2023 AFDR Highlights, Part 4: Portal Leads

Highlights from the 2023 Annual Franchise Development Report (AFDR) were unveiled at the Franchise Leadership & Development Conference (FLDC) in October.

Participants consisted of franchisors that completed an in-depth questionnaire online. Responses were aggregated and analyzed to produce a detailed look into the recruitment and development practices, budgets, spending allocations, and strategies of a wide cross-section of franchisors. The data and accompanying commentary and analysis provided the basis for the 2023 AFDR.

A total of 101 franchisors participated, representing 21,802 franchised units and 2,044 company-owned units. Despite predictions of a recessionary year ahead, participants plan to open a total of 1,725 new franchised units in 2023.

Highlights from the report were presented in an FLDC general session by Franchise Update Media EVP and Chief Content Officer Diane Phibbs and Wild Birds Unlimited Chief Development Officer Paul Pickett. Below is the fourth in a series of selected highlights. All conference attendees received a complimentary copy of the 2023 AFDR.

Portal Leads

This year’s AFDR looked into the behavior of prospects who entered their franchise journey through a web portal. Franchise Ventures (which aggregates data from its six portal brands), reported that 70% of those who submitted lead information through a portal continued through to visit a brand’s website. Of that group, 4 out of 10 (41%) submitted a second lead request.

Lead attribution is crucial in determining where to spend your recruitment dollars. Prospects often don’t know for certain where they first heard of your brand. To ensure you’re attributing leads as accurately as possible, ask them more than once, in different ways at different times, where they came across your brand.

Next month: Measuring costs.