Closing More Deals with Franchise Brokers
STEP 1: Evaluate Your Commissions – Evaluate your broker commission structures to make sure that they are par with the commissions offered by your competition. Commissions alone won’t build your broker deal flow, but are a necessary check the box requirement that must be covered.
STEP 2: Give Lift Your Brand Story and Brand Differentiators – Brokers need to see the value in your brand. You need to develop and tell a unique, compelling, and genuine brand story that brokers can share and explore with their candidates. It’s not just about your industry, the products you sell, or the services that you provide but, also, your culture and vision. It’s about what your brand looks like today, your vision for the future, and what franchisee success looks like.
STEP 3: Build a Research Hub – Transparency is key. You know the questions that brokers and their candidates will have, so why not answer them before they are even asked? Better yet, why not build out on your website, broker one-sheet, and media a research hub that provides answers to the questions that you know will come up. Even the negative ones that you should be getting out in front of and answering with honesty.
STEP 4: Engage Brokers – Joining broker organizations and attending networking events is necessary, but never enough. Build better broker engagement that goes beyond conferences. Consider things like on-site broker discovery days, broker specific franchise sales websites, website based research hubs that provide brokers with all the information and tools they will need in presenting your brand, media (video) that advances and tells your brand story, values, and long-term franchisee success mission.