July 2008 Report Franchise Advertising Portal Comparison |
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Without a doubt, the current economic conditions combined with a presidential election year are resulting in tougher conditions for many businesses. Franchisors seem to get a double dose of reality with reduced consumer spending impacting current franchisee performance and potential franchisees unable to get adequate financing due to the banking industry woes. Fortunately there is strength in numbers and franchisors (and franchisees) have more support than an independent small business.
While all franchisors are keeping a weary eye on the external forces impacting their businesses, many are also looking internally at what is in their control. This means increased focus on spending and resource allocation. Not only are budgets getting reviewed for excesses, internal processes are also getting evaluated and adjusted to reduce inefficiencies. Franchise development teams in particular are being forced to evaluate every aspect of their sales and marketing strategy. Lead generation can quickly become a black hole of spending if not closely monitored and marketing messages can quickly begin to miss their mark as the makeup of the prospect pools shifts. Specifically, we are seeing the following changes in franchise development strategies over the past six months:
With these strategies in mind, review the portal rankings below. As with the previous reports, this FranchiseBenchmark report includes the Top 20 portals for both the trailing 12 months and the trailing 3 months.
With many franchisors revaluating their marketing spend, we have been asked for more detailed information about advertising portal performance. Specifically, we've been requested to report on differences by industry, investment range, and other similar objective segmentation. We have included investment range comparisons in the past as they sometimes show differences when compared to the standard rankings. However, all analysis to date has not shown any reportable differences in performance by industry sector. For this report, we took a closer look at the completion rates of franchise applications, also commonly referred to as Confidential Questionnaires (CQs). The standard Top 20 ranking above factors in CQ completion rate in addition to several other factors. However, when we focused specifically on CQ rates, the differences were significant enough to report on.
As any experienced franchise professional knows, selling franchises is still a numbers game and advertising sources must be evaluated based on the combination of lead flow, prospect interest, and qualification. About FranchiseBenchmark The aggregate data compiled for the FranchiseBenchmark Industry Insight reports comes from the eMaximation sales and marketing technology solution that supports the franchise development efforts of more than 250 franchise and business opportunity brands. The data includes total lead flow, clients usage, financial qualifications, email click-through rates, online franchise application rates, unsubscribe rates, expansion, and retention. For more information about these reports or to make requests for future issues, please email us. To subscribe, please go to FranchiseBenchmark.com and complete the short signup form. Previous Issues
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