29
Feb
12

Top 5 Things Learned At IFA Conference 2012

The Weise Communications team is back from the International Franchise Association (IFA) conference in Orlando. The conference was full of highlights, including newest Hall of Fame inductee Jim Amos  and his moving prayer breakfast speech; Bonny LeVine award-winner, SuperWash COO, Susan Black-Beth; the two keynote speeches – one was from host of the O’Reilly Factor, Bill O’Reilly and the other was New York Times best seller, Guy Kawasaki. There was even an appearance by Shaquille O’Neal, performing a random act of Shaqness on behalf of the Original Soupman. The four-day conference didn’t disappoint. After sessions, roundtables and a host of meetings, here are the top five things Tracy and I learned at the conference.

1. In 2011, there was a lot of discussion about access to financing as the biggest hurdle to overcome for franchise systems to grow. In 2012, financing wasn’t nearly as significant of a topic. There appears to be much more optimism that economy is turning and that the rumored lowering of the corporate tax rate from 35% – 28% will keep the U.S. competitive in the global economy.

2. Millennials, those born between 1980 – 2000, currently make up 25 percent of US population and account for $200 billion in direct spending. This generation is going to be very important for marketers; here are four considerations when marketing to millennials:

  • They consider themselves health fanatics and live a lifestyle to back it up.
  • They actively support causes and prefer to spend with companies that support causes as well.
  • They are early adopters of technology and avid social media participants – more connections and greater frequency.
  • They create and consume more “word of mouth, mouse and thumb.”

3. Social media in a vacuum is not going to sell you a franchise. Any franchisor that doesn’t believe in the value of social media most likely has the wrong mindset. Social media is not a vehicle to pitch products and services; it is one of the tactics a franchisor should use to develop a relationship with a prospect. According to Jeff Hayzlett, your social media goal should be to engage, educate, excite and evangelize.  Thanks Jeff, your session was awesome!

4. There was a lot of interest in franchise sales lead generation. Despite franchisors overwhelming their business development system with poor quality leads, they kept asking the question: “How do I get more leads?” Weise Communications believes that franchisors should be more interested in the quality of lead they generate rather than the volume of leads. There are plenty of methods to generate volumes of poor leads. If the franchisors were more interested in conversion percentage, they wouldn’t stand for the tactics that waste time. Instead, they would ask, “How do I close the sale?”

5. Veterans are going to be a target and a trend for franchise sales and franchisors should strongly consider participating in Operation Enduring Freedom through the VetFran Program.  For the uninitiated, VetFran is a voluntary effort of IFA members that offers financial incentives to encourage franchise ownership to honorably discharged veterans.

We have a sixth thing we learned, you must be very careful at the passenger drop-off at the Orlando Airport. Cars, taxis and shuttle vans are constantly moving in and out of very tight spaces. It is possible for a person removing luggage out of the trunk of a car to get their legs crushed between their car and a run-away shuttle van. The results of Tracy’s MRI will be in later this week.

Let us know if you think we missed something. Share your thoughts about IFA with us on Facebook at Weise Communications and follow @Weise_Ideas on Twitter.

See you in Las Vegas in 2013.


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