A modern business franchise can’t escape the effects of the digital age. And why wouldn’t you when it opens up such big opportunities for your business? Technology has expanded its reach and altered the corporate landscape more than ever. In reality, the rise of the internet is encouraging more companies to consider franchising as a means of rapid growth.
Young people’s eagerness to enter the labour market and start their businesses is a major factor. Whether you find them fascinating or repulsive, it’s impossible to deny the profound impact that the “Millennial” generation (those born around or around the turn of the millennium) has on every aspect of modern life, from politics to politics to the workplace.
Improvements in technology have come a long way in the last few decades. These days, it seems like every day introduces a brand new idea or technical development that fundamentally changes the way you live. Naturally, the same is true in the business world. At this moment, technology is crucial to the success of any franchise. Here is just a sampling of the various ways in which technological advancements might help your business succeed:
What are the Most Significant Ways in Which Franchisees Can Profit From Technology?
Franchises and their customers and franchisees and franchisors benefit greatly from the increased communication, service, and collaboration made possible by technological advancements.
Here are Some of the Most Useful Technological Features to Consider When Shopping for a Franchise:
The franchise opportunity is described in detail and with clarity on a dedicated recruitment website, social media pages, and other online resources.
The option to communicate with the franchisor and franchise support staff through multiple channels, including email, phone, and videoconferencing tools like Zoom, WhatsApp, and TeamViewer.
Subscription-based access to an entire suite of company software, hardware, and other resources is designed to cut down on initial investment and streamline the management of sales, marketing, and operations management.
Client service may be improved, customer relationships can be deepened, and market knowledge can be gathered using modern online and mobile solutions.
Implementing automated plant and equipment wherever possible to boost productivity and reduce operating expenses due to labour.
Technology for keeping tabs on, integrating, and analysing the market, performance, and financial data locally and across the entire franchise system.
Data analysis instruction to help improve future prediction accuracy and assist present decision-making.
Implications of a New Generation
Millennials now make up a larger share of the U.S. population than Baby Boomers did at the same time. As they start families and enter the workforce, they will significantly impact the economy.
This cohort of young people came of age amid the shift from analogue to digital technologies. As a result, they have made the internet, mobile devices, apps, and sophisticated gaming systems integral parts of their daily lives.
Generation Y, which now totals approximately 83 million people, is known for its high rates of individualism and entrepreneurship. Given their upbringing during the information technology revolution, digital natives are notoriously impatient.
People want it done more efficiently, effectively, affordably, and with little outlay of time and energy. Millennials, more than any other generation, are focused on maximising their returns on investment (ROI) in their personal and professional lives.
Do you Know What This Means for Franchises?
Younger generations see franchising as an opportunity to get into business for themselves and quickly rise to financial success, thanks largely to how this model takes advantage of technological advancements that streamline tasks like billing, payment, and promotion. Franchises appeal to millennials because they are seen as a business model that can be entered with little capital and quickly become successful.
As most franchised businesses are in the retail sector, the benefits of new technologies are especially pertinent to the franchise business model. Thanks to developments like customer-loyalty programmes and cloud-based technology, it is now easier to streamline processes, resulting in a rise in the effectiveness of corporate procedures. Furthermore, modern advertising practices change your perceptions and interactions with various companies.
Promotion through Minimal Influencers
Do you remember franchisors primarily invested in broadcast, print, and outdoor media for their advertising needs? Social media marketing, once a minor player in the franchise industry, rose to prominence in 2016 and 2017. Furthermore, the micro-influencers status will continue to rise as long as consumers value their input.
The term “micro-influencer” describes public figures who have amassed a sizable following on social media. Anyone from beauty vloggers to content creators to industry thought leaders to gamers could fall under this category.
Increasingly, franchises are looking to collaborate with social media influencers to expand their reach and generate more buzz for their brands. It’s a novel method of advertising in today’s climate.
The Repercussions of Modern Technology
Because of increased client engagement and increased returns on investment, franchisors are increasingly receptive to implementing new technologies. Think of the ripple impact of the Internet or cloud computing on the current franchise.
Information Easily Accessible Like Never Before
If you are considering buying a franchise or are an existing franchise owner looking for guidance on running your business, the Internet is a great resource that can help you in both of these endeavours.
With the help of the web, franchise businesses may offer their franchisees better instruction and more efficient methods of doing business. A franchisor’s ability to recognise and deal with problems promptly and correctly can be bolstered by enabling cooperation and providing data in real-time.
Helping Out and Keeping in Touch with Customers
Technology developments make it much easier and cheaper for franchisees to engage with their clients. Companies have a better chance of success if they pay attention to and meet the needs of their customers. Furthermore, businesses that decide to capitalise on communication technologies where most customers spend their time will be rewarded handsomely for doing so.
- Networking Sites
These communication and POS options can be especially helpful to a franchise’s business model because they permit individual franchises to tailor their marketing while maintaining a consistent brand voice and presence.
Using digital signs and menu boards can also improve outreach to in-store customers and passing pedestrians. Digital messaging provides more leeway for frequent updates, making it ideal for communicating time-sensitive information like happy hour specials, daily bargains, and more.
Technology, Including Point-of-Sale Systems
In addition to streamlining and safeguarding cashless transactions, point-of-sale (POS) systems are compatible with a wide range of complementary applications and hardware, including integrated accounting and automated marketing platforms. By analysing sales data, franchise owners may see how busy their stores are at different times.
A franchisor can use this information to improve its marketing and ultimately increase sales. For instance, if the business is often slow between 2:00 and 4:00 pm, the owner of a restaurant franchise may choose to push special bargains during those hours.
There has never been a better time for companies to start franchising because of all the amazing new tools at their disposal. If you’re looking to expand your business through franchising, Franchise Guardian can provide the tools and guidance you need to build a strong foundation for future growth.
Franchise Businesses That Adopt New Technologies Will See Increased Profits
What could be the catch with all of this amazing new technology? There is, of course, a financial requirement for any of these possibilities. However, this is where national franchise chains truly shine; because of the stability of their parent companies, franchises can afford to invest in AI and other tools that give all operators a leg up on their local rivals.
Cost-effectiveness is an important factor that franchisors should consider when deciding which solutions to implement. However, you can never return to the days when a handshake and trusting one’s instincts were all required to conduct business. Successful franchises will increasingly employ technology as a competitive weapon to improve customer loyalty and profits.
Franchises may be seen as generic and uncaring about the needs of their local communities by certain consumers at the moment, but this will change as more consumers become accustomed to using new technologies. Smart franchise brands will use the opportunities presented by technological advancements to forge deeper connections with customers and gain valuable insights into their local markets.
Things to Keep in Mind
As the owner of a computer or Internet-based firm, one of your most challenging duties may be conveying technical information to consumers who are not technically competent. One of the most challenging problems you may encounter is this one. You won’t need programming or repair skills, but you will need to understand the advantages and disadvantages of various options to make educated recommendations to customers.
Running a franchise successfully requires the use of technology in a variety of forms. Through improved connection with other franchises and simplified training for potential new franchisees, technology offers the potential to increase your firm’s productivity. As a result, if you want to increase your odds of success, you must invest in solid technology.