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The Winner's ColumnAs savvy franchise companies continue to flourish in this challenging economy, FUSR will continue to bring you good news each month, highlighting brands that are adding units, increasing comp store sales, striking deals with investors, and continuing to grow despite the economy - maybe even because of it. And, as the U.S. struggles through its "jobless recovery," growth-oriented franchisors continue to look overseas for expansion opportunities. Sales Intelligence for Superior Performance, Part 2Aggressive growth companies measure the performance of their sales personnel just as they do their advertising. With high recruitment expenses you can't afford mediocre selling performance, which costs dearly in lost franchise deals. A policyholder survey by Prudential Insurance revealed that the greatest influencing factor in the buying process is the sales person. Turning Around Struggling FranchiseesTwo years of tight credit and reduced consumer spending have left many franchisees reeling and put a serious crimp in franchisors' royalty streams. Workout professionals and bankruptcy attorneys experienced in franchising discuss what franchisors can do to help turn around distressed units - without spending scarce funds or getting themselves into legal hot water. New Gift Card Regulations Kicked in August 22ndLast year when President Obama signed the Credit Card Act of 2009 (the Act") into law, the nation's attention largely focused on those provisions of the law that aim to change the way credit card companies do business with consumers. However, since the Act imposes requirements on gift card issuers, it also changed the way many retailers and franchise companies will do business with consumers. Strong Cultures Sell More Franchises!Every franchise organization has a culture, the same way every person has a personality. If your franchise brand is serious about growth and development, ask yourself these two questions: 1) Does our franchise system have a strong, positive culture?; and 2) Is it a culture that promotes selling franchises? Rolling with the Punches: Franchisors Continue Adapting to ChangeThe rules and methods for franchise sales are changing daily with the general public's increasing awareness of the economy, deficits, lending, the housing market, and more. As some of us "graybeards" can remember, this isn't the first time the rules have changed--and it won't be the last. Let Go To Grow: Delegating to Area Reps Speeds ExpansionMost franchise concepts are built around the personality of the founder. Entrepreneurial lore is filled with stories of founders who open a business, incubate it for years, and after much trial and error, create a successful business. Challenge the Pros: What Role Does Social Media Marketing Play in Recruiting New Franchisees, and How Do You Measure Its ROI?These days, social media is one of the key ways brands nurture relationships with their loyal customer bases. In a lot of ways, a brand's social media presence serves as an overall indicator of the health and strength of a brand. For a brand like Denny's, which has nearly 97 percent brand awareness and a 57-year history, most franchise candidates come to us with some experience with and affinity for the brand. Farming for Customers: Using Social Media to Boost Unit Sales7-Eleven is going to the chickens--or at least whatever animals are on FarmVille, the popular Facebook game. It's all part of the company's new ad campaign designed to drive Facebookers to visit their convenience store franchisees. And it's working. Where Have All the Lawyers Gone?As I write this piece, it is a nostalgic moment for me: 37 years of practicing law, and all with the same firm. In today's environment, inertia in law firm employment is a rare thing. If I knew then what I know today, would I have gone into private practice? |
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