On this episode of the Franchise Today podcast, host Stan Friedman welcomes BoeFly CEO and co-founder Mike Rozman as his featured guest. The interview covers a lot of ground, from the derivation of the BoeFly name to the development of the company from an online financing marketplace to a fully integrated franchise sales and financing system. Rozman also shares some of his insights on the current state of franchise finance generally and the various motivations that are driving business owners, bankers and franchisors to become members of BoeFly and to take advantage of its regularly increasing online offerings.
Additionally, prior to the interview, Friedman goes over some recent survey results on lead generation, cost analysis, and lead-to-sale conversion rates collected from 137 brands at the Leadership and Development Conference from last week. Friedman is taken aback that only 60% of those surveyed track their costs per leads (average $97) and only 58% track costs per sale ($6300). “You can’t manage wont you don”t measure,” he reminds us, and wonders why so few are tracking this important data. Other data revealed by the survey shows that the closing rate from leads to sales for this year was at 3%, down from 7% in prior years; the closing rate from applications to sales for this year was at 18% (down from 27% last year); and the closing rate from discovery day to sales for this year was at 61% (down from 67% last year).
Listen to the full interview here