3 Custom Properties for Attributing FranDev Leads
To double down on what works, you need to know what works.
In this Lab Report:
Understanding which of your efforts are working is an absolutely essential prerequisite to being effective. You can’t focus your efforts on what works if you’re not sure what’s working. Focus on collecting the data makes it easy to see what is working and make better decisions.
Why this matters
You invest a lot of resources—time, effort, and money—to find new prospective franchisees who are a good fit for your Franchise. It’s important to be able to look at a Closed Won Deal and ask how they found, what worked, and how to reproduce it. But its even more important to be able to report on and spot the bigger trends.
One win isn’t a pattern. Ten win start to form a pattern, but you need to be collecting this data on all your leads to be able to report effectively. You need enough accurate data to get a good picture of what is working, but it’s not always clear what to collect or how to break it down. These 3 properties will give you a good picture.
This isn’t everything you need to know. There are other things you should be collecting as well. But they’re a solid foundation and if you aren’t collecting this data reliably, you’ll struggle to see the big picture.
Here are the 3 Attribution Properties
Deal Lead Category
Lead Category on your FranDev Deals rolls up your efforts into the biggest buckets of activity that generate prospective Franchisees. This allows you to compare the size and effectiveness of these categories and how they they are contributing to your growth.
It also allows you to set and track high level goals for each of these categories.
Set this property on your Deals for the highest level visibility. For clients in the FranDev Lab we recommend these categories:
Marketing
Broker
Outbound
Referral
Internal/Upsell
Deal Vendor
It’s not uncommon to have more than 1 Vendor handling some aspect of your Franchise Lead Generation. One vendor handing Google Search, one handling Facebook, a contractor handling LinkedIn, etc. Maybe even some channels or campaigns managed internally.
To be able to segment your leads and see which Vendors are contributing to qualified leads and Closed Won Deals, you need to know which leads they brought.
Setting this property on all Deals that gives you that visibility and allows you to answer questions about which Vendors are the most effective. You can create a Pipeline report showing conversion rate for each Vendor.
The simplest way is a Dropdown select with a value for each vendor you work with.
By the way: this isn’t for Brokers. Capturing which Broker brought a lead requires a different approach. It’s simple but very in-depth. Reach out to talk about it.
There’s quite a bit in the FranDev Lab Report archives about serving Brokers and to support Broker sourced leads better:
Deal Source
It’s important to know which specific sources contribute to your prospective franchisee leads.
But it’s not enough just to know they came from Facebook. If a Vendor operates both Facebook and Google Campaigns, you need to know which of those sources a lead came from.
You also need to distinguish if it was Paid efforts on Facebook that generated an opportunity or if it was your organic Facebook content. Or if it was Paid Google Ads or organic search. Same goes for LinkedIn.
So…now what?
Make sure you’re collecting this information on your Deals. We use standardized properties for FranDev Lab clients, but please make sure you’re collecting and reporting on this information somehow.
Set the properties on Deals using automation so no one has to worry about maintaining it.
Add the dimensions to your reports.
Review it regularly.
See you in the next Lab Report.