Think of a time when you were asked, “Who’s your typical franchisee?” How did you respond?
Often times we’ll answer with a general age range, gender or typical household income estimate. We provide demographics. Demographics do play a role in identifying who our ideal franchisee candidates are. This information, however, doesn’t tell us the “why” of our prospective franchisees, and the “why” is what allows us to predict future behavior.
Psychographics is the study of values, attitudes, lifestyle and interests. It’s an area of research that allows us to identify why a person might behave in a certain way based on their motivations, among other things. Psychographics can be very valuable in developing a buyer persona for marketing purposes, for instance, but also in composing a complete picture of our ideal franchisee candidate.
So, in addition to knowing that your top-performers are, for example:
Male or Female
30-40 years old
HH income of $150,000
You need to dig deeper. Identify what makes them tick to truly understand why this particular type of person is or is not a great fit for your business model.
In other words, how a person will behave in a certain situation will have much more to do with their values, interests and motivations than their age or even their personality. And that’s what psychographics can help you determine.
At Proven Match, our behavioral assessment identifies those qualities like values, work and leadership styles, focus preference and compliance level that can determine compatibility. As a franchisor, you know that compatibility can be the single greatest predictor of performance. And as a potential franchisee, this type of information can help you determine if this is the right business concept for you.
Once you know who is a great fit for you business, then you can better market to those potential franchisee candidates. After that, you’re one step closer to identifying, recruiting and onboarding your next top-performing franchisee.