Fostering Innovation in Franchise Business
Franchising was born from need and innovation, as a solution to the challenges that those seeking to develop disciplined distribution systems faced.
A franchise, whether it is new, emerging or established, the business requires continuous up gradation to develop and maintain a decent position in the franchise arena. Every business needs to re-define its policies from time to time in order to retain its position in the market. If not done, the business can face failure well in advance. Therefore, every business must inculcate innovative techniques to their existing business operations. Let us have a look at the various ways in which franchisors can make their franchise businesses look better and newer.
Bringing back the uniqueness
Every concept reaches a saturation point, no matter how unique and fresh it was initially. Similar is the case with franchise businesses. It is the brainchild of a franchisor, loses uniqueness after some period of time, thus compelling franchisors to bring in more innovative ideas to retain the uniqueness of the brand. Here are the different ways to revitalise a franchise concept:
Launch new products/services:
The best way to freshen up any franchise business is by adding new products or services in it. Franchisors should always be on the look-out for better strategies to catch the attention of loyal and new customers. Old clients and customers get attracted to it easily and lay their trust on any new services or products being launched by their old brand.
Renovate the outlook of outlet:
Customers and clients prefer to venture into outlets, which have been re-designed or re-furnished with modern appliances and techniques. Take a case of a branded beauty salon or a restaurant, which has developed a good client base. A change in interiors with better furniture and upholstery will add to its client traffic. Moreover, it can also attract new clients.
Commence attractive offers:
An old business can spice up its business by launching attractive offers to increase customer flow. Discount offers, free gifts, games etc are few ways which can make the franchising business fresher and add to its revenue.
Employ personalised marketing strategy:
Besides starting offers on products and services, the franchisor should also consider employing personalised marketing strategy to give his outlet a fresh and unique look. Being in the rat race demands uniqueness in business from franchisors across. The marketing strategy makes a very big difference in setting your enterprise apart from others.
Re-define training and support model:
The franchisor can also work and re-define his training and support module. It is well-known that franchisees can contribute a lot to the success of any franchise brand. It is the franchisor’s duty to update them with latest technique and support. Franchisees can also come up with unique ideas to innovate the old franchise system if they are properly trained. Franchisors need to arrange for latest ways to educate them. He can organise web-seminars, online meetings etc with franchise experts from the concerned field. This can keep franchisees also on the right track to innovate their individual outlets and businesses.
Besides the above-given ways of renovating the business, the franchisor and franchisees can also come up with their own unique strategies to spice up their business. To conclude, in this stiff competitive market, updating a franchise business with unique marketing strategies will help retain its position for long.