Franchise Portal Myth-Busters: Statistics Reveal what Franchise Buyers Really Look Like

June 20, 2013 | By

PORTSMOUTH, NH–(June 20, 2013) – Franchise Solutions has taken a data-driven approach to analyzing common industry perceptions about the quality of franchise portal leads and associated behaviors through the buying process. A pioneer in online lead generation for franchise sales, Franchise Solutions has been collecting non-personally identifiable behavioral data on visitors that submit inquiries, for many years. Recently, Franchise Solutions took a dive into the data to better understand the correlation between prospect self-reported information and buyer behavior.

“We’ve always been interested in understanding what behaviors qualified franchise buyers exhibit on our sites and have held the belief that the profile of these people is out of sync with entrenched industry perceptions,” commented Kelly Mangum, Director of Marketing at Franchise Solutions.

Using data about inquiries per prospect – or the number of companies each unique prospect inquires to – they found:
· Over half of unique prospects inquire to only one company.
· 70% inquire to 2 or less companies.
· 80% inquire to 3 or less companies.
· 5% inquire to 4 companies, 10% inquire to 5-9 companies, and 5% inquire to more than 10 companies.

When comparing that to known purchases of franchise or business opportunities:
· 55% of buyers are single inquiry prospects (prospects that only inquired to one concept).
· The next largest group of buyers, representing 18%, inquired to 5-9 companies.
· The third largest group of buyers, 14%, inquired to two companies.
· The balance of buyers was equally divided (5% for each category) between prospects that inquired to 3 companies, 4 companies, and even 10 companies or more.

“This exercise and analysis is certainly interesting and is a prime example of just one perception in a series of Franchise Portal Myth-Busters. Our data suggests that all franchise portal leads really are not unfocused tire-kickers.” said Matt Alden, President. “Contrary to popular perception, the majority of inquiries are to a single business and, already, we’re looking at 1 in 3 visitors finding our sites and inquiring to franchise advertisers on their mobile device. Kind of breaks the mold of the unfocused Internet surfer living in Mom’s basement unknowingly checking boxes and pushing ‘submit’, doesn’t it?”

Franchise Solutions’ recent analysis suggests that franchise portal leads are both more focused and more mobile (more technologically sophisticated), enlightening some common perceptions about portal lead quality.

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