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