6: SELLING AND MARKETING RESEARCH
Initial Meeting
A "search and find" meeting on the part of both the franchisor and the prospective franchisee
Sales Playbook
A document designed to be altered by the individual based on personal preferences and characteristics
Uniform Franchise Offering Circular (UFOC)
Is which the franchisor must give to a prospective franchisee ten days prior to the signing of any franchise agreements or the signing in any form to become a franchisee
Listening
It is estimated that 50 percent of successful selling is...
Availability
It is vital for the prospective franchisees
Data collection
May be perceived as fun experience or pure drudgery
Actual collection of the data
May be performed by franchisor, franchisee, or employees either before, during, or after working hours
Prospective Franchisee
Seeking a change in life or otherwise the person would not be looking to obtain a new business on a full-time basis.
Selling
Simply encouraging the transfer of products or services from one individual to another
Mission Statements
Simply your introduction to the buyer
Franchisee profile
Will allow you to look at the person's background and financial fit with the franchising operation
Mission Statements
Will allow you to provide your name and company name, your business objective, what kind of problem you solve, and the benefits of your business
Marketing Research Function
Will link the customer to the franchisee system and allow the franchising products or services to best satisfy the needs and desires of the consumer
Initial Personal Contact
Is by far the most crucial step establishing rapport and developing a sales relationship
Target Marketing
A simple, planned approach used to identify the winning customers whose needs can best be satisfied.
Prospective Franchisee
Also equally excited about meeting the franchisor to determine if this is the right fit for possibly a lifetime of business
Franchisor
Anxious to meet the prospective franchisee to learn more about the person and to evaluate his or her potential as a franchisee
Opening Benefits
Based in the prospective buyer's problem or need
Questionnaire
Designed to provide the information about the products or services of the business and the attitudes of the customers or prospective buyers.
Customer needs
Desired goal or objectives which the customer wants to obtain
Operating variables
Frequency (light, medium, or heavy), purchasing criteria (service, price, and cleanliness)
Introductory Folder
Generally a single sheet which is tri-folded and contains information on both sides about the franchising opportunity
Mail questionnaires
Generally preferred by academics because of the low cost
Target Marketing
Gives a competitive edge by helping better the marketing and sales opportunity
Phone call interviews
Has become the best method because of the lower cost and the partial elimination of response bias interference
Selling
Highest paid and first profession in the world
Marketing intelligence
Information about the development of the marketing environment and marketing systems often collected from company's personnel, suppliers, resellers and customers.
Internal records
Information gathered from within the company and used especially for making day-to-day decisions about planning, implementation, and control decisions
Marketing research
Intended to provide the information which the franchisor and the franchisee need to develop the marketing and sales strategies for the franchising system.
Financial capability
Most franchisors require that the franchisee be able to pay the initial franchise fee which can be paid out of the current assets.
Initial Call
Occurs regardless of who made the call, it is important that an agenda has been established and the franchisor knows those questions to ask which will help the prospective franchisee as well as the franchisor.
Inquiries
One of the easiest ways to learn information about the prospective franchisee or customer is simply to ask the person questions
Trust/Honesty
One of the great (most crucial) attributes of prospective franchisees
Market segment
Refers to the prospective franchisees or end consumers who are related by some common characteristics
Marketing research
Studies of specific situations and areas of concern
Demographic
The age, gender, race, family income, and other data of your total market area
Information analysis
The analysis and reporting of information gathered from marketing intelligence and marketing research systems.
Purchase characteristics
The behaviors and requirements affiliated with the customers' buying habits.
Benefits of buying
The benefits that the customers are actually buying: power, prestige, pleasure, profits, status, romance, comfort, entertainment, durability, self-indulgence, security/safety, convenience, etc.
Psychographic
The lifestyle, values, and ethics of your customers.
Close
The most wonderful part of any selling process
Geographic
The one-mile, two-mile, or total area you will serve
In-person interviews
The person-to-person contact can create serious biased responses and is generally performed at considerable cost
Users
The profile and the percentage of your customers that account for the largest portion of your sales
Customer benefits desired
The result the customer wishes to achieve
Sales Brochure
The second item that many prospective franchisees will receive
Common Interests or desires
They have a strong interest in the product or service which the franchisor is offering
