Strategies for Increasing Franchisees' Unit Revenues & Profits- April 17, 2013
Wednesday, April 17, 2013 from 7:30 AM to 5:00 PM (CDT)
Strategies for Increasing Franchisees’ Unit Revenue & Profits
Who Should Attend?
The seminar is designed specifically for C level executives, those in charge of Operations, Field Consultants, and Multi Unit Franchisees. Anyone who influences and creates the strategies and processes helping franchisees become more profitable and grow their unit revenues should attend this seminar.
How Participants Will Benefit From Attending This Seminar:
Participants will leave the seminar able to compare how they are doing against world class customer-centric Brands. They will have specific action items, both long and short term, they can implement in their organizations. These will be helpful when working with the franchisees as they operate their businesses to result in increased unit revenues and profits in their locations.
During the seminar specific strategies and tactics will be discussed around the following questions.
The questions are:
- How To Get More New Customers?
- How To Retain More of Your New Customers?
- How To Retain More of Your Existing Customers?
- How To Build Frequency With Customers?
- How To Ensure Customers Are Very Satisfied?
- How To Create A “Great Place To Work?”
- How To Reduce Employee Turnover?
- How To Increase Employee Satisfaction?
- How To Get Customers To Recommend You To Their Friends & Family?
Discovering the answers will empower the participants to increase franchisee unit revenue and profits.
Background To The Seminar
In the past, companies and organizations have focused on primarily two things: increasing revenues and making a profit.
The ways in which companies increased revenues and made a profit included managing variable items like marketing, labor, cost of goods sold, inventory, shrink, employee training, and negotiating with landlords and suppliers. If you knew your numbers you could predict revenue and profits. All of these numbers related to manufacturing a product [sandwich, oil change, haircut, fine meal, etc.] and so business was characterized by having what is referred to as a manufacturing mentality, i.e. “How can we make it better, quicker, faster, less expensively, and with fewer errors.”
This thinking created such well known control processes as ISO9000, Total Quality Management [TQM], Zero Defect Management, and Market Share.
Today we are still very much concerned with increasing revenue and profits but we have a better way of getting there, and getting there does without abandoning the past ways of increasing revenue and making a profit. Today we are replacing the “Manufacturing Mentality” with a “Customer-Centric and Employee-Centric Mentality.” A Customer-Centric and Employee-Centric Mentality is always focused on the customers of the Brand and the team members who deliver the customers’ experiences.
A customer-centric and employee-centric mentality begins by wanting to create great experiences for new, existing, and potential customers and to create a great place to work for team members. It used to be the only way customers could experience us was to do business with us or meet someone who had done business with us and that meeting was face-to-face. Today meeting satisfied, unsatisfied and dissatisfied customers and team members happens on the internet via Yelp, YouTube and other virtual platforms.
Today, businesses face a daily challenge which is: determine who its customers are, determine what they value, determine how you can enhance what they value, create a great place to work, implement the business model, measure the effectiveness of the model at creating promoter customers, adjust where necessary and repeat as needed. The key is to constantly work at enhancing what customer’s value, designing experiences for its customers, having dedicated loyal team members execute the experiences and reap the benefits of having very satisfied, loyal, frequent user, promoters of its business who drive unit revenue and profits.
If a business wants to know how well it is doing at creating very satisfied, loyal, frequent user, promoters it must measure the customers’ perceptions of the experiences and then act on those perceptions making changes resulting in more and more promoter customers.
The measurement of customer and team member perceptions is not new. What is new is the ability to measure thousands of customers’ and team members’ perceptions, to analyze those perceptions, and most importantly to make changes resulting in more and more very satisfied, loyal, frequent user, promoter customers and team members.
This is where increased revenue and profit comes into the picture. Think how much more revenue and profit you could make if:
1.More first time customers were retained, and became frequent users,
2.Existing customers came in more frequently,
3.A high percentage of customers influenced their friends and families to do business with you,
4.Your employees were committed to creating the best experiences for your customers,
5.Your employees loved to work in your business and thought it was a great place to work.
It is the job of business leaders to focus intently on the new reality of creating and retaining very satisfied, loyal, frequent, promoter customers and engaged, loyal team members. This involves asking and answering the questions mentioned earlier [who are our customers, what do they value, and how can we enhance what they value, what does it take to create a great place to work], designing customer experiences based on that information, and measuring the key metrics of a customer-centric and employee-centric mentality; number of new customers, customer retention, customer frequency, customer satisfaction, customer loyalty, employee turnover, and employee satisfaction.
A customer-centric and employee-centric mentality is focused on creating and retaining very satisfied, loyal, frequent user promoter customers and team members. What could be more profitable? Nothing!
There is extensive of evidence to support the profitability of being customer-centric and employee-centric. Customer-centric and employee-centric publically traded Brands consistently outperform the S&P in three categories; Average Growth in Revenue, Average Growth in Profits, and Market Value.
The call to action is for business leaders of franchise Brands to transform their cultures from a manufacturing mentality to a customer-centric and employee-centric mentality. This seminar is specifically designed to help them do this!
Learn how to increase franchisees’ unit revenue and profits by making the customer experience the focus of everything you do. By implementing customer-centric strategies and tactics franchisees will learn how to grow their businesses by acquiring and retaining VERY satisfied, loyal, promoter customers who drive revenue and profit.
This seminar will detail specific strategies, tactics, tools, processes, philosophies and technology for maximizing growth opportunities. The elements for achieving profit and growth in the 21st Century will be explored.
These Keys Are:
1. Create buying experiences for customers that make them VERY satisfied, loyal, frequent buyers
2. Create a great place to work for team members
3. Select team members who enjoy engaging customers
4. Measure how well you are doing
5. Make changes and continue to constantly improve
This seminar will help you understand:
• How to increase the retention of new and existing customers
• How to increase the frequency of customers
• How to increase the average ticket of customers
• How to lower employee turnover
• How to improve employee satisfaction and loyalty