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Not All Customers Are Created Equal. So Don’t Give Them Equal Weight In Customer Surveys

June 8, 2009
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My guess is that you survey your customers. Don’t you? Your business barometer Franchisors and franchisees — business owners in general — somewhere along the way someone convinced you that customer surveys are a great barometer of customer satisfaction, and that you need to survey customers periodically, at least once a year, and that you [...]

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Joe Mathews’ Three Step Formula Will Help Keep You In Business For The Next Five Years

June 2, 2009
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Now more than ever, franchisors and franchisees must squeeze every opportunity out of every lead they generate. Truth be told, that always was the case, but in the good ole days — last year! — no one noticed the results nearly as much as they do now. Selling doesn’t make sense any more Franchisors looking [...]

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You Keep Your Franchisees Because You Are The Market Leader. You Are, Aren’t You?

May 30, 2009
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Does your franchise, your business, your company, own the hearts and minds of your franchisees and customers? Differentiation earns hearts, minds, money If not, you haven’t done your job. If not, you haven’t differentiated your business. That means you’re not capturing and keeping franchisees and customers. It also means you’re under-performing financially. Fear is the [...]

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Franchise Brokers: In It For The Money, Or Do They Really Provide Value In Franchising?

May 28, 2009

  They want how much money?” I asked Jason Killough, my VP of franchise development at HomeVestors, where I was the CEO. “Fifteen k,” he said. “Fifteen k to send us a lead to buy a franchise? Are they out of their minds?” Look at all they do! Calmly, Jason continued, “It’s not just to [...]

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Creating Loyalty Only Occurs When There’s Value, And Value Is In The Eye Of The Customer

May 25, 2009
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Giving customers what they really want isn’t as simple as selling them the products or services that they’re buying. Because quite often, customers don’t know what they want until it shows up! The famous haircut story Readers who have known me for years, and students from my Marketing Mentor program of the late 1990s, will [...]

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The F-Myth: Michael Gerber Explains Why Franchising Doesn’t Work For Entrepreneurs

May 19, 2009
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If you’re a franchisor who has sold a franchise to an entrepreneur, read this! It explains why you’re frustrated.  If you’re an entrepreneur who bought a franchise, read this! It explains why you’re unhappy.  Hurry! Because in neither case will things get better. Of that I am certain. Michael Gerber says so, too! So is [...]

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Franchisors: Franchisees Must Be Treated Equally? Franchisees: Customers Must Be Treated Equally? Someone’s Talking Nonsense!

May 17, 2009
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Who says all franchisees must be treated equally? Or that all customers must be treated equally? Both notions are nonsense! Worse: They’re fiscally irresponsible. Customer entitlement must be earned Today I’m at the Las Vegas Hilton, just hours before speaking to a major convention, and there’s no place better than a Vegas hotel casino to [...]

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Franchisors & Franchisees: Keeping Customers Should Be Your #1 Priority Now

May 15, 2009
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Who’s going out of their way to keep you as a customer these days? . . . Can’t think of anyone? You’re probably right. And isn’t that just wrong? Especially now. This is a common business error Business owners — including franchisors and (especially) franchisees — make this same mistake repeatedly. They even do it [...]

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Inaccessibility Makes You Feel More Important But Are You Missing Growth Opportunities?

May 14, 2009
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The Wall Street Journal is calling . . . they want a quote from your CEO for an article they’re running about your industry, and it would behoove your company to be represented. Would result in numerous franchise sales leads, as well as other inquiries that could lead to growth opportunities for your business! Something [...]

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What’s It Cost You NOT To Franchise Your Business?

May 7, 2009
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We’ve seen numerous articles through the years about what it costs to franchise your business, but I suggest you think about it another way: What’s it cost you not to franchise your business? Loss is greater than the cost The cost to franchise a business varies greatly, from less than $40,000 to more than $150,000, and [...]

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34 Action Items That Lead To More Control And Success For Franchisors And Franchisees

May 5, 2009
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It wasn’t bad enough with the depressed economy. Now there’s swine flu. And the kids are home from school! More to complain about, if you’re a complainer. More to be concerned about, if you’re a worrier. More period. Suddenly you get the idea you’ve lost control and there’s not much you can do about any [...]

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8 Steps To Calculating Maximized Customer Lifetime Value. Critical Number To Know!

May 3, 2009
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This blog continues my discussion relative to customer value. I urge you to read the previous blogs about this topic — for both franchisors and franchisees. Here’s where you can find them:   Read these past lessons first Franchisors: What Business Are You In? How Much Did That Franchisee Cost You?  Franchisor: What’s The Value [...]

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Franchisees: Get Double-Digit Sales Increase Without Additional Investment

May 1, 2009
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Sometimes a sales increase is as easy as returning to your core business and paying attention to what the customer wants. Double-digit sales increase At a recent Franchise Business Network meeting in Dallas, a member of the audience told how he had helped a well-known convenience store franchise gain double-digit sales growth. “When we cleaned [...]

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An Opportunity For Franchisors To Be Heroes: 8 Steps To Help Franchisees Survive Recession.

April 30, 2009
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This economic recession is an opportunity for franchisors to become heroes in the eyes of their franchisees! This is a rare opportunity for franchisors You have an opportunity to make decisions that will keep your franchisees in business and help them get through this economic downturn. You’ve never had an opportunity quite like this one. [...]

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Taking Responsibility For The Franchisee’s Economics. This May Hurt, But Suck It Up!

April 29, 2009
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While it’s not a franchisor’s job to make money for a franchisee (that’s the franchisee’s responsibility), it is the franchisor’s job to know that the franchisee is making money. In fact, it’s the franchisor’s responsibility! Ouch, did that sting? Think “responsibility” is too harsh of a word here? Think again. Will investors let you off [...]

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Helping Franchisees Recognize The Value Of A Customer

April 27, 2009
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Franchisees: What business are you in?    That’s a question every franchisee must answer, and every franchisor must help its franchisees answer.  Get in the right business now Until you know what business you’re in, it doesn’t make any sense to put a value on a customer. So, just in case you’re not in the [...]

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Understand Why People Buy; That’s How You Attract More Customers

April 21, 2009
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Want to know why your advertising isn’t producing the way you want it to? It’s because you’re appealing to the wrong motivators. Or not enough motivators. Buying motivators are the same whether you’re a franchisor advertising for franchisees, or you’re a franchisee advertising for customers. Appeal to the wrong motivators and you’re advertising will be [...]

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Franchisors: How Many Franchisees Are You Keeping?

April 20, 2009
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Typically, franchisors focus on finding franchisees. They spend tens of thousands of dollars annually to exhibit at expos, run ads in magazines and newspapers, and post their banners on Web sites, all for the purpose of getting a prospect to ask for information about buying a franchise. Staggering cost of capturing franchisees We know, based [...]

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Franchisor: What’s The Value Of Your Franchisee?

April 17, 2009
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Continuing with the previous discussion of what it costs to acquire a franchise (or a customer; and a franchisee is indeed a customer), let’s take a look at the value of a franchise, and then we’ll discuss the importance of keeping a franchise. My focus in this blog series is: Capturing & Keeping Franchisees — [...]

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Franchisor: How Much Did That Franchisee Cost You?

April 15, 2009
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When franchisors realize the cost of selling (capturing) a franchise, they often pay more attention to keeping franchisees. Because it’s a whole lot less expensive to keep one than it is to capture a new one! Economics of capturing franchisees First, let’s examine the cost of acquiring a franchise and later we’ll look at the [...]

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