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Measure Franchise Lead Response Times in Seconds Not Days

Stopwatch

Proper timing is a crucial part of any marketing venture. Frankly, proper timing can make or break a marketing campaign’s performance. For example, a company attempting to target simply adults will find themselves purchasing TV spots late into the evening, well after the rest of the family has gone to sleep. (Think about the commercials on David Letterman’s show.)

Similarly, a restaurant would opt to display food related social media ads minutes before a user’s lunch break.

The impact timing has on marketing makes sense.

However, when it comes to following up with franchise leads, we often forget how critical timing is.

In fact if I could make a single recommendation to improve the return on your lead generation dollars, I’d tell you to focus on call response times.

It’s a very common question we get here at Franchise Help: “When should we call our franchise leads?” Our answer is always, “as soon as possible”.

At this past weekend’s IFA, one of our account managers was having a conversation with a current client. The client was asking for some tips to help improve her lead contact rates.

After asking her how quickly she followed up on leads her response was, “usually within 24 hours”. That, right there, is a major problem.

Lead response time should be measured in seconds, maybe minutes. Never hour or days. Here’s a quick example of why...

From February, 1st, 2015 to February, 19th, 2015, we sent 3,695 call verification calls for one of our new products.Initially, these calls were set up to send 60 minutes after a lead was submitted. However, call verification rates were shockingly low!

123% Increase

We decided to move this to a 15 minute delay. The result? A +123% boost in call-connect rate!

If a 45 minute change resulted in a +123% boost to call-connect rate, can you image the impact a five or even ten hour delay would impact our results?

Think about that! A +123% higher call connect rate is almost like getting 123% more leads or in other words a 55% discount on each lead! With that kind of performance increase you could...

  • More than double your marketing ROI
  • Grow your franchise twice as fast
  • Impress your CEO and get a promotion
  • Finally convince your boss to give you that bonus
  • Take a company trip to Argentina

(Ok, maybe that last one is a little aspirational!)

And that’s just lead follow-up 101.

What about asking yourself about something like call frequency?

If you really want to improve your franchise lead ROI, one call simply is not enough. It’s not nearly enough. The Industry standard is to call a lead at Least 6 times! A study conducted by Inside Sales and published in the Harvard Business Review, using over 100,000 call attempts, found that by calling a lead up to six times, they we able to increase contact rates from about 40% to over 90%! That’s another 100%+ boost in lead performance.

Inside Sales Analysis of Sales Call Quantity

Put the two together, you’re talking about a 200%+ boost in lead value and Marketing ROI… How could you not get that promotion now…

And this is just the beginning!

If you're interested in learning more about follow-up, check out these other resources:

Also, if you want to speak about your franchise's follow up process, shoot us a note and we can chat!

What sitting in a hallway, real estate, and Facebook ads have in common

The past few days, FranchiseHelp had the pleasure of attending the 6th Annual International Franchise Brokers Conference and Expo. As part of our attendance, we were invited to exhibit in the hallway right outside of the exhibition hall. (Franchises that work directly with the brokers were invited to sit in the hall itself.)

My best email subject line this year (sort of)

It is nearly impossible to over-state the importance of an email's subject line. In my days as a franchise marketer, I've written well into the thousands of subject lines.

When Should You Serve Facebook Ads. AKA We Tried to Outsmart Facebook

We love Facebook ads here at FranchiseHelp. They’re a great tool to use to reach a very specific audience with a more narrative message than you can usually accomplish with search ads. But beyond that we love the details you can get out of the data and the amount you can tweak your campaigns to take advantage of all sorts of small details. That’s why we figured that Facebook would be the perfect place to run this experiment. We created a set of ten different ads and then ran each ad in 24 different adsets, one for each hour of the day. We let these ads run for a full month and believe it or not, a best time started to emerge.