FranConnect Customers Grow over 44% Faster than the Broader Franchising Market
The Company Once Again Realizes Record Growth in Customer Adoption and Usage
WASHINGTON, Feb. 11, 2018 /PRNewswire/ -- FranConnect, the leading provider of franchise management software, announced today that new market research confirms their customers grew 44% faster than the broader franchising market. These results follow on FranConnect's strategic decision years ago to be hyper-focused on helping its customers grow their businesses. Strong unit growth and superior unit economics are core tenants of the Company's value proposition.
FranConnect engaged a third-party analytics firm to collect and parse multiple years of publicly available Franchise Disclosure Documents (FDDs). The unit growth rates are based upon a comprehensive analysis of publicly available FDDs for 2,185 franchise brands – of which 394 of FranConnect's customers are included in this count. Multi-year data was derived by analyzing more than 6,000 FDDs between 2015-2017. Data contained in the Item 20 of each FDD was carefully collected by a team of data experts and then analyzed by former Bain and McKinsey consultants to determine unit growth rates and to compare the growth rate of FranConnect customers relative to the other franchise brands.
Christopher Fountain, FranConnect's CEO commented, "We embarked on this ambitious project in the Summer of 2017 and were delighted to learn that our customers grow much faster than the broader franchising market." Fountain continued, "We fully realize that we are only one small part of what makes a franchise brand successful. That said, our applications are specifically designed to help our customers grow their units and improve their franchise level economics. The data validates that we are on the right track."
FranConnect also announced that usage of their applications once again grew significantly year-over-year. During 2017, users of FranConnect products logged over 16.7 million hours. During this same period, more than 1.05 million franchise leads were processed by FranConnect.
The analysis of lead volumes across multiple franchisors' systems and associated franchise development activities were the genesis for the groundbreaking FranConnect Sales Index published in conjunction with the International Franchise Association (IFA) in late 2017.
Other notable 2017 usage metrics include:
- Greater than 530,000 information assets were managed in the FranConnect library;
- Over 24,000 field visits were reported within the FranConnect Field Ops application
- More than 2,200 franchise openings were managed within the FranConnect Opener application
FranConnect is aiming to break more records in 2018 and is more committed than ever to helping its customers outperform the market. The Company is not wasting any time as it works towards achieving these goals and will be exhibiting at the International Franchise Association's 2018 conference between February 10 and 13 in Phoenix, Arizona. To arrange a meeting with FranConnect at the conference, please visit: http://go.franconnect.com/ifa-convention-meeting-booker.
About FranConnect
FranConnect provides proven franchise management software to more than 700 brands and 126,000+ franchisees including multi-unit operators and area developers. The company's customers rely on FranConnect to grow the number of units and make them more successful. Only FranConnect comes with Franchising Built-In™—exclusive functionality and best practices for the entire franchise lifecycle— so franchisors can more effectively manage, track and run their business. For more information, visit www.franconnect.com.
SOURCE FranConnect
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