In the last newsletter we discussed finding the “value” in your franchise system. You may be saying, “Great. Found it. Now what do I do with it?” The answer is simple, be sure it is included every time someone reads anything about your franchise.
Peter Drucker, the American Management Guru, said, “Customers pay for only what is of use to them and gives them value. Nothing else constitutes quality. “ This means, prospects will be looking for the value in every piece of documentation available about your franchise. They may not even be aware of it but the underlying search for “value” is inherent every time they ask “what do I get for my royalty?” or “Why should I buy your franchise?” The first contact prospects have with your franchise is through your advertising. Even if you are not stating the “value” in the text then the concept can still be conveyed through the theme and design of your advertisements.
In the previous article, I used the example of a home improvement franchise whose value was helping save the environment because they used products that are either made from recycled materials, helped increase the energy efficiency of the home or reduced energy costs. In this example, the franchisor could reference how their franchise saves the environment in their message or use environment-themed photos to create the theme visually. Even the FDD should address the value in the franchise. For example, the description of your training programs in the FDD could list “use of recycled materials and how to promote how they save the environment. All points of contact with a prospect, like franchise web portals and brochures, should address this underlying principle of value.
But the real trick in maximizing your franchise “value” lies in the fact that prospects are not just asking about it before the sale. New franchisees want confirmation that they have made the right decision, so they will be looking for validation of the “value” of your franchise system in your Operations, JumpStart and Grand Opening Manuals. Reading through the manuals, new franchisees will affirm in their minds their choice of your franchise system if they see that your franchise “value” complements some of your procedures.
Franchise “value” – It’s not just for sales anymore.
