sparks, CDO, Brand Journalists
Killing leads out too early in the sales process and screening too harshly is killing the majority of franchise deals. Learn why.
Show Notes

If you've ever managed franchise salespeople, you've certainly heard the feedback "talking to lots of people but nobody is financially qualified."

No salesperson or recruiter wants to waste valuable time on a prospect that they think doesn't have enough money to purchase a franchise so they make decisions early in the process, often in the first few minutes on whether or not to invite that person into further conversation.

On the surface, this sounds smart. In real life, it is the reason salespeople lose 70% of the deals they could otherwise close. 

When we try to troubleshoot a lack of sales results, we look for the kill rate after initial contact. If we see a call screener or salesperson killing out 95% of the leads the same day the lead comes in OR if we hear the feedback 'nobody has money,' we raise a red flag.

The truth in today's market is that prospects don't come to the table with an understanding of what financial qualifications really mean. They don't understand the basic terms 'liquid capital' or 'net worth' and even worse, the financial filters we see on many lead forms are misleading and provide mostly useless, inaccurate data. 

In our experience working with hundreds of recruiters at hundreds of brands, you don't really know if someone can fund a deal fully until you have an application of some sort that gives you details on the prospects' financial ability. Getting to the application stage in any sales process determines the sales result and good salespeople get them in larger numbers.

Poorly skilled or trained salespeople don't. 

Imagine wanting to shop for a new car or SUV and the minute you walk on the lot, you are ushered into a high-pressure sales room and forced to fill out a credit app before you can even look at a car or ask questions. What type of experience is this for you, the customer?
Does this make you trust the salesperson? Are you excited about the car or really disgusted by the stiff process?

We see recruiters doing this daily and it's one of the main reasons we lose so many potential deals.

Listen in as David Sparks, Brand Journalists' Chief Development Officer and Thomas Scott, CEO of Brand Journalists discuss this important sales topic and offer some simple solutions on how o avoid falling into the performance sucking trap.

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