TIME KILLS DEALS is the war cry of franchise sales executives across the US. It’s the opening and closing line of most franchise sales training sessions, break outs, and round tables. A widely accepted truth that the speed in which a candidate moves through the discovery process is the biggest predictive indicator of a candidate’s likelihood to commit. A universal truth that is in most cases, a lie.
It is not the speed in which a candidate moves through your process that matters, but rather that your process can match the speed, pace, and tempo of your candidate’s ability to process the information. A prospect pipeline is made up of a variety of profiles. Some candidates are 100% gut-based decision makers, moving swiftly from call to call, FDD review, franchisee validation and discovery day. Their ability to commit is based on how your process makes them feel. I love gut based decision makers, I’m one of them. I see it, I like it, I buy it.
Alternatively, a candidate may be a data driven decision maker. You know the type, the guy with the 12 tab excel spreadsheet with analytics for every single possible scenario. This guy, the data guy, needs TIME. I mean lots and lots of time. As a result, a successful franchise awarding process must allow for a candidate to still stay engaged in your process while other candidates may push past him to the finish line. He is not less likely to commit, just not likely to commit to an artificial timeline.
At BrandONE we pride ourselves on building a customized awarding process for not only each franchisor client, but also for each individual candidate. Years of experience and thousands of deals under our belt allows our development team to clearly identify a candidate’s learning style, establish a reasonable timeline, and set accountability.
Before you snap a deal in half because your timing expectations aren’t being met, ask yourself:
What type of learner is the candidate? Adjust your process accordingly with various resources such as webinars, eBooks, validation phone calls, and email drip campaigns. More platforms available in your awarding process will yield better results by speaking to multiple behavior profiles – at their own pace.
Ask your candidate to identify a timeline that works well for them. Adjust your timeline to their expectation and hold them accountable. The accountability factor will tell you if they are a buyer or not.
Give a candidate time. Squeezing someone into the next step of the process rarely yields results. Don’t kill the deal before it’s a deal, if your candidate needs time – give it.
The next time you’re at a franchise rah-rah session and someone yells, “time kills deals!”, just remember their loss is often another franchisor’s gain. Flash them a thumbs up and be rest assured the BrandONE development team is set to snatch the deal when the time is just right.