franalytics helps franchise management teams embrace data-analytic thinking and create an environment in which data science, its practitioners, franchisees, their customers, and the franchise system can thrive and flourish.
More Effective Franchisee Recruitment & Development
Franchisors have always been in search of a way to identify those prospects who have the greatest likelihood of becoming successful franchisees. While possessing the financial wherewithal to open a franchise is certainly essential, by no means is it the only or best criteria. Franchisee turnover is expensive and detrimental to a franchise system.
franalytics can provide management with unique, valuable, data driven insights into those characteristics most common among their successful franchise owners. Often, the data required to build such a model is readily available and waiting to be exploited. franalytics works with management to precisely frame the issue, design the project, develop the models, explain the results, and deploy their use. The franchise sales process is arduous, time consuming, and expensive. franalytics’s models can help franchise developers better allocate their limited resources (time and money) by focusing their efforts on the right prospects, those with the greatest likelihood of becoming successful franchise owners.
Know your numbers. Formulas to Success.
Build trust and cooperation between franchisor and franchisee. Successful franchisors ensure that their franchisees thoroughly comprehend and rely upon the power of data.
In today’s highly competitive and unforgiving marketplace:
Franchisors need to create a culture that emphasizes the importance of data analytic thinking and the impact of “knowing your numbers”. Every franchisor understands that franchisees who know their numbers are far more likely to succeed than those who don’t.
Data analytic thinking must permeate every aspect of the business model: from franchisee selection, to unit location, to marketing, to operations and finance.
“Formulas to Success” is a proprietary, battle-tested methodology with a 25 year track record. It provides a philosophy, a system, an approach for both franchisor and franchisee to uniformly understand, embrace, and leverage the power of data analytic thinking.
For franchisees, Formulas to Success is an all encompassing methodology for managing their business. It provides a simple, reliable, straight-forward way for an owner to understand the state of the business, the performance of their team, and the consequences of their decisions. It provides valuable insights before and after a decision is made. Its key measures are timely and actionable. Formulas to Success allows owners to run the business rather than the business running them.
Franchisors enjoy the same benefits, as Formulas to Success provides a clear understanding of the state of the franchise (its strengths and weaknesses), at both a system-wide and individual unit level. As part of the fabric of the business model, Formulas to Success ensures that all operators (franchisor and franchisees) speak a common language. It brings all sides together, keeps them focused on objectives, and gives each the ability and confidence to act quickly as objectives and market conditions change.
franalytic’s Formulas to Success is an indispensable vehicle for embracing data analytic thinking, building trust and understanding between franchisor and franchisees, and uniting them in their quest to build a valuable franchise system.
“Danny, know the future, be the future!” Ty Webb (Caddy Shack)
Forecasting sales. Evaluating campaigns. Building brand loyalty. 21st century franchise systems gather enormous amounts of data on a daily basis. System growth and competitiveness are tightly tied to a franchise system’s ability to exploit the information hidden within the data. CRM and POS data is among a franchise system’s most prized assets. Mining these databases in an effort to optimize marketing campaigns, increase customer loyalty, drive sales and profitability, develop reliable sales forecasts, and improve operations are just a few of the many ways these database must be leveraged.
With nearly 30 years of franchise experience, franalytics helps franchise management teams embrace data-analytic thinking and create an organizational environment in which data science, its practitioners, franchisees, their customers, and the franchise system can thrive and prosper.