In 2020, Covid-19 put an abrupt stop to in-person Discovery Days. Now, as the country is reopening, franchisors have to decide whether to keep them virtual or go back to in-person.
Franchise brands and franchisee candidates use in person Discovery Day to get to know each other ... [+]
Whether you call it Discovery Day, Meet the Team Day, Decision Day or something else—the day when potential franchisees meet with a franchisor’s leadership team to mutually evaluate whether it’s a fit is one of the most critical steps in a prospect’s journey.
Often, this entails a half to full day (or more) when the potential franchisee participates in meetings, receives office tours and is entertained as a way to meet key executives and learn more about the company, its culture and leadership. It’s all about relationship-building, setting a precedent for clear communication and ensuring that all parties feel good about moving forward to signing a franchise agreement.
Most franchisors temporarily put Discovery Days on hold starting in March of 2020 and moved to a virtual format. Now, franchisors are left to decide whether to go back to the original in-person model or keep their Discovery Days virtual. When making the decision, it’s important to consider the benefits of each option.
From tasting the food in restaurant concepts to trying the service, in-person Discovery Days give potential franchisees the opportunity to really experience the brand. This is especially crucial if a brand is trying to expand outside of their region and the potential franchisee is from a market without a nearby location to visit.
Investing in a franchise is a big life step, so it makes sense that potential franchisees would want to meet the people they're doing business with and get a full picture of who they are. As in any relationship, that’s something that unfolds after a series of meetings in different settings—this could be harder to accomplish via video conferencing. It is critical that the franchisor makes the right decision to accept someone as a new franchisee for the brand. In person meetings certainly help franchisors in this aspect of developing their brand.
Discovery Day Store Tour helps franchisees get to know the brand, see the operation and understand a ... [+]
In-person Discovery Days not only allow potential franchisees to build camaraderie with the home team, in some cases they also offer the opportunity to forge valuable relationships with other franchisees as well, creating a peer support network from the beginning.
Yet despite the benefits that an in-person Discovery Day offers, there are a number of reasons why franchisors might choose to stick with a virtual model. Top on that list is the financial benefit. Virtual Discovery Days save franchisors significant funds that otherwise would have been spent on airfare, hotels, restaurants, catering and more.
Since virtual Discovery Days are typically shorter and don’t involve long dinners or events, they save valuable time for the team as well.
Virtual Discovery Days also could negate the need for bringing multiple candidates together in one place, so they can be individualized for each potential franchisee. Not only does that eliminate what can be a scheduling nightmare, virtual Discovery Days speed up the entire sales process. By not having to book travel and coordinate schedules, what could have been a 90 to 120-day process is now condensed to 45 to 60 days for most franchise brands. The financial benefit to shortening that time frame is huge for most franchisors and it allows potential franchisees to start the process of owning a franchise much sooner as well.
Franchisees can join a Virtual Discovery Day and Meet The Brand Team from Home
While many brands have found success pivoting to a virtual model, it’s important to remember that Discovery Day is just one step in the process and decisions will still have to be made about how to handle future training and meetings. Adapting a hybrid model is certainly an option, but there should be an overall vision behind the plan in order to deliver a consistent message.
In the end, whether a brand opts for an in-person or virtual model, Discovery Days should be well-planned, enlightening and dynamic. Starting off on the right foot with a potential franchisee is the key to building a solid, long-lasting partnership. The stronger you are at the beginning, the better that sets everyone up for success down the road.
