The Pipeline Review: How to Get More Value From Your Best Franchisees
The Pipeline Review is our inside look at franchise development trends, pulled directly from our monthly insider newsletter, Franchise Unfiltered.
Welcome to the first edition of The Pipeline Review, a new series where I’ll share one franchise development trend that’s been on my mind each month.
There are a LOT of places I could start.
So naturally, I’m going with an incredibly niche one for my first go. 😎
One of the most common conversations in franchise development revolves around the lack of qualified candidates. Every brand wants them. Every development team is looking for more of them. And when you finally get one of these treasured candidates into your system, something interesting happens.
They immediately become one of your most valuable assets.
Not only are they expected to build a successful business, but they're also expected to serve as an example for other franchisees, participate in validation calls, and help convince the next wave of qualified candidates to join the system.
That's a tremendous amount of responsibility for one person or franchise group.
Which raises a simple question:
How do you extend the prime of your all-star players?
I think there are two ideas worth borrowing, both inspired by my school days.
1. Create ‘Validation Office Hours’
One of the best things about large college classes was office hours.
Instead of dozens or hundreds of students competing for attention during class, office hours created a smaller, more focused setting that worked for both the professor and the students.
What if franchise validation worked the same way?
Instead of reaching out individually every time a candidate wants to speak with a franchisee, imagine your top operators committing to a recurring block of time each month. Candidates could book into those sessions, franchisees could plan around them, and your development team would know exactly when your best operators are available.
Everyone wins.
Your top franchisees aren't constantly interrupted throughout the month, prospective franchisees still get valuable face time with experienced operators, and your development process becomes much more structured.
2. Incentivize Validation Like You Incentivize Performance
I've always learned best by doing.
Whenever we had group exercises or hands-on projects in school, the lessons stuck. Add a little competition or a reward, and suddenly I was all in.
So why not apply the same thinking to franchise validation?
What if franchisees received a meaningful incentive for participating in validation calls?
Maybe it's a credit toward technology fees. Maybe it's a marketing fund credit. Maybe it's a small royalty reduction. And maybe there's an additional reward if the candidate they spoke with ultimately signs a franchise agreement.
It's a simple concept.
Reward the behavior you want more of.
I have a hard time believing that wouldn't increase franchisee participation, improve the validation experience for candidates, and ultimately lead to higher close rates.
Sometimes the best ideas aren't brand new. They're simply borrowed from somewhere else and applied to a different problem.
That's what's been on my mind this month.
I'll be back next month with another trend, another observation, and hopefully another practical solution for franchise development teams.
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