As a prospect, looking at ways a brand works to remain relevant in its market should form part of your due diligence process.
Staying relevant in a busy market!
There’s no doubt that education franchises are booming. We see more and more brands appear in the space every single week and the industry is expanding at such a rapid rate, meaning it’s difficult for a prospect to differentiate from one to the next. So, what makes a brand stand out from its competitors? The innovation of a brand and how it adopts new technologies is an indication of who is stepping up to the plate and who is being left behind. Keeping up, or not, can have serious results – not just on the whole franchise but individual franchisees’ businesses too.
In today’s digital world, people expect their services on demand at a time that is most convenient to them. As a result, it’s within a franchisor’s best interests to introduce and implement new strategies that help foster the relationship between franchisee and customer.
As a prospect, looking at ways a brand works to remain relevant in its market should form part of your due diligence process. It provides you with a great indication of how the business is planning to grow in the future and what you can expect once you’ve made your investment. As you look for a franchisor with proven success, at the same time, you need to look at business longevity. A franchisor needs to have a plan for leveraging technology both internally and externally for the benefit of all stakeholders. Here are some things to look out for during your search to seek out a forward-thinking franchisor:
- Regular advancements to the model. As Henry Ford famously said: “If you always do what you’ve always done, you’ll always get what you’ve always gotten!” To put it simply, there’s no benefit, financial or otherwise, to standing still. As a prospective franchisee, be on the lookout for announcements and news stories about improvements to the model. A quick Google search will indicate whether a brand is shouting about their successes and really showcasing how far they’ve come. It’s also important to include this line of questioning at any meetings with a franchisor and to ask the same of existing franchisees. Ask how the brand is being kept ahead of the game and how technology and innovation are being used to ensure franchisees are well supported in their own businesses.
- Opening up new revenue streams for franchisees. The very best franchisors will be constantly analysing the market and looking to integrate new technologies or develop new systems in order to capitalise on demand or open up new revenue streams for the network. This could be in the form of a mobile app, an online booking system or even a digital version of a one-to-one service. Tutor Doctor’s famous in-the-home tutoring now takes place either in person or online thanks to the introduction of our bespoke online learning platform, Bramble. Embracing technology can open up a brand’s product or service to a whole new pool of customers.
- Utilising technology to improve business efficiency. External advancements mean nothing if there’s no system on the back end to support the new business. Look for brands that have utilised technology to create their very own custom-built CRM or bench-marking systems. By understanding how technology is used internally too, you’ll really get to envisage how you’ll be supported in all aspects of your business.
- Improving the customer journey. When you provide a good service, people will come back and refer you to others. And a great franchisor will always be thinking of ways to improve the user experience. For example, Tutor Doctor has recently introduced an Alexa Skill that allows parents to ask their home assistant for a ‘session report’ – these are the type of advancements that our customers expect to see. AI is becoming very much a part of everyday life, and so, businesses should be striving to demonstrate relevance and leadership through early adoption where possible.
When a franchisor is utilising technology to its full potential, the existing network, prospective franchisees and customers alike will feel the benefits. No matter the business or sector, technology must lead the way. Combine this approach with the support of a great team and a clear scope for progression, and you’re on to a winner.
This article comes courtesy of Tutor Doctor, the world’s fastest growing in-home tutoring franchise. Since launching in the UK in 2009, they brand has welcome over 70 franchisees to its UK network.