18 Jan Reducing Days-to-Dollars for Franchisees
Taking a leap requires faith, and for most potential first-time franchisees (and some who are more experienced), buying a franchise may seem like a leap beyond the faith most franchisors can give them. The primary issue here in inspiring more confidence among potential franchisees ultimately comes down to questions everyone would have about an investment: What will it return, and when?
With that in mind, reporting and reducing days-to-dollars is a crucial key to proving to franchisees that their investment will be worth it. Furthermore, most franchisees are disposed to investments with financial stability and guaranteed returns, so maximizing the efficiency of any days-to-dollars transition is crucial to creating the confidence they need to jump in with your business.
Lead Generating Apps Can Start the Engine
With 61% of consumers expecting or appreciating the ability to book their local business, as well as increasing demand for other free engagements like calls and live chats on their path to purchase, franchisees can get a leg up on local competition with the conversion benefits of customer engagement applications.
Consider this: you’re getting home from your 9-to-5 and you’ve been thinking about getting in shape. On the way back to your home at the end of the day, you finally see that discount gym at your local strip mall is finally opening up, but you’ve got kids that need care and can’t afford to pop in and book an appointment.
Maybe the next day at work you think about calling to book a time with a trainer, but you’re running between the issues your own business faces and can’t afford to take the time aside, and when you do finally have a moment to breath, all you can think about is getting home for the day.
At this point, you would’ve never booked your new local gym, and while they lose a potentially loyal customer, the franchisee is losing more time on their way to profitability. With tools like online scheduling and more, you give your customers more convenience, but can also earn your franchisees customers they didn’t even know were on the table – particularly in the crucial early days of launching their business.
Leverage Existing Customers Toward New Locations
There’s obviously simple conversion benefits to customer engagement apps in the early days of a business, but as a franchise, implementing customer engagement gives you an easy network effect that can help you drive growth for those new franchisees that you want to secure in the long term.
Thus, with conversion apps distributed across multiple franchisees empowers a franchisor to see where they get real engagements, and even generate a sort of “heat map” of local intelligence that tells them where to set up shop next. Thus, customers who may be only marginally loyal to a more distant location can be pointed directly to a new location that’s closer to them.
With this in tow, you can not only bring a new franchisee on board with a dedicated conversion boost, but can even offer up initial qualified leads that will be more than willing to try your expanded offering. More than simply assuring you minimize days-to-dollars, your franchisees can now feel secure that you’re there for them in the long term.
Create Remarketing Automation, Amplifying Early Customer Loyalty
Beyond engaging with these already-primed customers through conversion apps, you can build in Email and SMS marketing efforts with APIs or any other customization, even with the conversion apps you’ve grown to love as calls-to-action. Ramping up revenue for new franchisees becomes easier than ever, but the reputation boost it provides is almost more relevant for new franchisees looking to plant their roots in a community.
Since consumers are building such a voracious appetite for digital engagement, early adopters in the franchise space are slated to win big. With that in mind, franchisees who roll out their openings with professional presentation and well-prepared offerings are more likely than not to make a great first impression, ultimately increasing total brand reputation and ensuring higher NPS scores as a result.
Ultimately, conversion apps provide a simple boost that new franchisees need to reduce days-to-dollars, but can also provide a provable model and strong attribution based on appointments, calls, chats and more. This enables easier sales to new franchisees, while also playing into modern consumer behaviour with ease and grace, empowering every element of a franchise organization to do more!