The brand is the most valuable asset of a franchise and it’s protection key. However, ongoing nurturing to create the firm foundations needed for sustainable success is vital. Prospective franchisees looking for new opportunities to run their own business using a proven and successful model should also be looking for a franchise brand that embraces innovation and stays ahead of the curve as part of their decision making criteria.
There are five key areas to watch out for that keep brands fresh and thriving:
Continuous innovation
Innovation is essential for a franchise brand. Franchisors who encourage innovation and challenge themselves and their head office teams to think outside of the box, continuously seeking ways to further develop their products, services and operations need to be commended. Franchisors should also be looking to test new technologies and actively be looking for ways to streamline processes, improve customer experiences and stay ahead of the competition. This can feel challenging for franchisees who don’t embrace change but is vital for the ongoing success of the brand.
Consistent brand identity
While innovation is crucial, maintaining a strong brand identity is equally important. The identity of the brand must not become watered down and maintain consistent throughout any innovative approaches taken by the franchise. This will continue building on the strong brand recognition, trust and loyalty. Franchisors should provide their franchisees with comprehensive brand guidelines and ongoing support to ensure continuity throughout the franchisee network.
Customer centred approach
The most successful franchises put their customers at the heart of their decision making. Franchisors who understand that customers needs will evolve and take customer feedback constructively will always stay one step ahead. Franchisees should be encouraged to actively engage with their local communities and build connections strategically so that customer communication can be fed back.
Franchising training & support
Franchisees should always provide comprehensive training and ongoing support to their franchisees. However the training provided needs to be reviewed regularly to ensure that the franchisees are being equipped with the most current knowledge and resources. Franchisees can then confidently represent the brand and deliver exceptional customer service having a knock on benefit for everyone involved in the brand and a general feel good feeling.
Embracing change
We live in a really fast paced digital world where adaptability is a non negotiable. Franchisors must be willing to embrace change, pivot when necessary and seize new opportunities, clearly explaining to franchisees the importance and benefits to them of being onboard with these changes. The ability to be forward thinking and embrace change makes the brand resilient and sustainable.
Having a proven successful business model is of course a given to franchise your business. However, the franchise world really thrives on fresh ideas and forward thinking franchisors. This combination makes for a resilient and sustainable brand giving the longevity in the marketplace that everyone involved is striving for.
