How to Keep Your Franchisees One Step Ahead

How to Keep Your Franchisees One Step Ahead

Franchising is thriving but with more business employing the model, the need to stay ahead of the competition is more important than ever, says Ken Phipps

The global franchising industry today is diverse and heavily saturated. In fact, according to a 2018 report shared by Franchise Direct, there are more than 3,383 franchisors operating in the U.S. alone, and the global growth of these U.S. franchises is expected to continue in the foreseeable future.

Individuals are seeking franchise investments as opportunities to pursue their entrepreneurial goals, with many franchisees becoming multi-unit or sometimes even multi-brand franchisees.

Fortunately for the high demand for franchise investment opportunities, there are franchised brands participating in practically every industry and sub-sector of the business world today.

With more franchise brands available to consumers today, comes more competition for franchisors to battle to keep their brands on top in a booming market. Consumer trends and interests are constantly changing, especially as a result of technological advancements.

In light of this changing landscape and heightened competition, here are some tips for keeping your franchisees one step ahead of their competitors at all times.

Do your research

Napoleon Bonaparte once stated: “In today’s complex and fast-moving world, what we need even more than foresight or hindsight, is insight.” In order to stay competitive, you need to keep abreast of what your consumers want and what your competitors are doing.

This means conducting ongoing research to stay updated on the latest industry trends. To determine what you need to focus on with your staff, try out what your competitors are offering, have your own locations shopped, and attend trade shows and professional networking events.

Seek regular feedback from your consumers to determine what does and does not work from their perspectives.

The more you immerse yourself in learning everything you can about your industry and its audiences, the more knowledgeable you will be about new technologies and products available that can enhance your customers’ experiences beyond that of what your competitors are providing.

Be innovative, but don’t lose sight of the basics

By researching and monitoring what is trending in your industry on a regular basis, you can find new creative ways to appeal to your audiences in ways you have not before. The age of technology has resulted in major changes in the business world today.

And businesses all over the world are taking advantage of these changes as opportunities.

Competitive franchisors will prove the concept in advance and support their franchisees with technological advancements such as digital apps dedicated to deliver a powerful experience anytime, anywhere, and new programs to include in their business models.

Offering these assets to your franchisees will aid them in developing a defensible product against their competition. Even when your brand has a tried and true system that has worked flawlessly for decades, continue to look for fresh new ways to help your franchisees stand out further.

However, in the process of innovating, it is crucial that you don’t lose sight of the basics that made your brand valued by its customers in the first place.

As American entrepreneur Jim Rohn famously said, “Success is neither magical nor mysterious. Success is the natural consequence of consistently applying the basic fundamentals.”

From customer service to cleanliness of your locations, these are the “little things” that will undoubtedly remain important to your customers forever regardless of whatever new technology or other advancements you might bring to the table.

It is the responsibility of your franchisees to ensure that these basics remain at the forefront of their businesses and to continually train their staff members so they are empowered to always take care of a customer.

Never stop marketing

If your competition is out-marketing you and generating more buzz about their brand than you are for yours, that is the brand consumers will turn to. So, franchisees must constantly invest in marketing their business.

The job doesn’t stop after a grand opening; it’s only the beginning. So each time you bring a fresh new idea to the table that can help your brand stand out, make it known! Even when you are continuing your business model in the proven way you always have, remind consumers of how what you offer can benefit them in ways that are unique to your brand.

This constant promotion of your brand needs to occur at both the corporate and the franchisee level.

Emphasize to your franchisees that no brand can sell itself, and encourage them to use their local knowledge to determine how best to reach their audiences to further promote their particular franchise location.

Franchisees should be heavily involved and active in their local communities, attending events and professional meetings whenever possible to not only learn more about what their communities want and need, but to also keep the name of your brand top of mind.

The franchise industry has been around and has continued to grow for decades now, and this growth does not appear to be slowing down any time soon as the economy continues to thrive. Do not let your brand fall to the bottom as new competitors enter the market.

Staying ahead of the competition is all about turning research on your audiences into action, learning what your customers and your franchisees need to stay ahead and then making the necessary investments to provide them with that. Take these proactive steps to ensure that your franchisees take advantage of new opportunities that come with a growing industry so that they can rise to the top.

