Most Franchise Prospects Focus on a Few Concepts for Further Inquiry — Don’t Miss the Opportunity
May 12, 2021 – Despite the availability of dozens of franchise categories and hundreds of franchise options at FranchiseVentures digital brands, most prospects narrow their focus to a single concept when requesting further information.
In looking at data for more than ten thousand prospects in April 2021, almost 46% selected a single franchise opportunity for follow up. An additional 18.8% inquired about a second franchise, and 10.3% requested follow up from a third concept. In total, 72.9% of all prospects inquire about one, two or three franchises.
This is not an unusual behavior unique to the most recent month. As the pandemic unfolded in April 2020, our analysis then yielded similar results seen in the chart above.
What is unusual is that we know that many of these prospects did not come with a specific idea in mind. We know from website and mobile app usage data that 43% of users search initially for “any category”, without selecting a particular category for research.
Further, we recently featured an article about the role that franchise portals play in the awareness and discovery of franchise options. In a February survey, 72% of prospects inquired about franchises they were “completely unfamiliar” or “vaguely familiar” with prior to their search.
The implication of these findings for franchise development teams are straightforward:
- Franchise portals and mobile apps provide a useful role in generating awareness and consideration of your franchise
- The help prospects comb quickly through hundreds of options across diverse categories to narrow the search to a few options for further consideration.
- Following up promptly by text or email has a high probability of putting you in contact with an individual who has only inquired about a few options, and may be hearing from you first.
FranchiseVentures is the leading demand– and lead-generation platform for potential franchisees to thousands of growing franchise systems in the United States and Canada. Its franchise lead generation brands include Franchise.com, Franchise Solutions, Franchise Gator, Franchise Opportunities, Franchise For Sale, SmallBusinessStartup.com and BusinessBroker.net, and together they provide the largest aggregation of prospective franchise buyers in the U.S.
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Published on Wednesday, May 12th, 2021.