As a specialised franchise recruitment consultant, I specifically deal with and generate online franchise enquiries on behalf of franchisors.
These enquiries, or leads, are typically generated through a range of methods including dedicated franchise portal advertising, other online advertising and marketing, getting SEO right on franchisors recruitment website, social media, etc.
I mainly deal with leads in the UK and typically I’m looking for a cost per lead of no more than £15-20, and as I handle leads fully from start to finish, and control every aspect of the recruitment process using a dedicated online system, I ensure this is achieved.
The closing ratio (number of leads who become franchise owners) ranges from 1% (1 out of 100 leads) up to 0.5% (1 out of 50 leads) but my usual rule-of-thumb target for franchisors is 1% and we usually achieve at least this if my consultancy has been involved with ensuring the process is the most effective it could be.
We will also build in a 45 day lag time on all leads, and therefore all these ratios are taken from a strict 12 month period in which the leads were generated (usually 1st Jan to 31st Dec), and then I will run the full report 3 months after this period ends to get a good idea of the real success from those leads.
I then use our dedicated franchise recruitment system [www.thefrsystem.co.uk] to run the reports every 3 months because there always seems to be the odd conversion from these leads, even 12 months after they enquired, so the ratio is a moving and improving one as time goes by. Using the system, we never ‘let’ the leads go, but carry out a very comprehensive email marketing strategy to keep talking to them and allowing them to easily come back to us when the moment is right.
We recently converted a lead who had been on our database for 8 years! When I had asked him about this and why he’d chosen to move things forward now, he just said, “the time was right…”!