Franchise Euphoria The Enduring Franchise System: Proving Viability with Data and Analysis featuring Tom Britt of Towne Post Network
Franchise Euphoria is kicking off the first of several mini-series where we take a deep dive into a specific aspect of franchise. This miniseries focuses on what it takes to create a franchise system that not only grows but lasts. The first part of the miniseries concentrates on proven viability for your franchise system. For this first episode, Josh is featuring an interview with Tom Britt, the founder and CEO of the Towne Post Network franchise system, who shares his insight on the importance of gathering and analyzing data in your franchise system.
Key Takeaways:
[0:05] Welcome to Franchise Euphoria, the podcast that takes a deep dive into specific topics related to franchising. Franchise Euphoria exists to help individuals who are trying to grow their business through a franchise or franchise-like model.
[0:49] This episode marks the start of a miniseries called The Enduring Franchise System, which will be broken into a four-part mini-series, the first of which focusing on what it means to have a provably viable franchise system.
[1:56] Within that Provably Viable mini-series, Josh is featuring a series of interviews, the first of which is with Tom Britt who shared with Josh his experience surrounding the data and analytics within his own franchise system.
[6:03] Josh introduces today’s interview guest, Tom Britt, the founder and CEO of Towne Post Network.
[7:01] Josh welcomes Tom to Franchise Euphoria.
[9:30] Tom shares about his background in data analysis which got its start in the late 90s.
[12:38] Josh and Tom discuss why it’s important to rely on data rather than your feeling when making business decisions.
[14:12] In regard to your website, Tom emphasizes the importance of figuring out how people are landing on your site.
[21:19] Tom discusses how they used data to set the foundation when he franchised Towne Post Network.
[26:52] Tom explains what it took for him to get comfortable enough with the data he had gathered to decide he was ready to franchise his business.
[30:12] Josh adds that the mark of a good franchise system is showing the ongoing value of being part of a system to their franchisees, and he believes one of the best ways to do this is to provide your franchisees with information that shows them how they can improve upon their business.
[33:11] Tom highlights the benefits of free statistics provided by social media channels to business such as Instagram.
[38:27] Josh and Tom discuss some of the tools you can use to help you manage your various social media accounts and collect data within them.
[41:28] Tom explains the importance of using technology and CRM systems to manage your franchise, especially when you’ve just franchised your business.
[47:44] Tom and Josh debate the importance of reach vs. engagement with your consumers.
[50:20] Tom speculates on what the future of data collection looks like.
[53:44] If you want to learn more about Towne Post Network, you can visit their websites listed below.
[55:08] There is no substitute for having a really clear vision of what comprises your business, which is why data is so important.
[55:33] The next part of the DAMS acronym for a provably viable system is marketability which we will cover in next week’s episode.
[56:15] Thanks for listening, and please, reach out to Josh anytime through email at josh@indyfranchiselaw.com. If you enjoyed this interview, please leave us a review on Apple Podcasts.
Mentioned in This Episode: