AFMR Survey Finds More Than 2/3 of Lead Conversions come from Digital Marketing and Referrals
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AFMR Survey Finds More Than 2/3 of Lead Conversions come from Digital Marketing and Referrals

AFMR Survey Finds More Than 2/3 of Lead Conversions come from Digital Marketing and Referrals

In the competitive sector of franchising, where attracting and converting leads is crucial for success, understanding which marketing channels yield the highest lead-to-close ratios is invaluable.

According to the 2023 AFMR Survey, digital marketing, which encompasses online tactics such as social media advertising, search engine optimization (SEO), and email marketing, emerges as a frontrunner in lead conversion. This indicates the effectiveness of digital platforms in reaching and engaging potential franchisees, ultimately leading to successful conversions.

Lead-to-Close Ratios in Franchising

Digital marketing and referrals have the highest lead-to-close ratios across all general business categories.

  • Referrals37%
  • Digital marketing31%
  • Don't know 14%
  • Social media11%
  • Other5%
  • Trade shows2%

Source: 2023 Annual Franchise Marketing Report

 

“More than 44% of Right at Home’s website leads come through paid or organic social media efforts,” says Micah Loseman, senior manager of franchise development marketing for Right at Home, the Social Media Best Practices Winner of the 2023 STAR Awards. “We create and post content to all three social media sites on a regular basis and include a mix of articles and videos. All content includes CTAs that bring potential buyers to a specific lead form.”

Referrals are also very effective for lead-to-close ratios and highlights the power of word-of-mouth marketing and the importance of building strong relationships within the franchise community. Referrals often stem from satisfied franchisees or business partners who recommend the franchise opportunity to their networks. These referrals carry significant weight because of the trust and credibility associated with personal recommendations, making them highly valuable in the lead conversion process.

By prioritizing digital marketing initiatives that have proven success in lead conversion, franchisors can enhance their online presence, engage with potential franchisees, and ultimately increase their chances of closing deals. Similarly, fostering a culture of collaboration and incentivizing referrals can amplify the impact of word-of-mouth marketing, leading to a higher volume of qualified leads and conversions.

Understanding the correlation between lead-to-close ratios and marketing channels enables franchisors to refine their overall marketing strategies and adapt to evolving industry trends ultimately attracting qualified leads and driving business growth. As the space of franchise marketing continues to evolve, staying attuned to industry insights and leveraging proven strategies will be essential for franchisors looking to thrive in a competitive marketplace.

Published: April 9th, 2024

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