ABOUT THE AUTHOR
Ken Phipps is Director of Global Franchise Development for Gold’s Gym Franchising LLC. He can be reached at ken.phipps@goldsgym.com or 214-296-5026

Global Franchise Meets.

An inspirational new web video series where we meet the business leaders and influencers in International Franchising.

you may be interested in

franchise directory

  • TaxAssist Accountants

    Business & Professional Services, Financial Services, <100K, Featured

  • Cafe2U

    Food & Catering, Coffee, Take-away, <100K, Featured

  • 800 Pizza

    Food & Catering, Fastfood, Pizza, Take-away, Featured

view more
Connect with Linkedin Logo
Global White Logo Click Here
Close button

WHAT DO WE USE YOUR INFORMATION FOR?

Any of the information we collect from you may be used in one of the following ways: To personalize your experience (your information helps us to better respond to your individual needs) To improve our website (we continually strive to improve our website offerings based on the information and feedback we receive from you) To improve customer service (your information helps us to more effectively respond to your customer service requests and support needs) To process transactions your information, whether public or private, will not be sold, exchanged, transferred, or given to any other company for any reason whatsoever, without your consent, other than for the express purpose of delivering the purchased product or service requested. To administer a contest, promotion, survey or other site feature To send periodic emails The email address you provide for order processing, will only be used to send you information and updates pertaining to your order. Note: If at any time you would like to unsubscribe from receiving future emails, we include detailed unsubscribe instructions at the bottom of each email.

HOW DO WE PROTECT YOUR INFORMATION?

We implement a variety of security measures to maintain the safety of your personal information when you place an order or enter, submit, or access your personal information We offer the use of a secure server. All supplied sensitive/credit information is transmitted via Secure Socket Layer (SSL) technology and then encrypted into our Payment gateway providers database only to be accessible by those authorized with special access rights to such systems, and are required to keep the information confidential. After a transaction, your private information (credit cards, social security numbers, financials, etc.) will not be stored on our servers.

DO WE USE COOKIES?

Yes (Cookies are small files that a site or its service provider transfers to your computers hard drive through your Web browser (if you allow) that enables the sites or service providers systems to recognize your browser and capture and remember certain information. We use cookies to help us remember and process the items in your shopping cart, understand and save your preferences for future visits, keep track of advertisements and compile aggregate data about site traffic and site interaction so that we can offer better site experiences and tools in the future. We may contract with third-party service providers to assist us in better understanding our site visitors. These service providers are not permitted to use the information collected on our behalf except to help us conduct and improve our business.

DO WE DISCLOSE ANY INFORMATION TO OUTSIDE PARTIES?

We do not sell, trade, or otherwise transfer to outside parties your personally identifiable information. This does not include trusted third parties who assist us in operating our website, conducting our business, or servicing you, so long as those parties agree to keep this information confidential. We may also release your information when we believe release is appropriate to comply with the law, enforce our site policies, or protect ours or others rights, property, or safety. However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses.

THIRD PARTY LINKS

Occasionally, at our discretion, we may include or offer third party products or services on our website. These third party sites have separate and independent privacy policies. We therefore have no responsibility or liability for the content and activities of these linked sites. Nonetheless, we seek to protect the integrity of our site and welcome any feedback about these sites.

CHILDRENS ONLINE PRIVACY PROTECTION ACT COMPLIANCE

We are in compliance with the requirements of COPPA (Childrens Online Privacy Protection Act), we do not collect any information from anyone under 13 years of age. Our website, products and services are all directed to people who are at least 13 years old or older.

ONLINE PRIVACY POLICY ONLY

This online privacy policy applies only to information collected through our website and not to information collected offline.

TERMS AND CONDITIONS

Please also visit our Terms and Conditions section establishing the use, disclaimers, and limitations of liability governing the use of our website at globalfranchisemagazine.com/terms-conditions

YOUR CONSENT

By using our site, you consent to our online privacy policy.

CHANGES TO OUR PRIVACY POLICY

If we decide to change our privacy policy, we will post those changes on this page

CONTACTING US

If there are any questions regarding this privacy policy you may contact us using the information below. All correspondence relating to the Website should be sent to: Global Franchise 21/23 Phoenix Court Hawkins Road Colchester Essex CO2 8JY Email: subscriptions@aceville.co.uk