Franchisors looking to establish an effective franchise expansion strategy need to have the proper tools to be successful. This means having a quality Franchise Disclosure Document and a track record of successful franchisee performance. Constructing an effective franchising strategy starts with knowing who your competitors are and how well they are performing. You need the ability to compare your franchise system performance to your competitors, both strong and weak. Benchmarking your franchise system against your franchise category, franchise sector and individual franchises requires the right data.
Properly executed, benchmarking enables franchisors to make comparisons of the key franchise performance indicators against other franchise systems. It allows a franchisor to see how they compare, both good and bad, to other franchises competing for the same candidates. These important areas include franchise litigation, system growth, franchisee royalties and fees and franchisee territory rights. By having access to this information, they know which areas to focus on when seeking to improve their franchise offering.
Benchmarking provides a franchisor and their development staff the knowledge they need to answer candidates questions with data and statistics. It provides credibility to a franchisor and utilizing a firm like Franchise Grade adds objectivity and commands the respect of franchisee candidates. In today’s highly competitive franchise environment franchisors are competing for similar candidates. The most successful franchises attract the best franchise candidates as they have an understanding of the franchise environment they operate in.
By beginning a franchise growth strategy with our Benchmark product, an integral part of our Franchise Intelligence platform, you will establish the proper foundation to build and launch a successful franchise sales program. To be successful, franchise systems need to ensure they position themselves to attract and intrigue candidates. Franchise Intelligence provides you the knowledge and data to deliver the benchmarking information a franchisor requires.
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