Understand How Franchise Candidates Conduct Research

Whether entrepreneurs are looking to start a business or buy a franchise, each candidate engages in research and due diligence. This formative step can last for weeks, months, or even years. As individuals research their options, they often come in and out of the market. Digging in for a few weeks, then backing off for a while, before coming back around to re-engage the process. For Fran Dev teams, it’s essential to understand how prospective franchisees are researching.

Research Statistics

According to recent research tracking buyer behavior, those who go on to purchase a franchise show a significant difference in their research habits compared to those who do not. Let’s take a look at these stats and what they mean for Fran Dev teams.

Time spent on Fran Dev sites. 

Franchise buyers will spend nearly 3 hours on a Fran Dev website compared to only 20 minutes for those who do not go on to become franchise owners.

What does this mean for your team? 

Now is the time to review your Fran Dev site with a critical eye for the rich, detailed content needed to capture a buyer’s attention. Look at your ongoing efforts and ask yourself, are you:

• Regularly adding new content

• Updating data points

• Adding videos

• Providing new information to keep a potential buyer engaged and coming back

Number of Visits to Fran Dev sites.

Much like time spent on sites, future franchisees will visit a Fran Dev website an average of 16 times. This compares with only 4 visits for individuals who do not become buyers.

What does this mean for your team? 

As with our recommendations above for time spent on site, you’ll want to be sure your website is full of compelling content. As you consider what types of content to add, ask yourself questions like:

• What questions do future franchisees typically ask?

• How does this content answer those questions?

• Does this content provide value to a future franchise owner?

• What questions will this content provoke?

• Have I also answered those questions?

What is the research timeline?

It’s tempting to think that all of this research is happening before the candidate reaches out to your sales team via a form fill or phone call. However, the reality is that nearly half of the total time candidates spend on research happens after they’ve already made initial contact with a brand.

What does this mean for your team? 

Content on your Fran Dev site should speak to candidates throughout all the stages of the decision-making process. Early in the decision-making process, candidates are looking for information on:

• Viability of the industry and market

• Brand reputation and differentiation

• Initial investment figures

• Franchisee training and support 

As candidates come closer to making a final decision, the information they seek is more detailed and includes:

• Access to the FDD 

• Instructions on how to interpret data in the FDD

• Deep financial information and projections

• Access to an expansive FAQ section including detailed information on legal obligations, territory availability, support systems, etc.

• Insights into the company and brand culture 

• Testimonials from existing franchisees

How are candidates researching?

Potential franchise owners are no different from other individuals researching on the web. They rely on their mobile devices for the majority of time spent researching. In fact, up to 80% of research done by franchise candidates will be done on mobile devices. This makes it essential for mobile sites to be easy to navigate and designed for speed and functionality.

Candidates also show a strong preference for self-directed research. They are going to spend a great deal of time digging through your site before they ever speak to a member of your team. While they are inclined to fill out contact forms early in the process, this doesn’t mean they are ready to talk. 

4 Key Takeaways on Franchise Candidate Research

What’s the TLDR on franchise candidate research habits?

• Franchise buyers will spend nearly 3 hours on a Fran Dev website compared to only 20 minutes for those who do not go on to become franchise owners.

• The average candidate will visit a Fran Dev site 16 times before becoming a franchisee, compared to only 4 visits for individuals who do not become buyers

• Websites must have robust, detailed content ranging from cost and territory availability to brand story and growth potential.

• Fran Dev websites must be mobile-friendly, including fast load speeds, as this is where candidates will spend the most time researching.