No business venture in our world today can escape the effects of the digital age, which present tremendous opportunities for the franchising industry.
Instant Access to Information
Whether you’re thinking about buying a franchise or looking for tips on how to run your franchise more profitably, the Internet puts invaluable information at your fingertips. The International Franchise Association is one such resource that provides unbiased monthly reports on growth and other insights through its Franchise Business Index. From the effects of the Affordable Care Act to current credit conditions, a wealth of pertinent information is only a click away.
Many franchisors can better serve their franchisees through technology that facilitates training and shares best practices. Collaboration, along with a little healthy competition, can be encouraged through technology. Plus, real time data helps franchisors to identify problems quickly and address them.
Franchise development companies such as Rhino7 also benefit from the digital age. Today’s technology enhances their ability to be superb matchmakers for buyers and sellers by generating qualified sales leads through a robust web portal.
Serving and Communicating with Customers
From social media to email marketing, technology makes it easier and more cost-effective than ever to communicate with customers. By listening and responding to customers’ needs, businesses have a better chance at success – especially startups. Social media is particularly beneficial to the franchise business model as it lets each franchise customize their messaging while still retaining a unified brand voice and presence. As social media growth continues to skyrocket, an increasing number of complimentary resources are available to guide businesses through the process – and even those tailored for collaboration between franchisors and franchisees such as Google’s Franchise Marketing Playbook.
Digital advancements, such as digital menu boards, are also improving communications with onsite customers. Digital messaging can be easily changed to communicate happy hour specials, daily promotions and other timely information. And that’s just one taste of the exciting opportunities that are emerging – and will continue to emerge. Franchise industry leaders will also emerge, and it’s pretty safe to say that the front-runners will be those who leverage these digital opportunities and make them part of a successful business model – one in which both the franchisor and the franchisees realize higher sales and profits.