Fact: Consumers read between 3-7 reviews before making a purchase decision.
This statistic highlights how reviews serve as an incentive for consumers to purchase your products or become acquainted with your brand. Reviews carry weight because consumers express joys, disappointments, or simply want to congratulate the company for its stellar customer service.
Consumer behavior has been and always will be a hot topic because that is what drives economic growth for any franchise brand. Understanding why consumers behave a certain way is not just fascinating but also crucial for a brand to succeed when there is so much competition.
Another factor that makes the review landscape grow and evolve is that Gen Z’s are entering the consumer market, poised to become the largest demographic in the US. This trend is evident in the cohort’s embrace of franchise business ownership, with Gen Z already comprising 9% of franchise buyers despite their youth. What does this shift mean for your brand as you seek prospective franchisees? Franchisors must tailor their approach and communication to reach this growing pool of candidates.
A recent study has shown that your prospects know more about your brand through Google reviews before even meeting you at Headquarters. A Gen Z prospect will read between 9 and 13 Google My Business accounts of your brand to gauge its pulse. And what better way to absorb this insight than through your online reviews? Reviews contain customer stories, complaints, franchise success stories, and ultimately, they reflect the level of franchisor support.
One of my focal points when meeting with clients is educating them on this point. Most brands, at times, dismiss the importance of reviews and building an online reputation. However, when we delve deeper into the psychology of reviews, we begin to understand its significance in incentivizing consumers and Gen Z prospective franchisees.
A quote I always make reference to is from the words of businessman and philanthropist Charles Munger, “If you want the ants to come, put sugar on the ground. Incentives have power because they influence human behavior. Your online reputation which is built on Google Reviews is an incentive for your potential customers to make a purchasing decision. If you want the right human behavior, create the right incentives.
As franchise brands expand their selling locations, they will want to build a robust online presence to incentivize prospective franchisees. Of course, this takes time, but by automating the process, the review system automatically sends out the invites, freeing you to concentrate on business operations. A strong presence on platforms like Google My Business, with positive reviews and testimonials, can significantly enhance a franchisor’s appeal to potential franchisees.
In essence, when we delve deeper into this topic, we can clearly see that reviews have become the cornerstone of modern consumer behaviors and business success. By understanding and recognizing its importance, we’ll want to be proactive in building an online reputation to engage consumers, attract franchisees, and ultimately drive business growth.
