26 Nov Controlling your Franchise’s destiny
In the aforementioned environment – one mixed with both challenged franchisees and consumers seeking more access than ever before – franchise organizations must account for both the risks and opportunities that come along. When properly accounting for this environment, however, franchise organizations can discover solutions that allow them to reset the state of their market, and thus control their own destiny.
AMONG THE RISKS FRANCHISE ORGANIZATIONS FACE:
- Lack of customer information, particularly in retaining and leveraging it into the future if franchisees fail
- Lower acquisition, loyalty and lifetime value from customer
- Franchisees who may not be managerially prepared or able to sustain financial solvency
- Failing to attract new franchisees with less viable models for growth and success
- A loss or negative return on investment that happens if and when franchisees fail
- A competitive disadvantage compared to other businesses that implement unified customer engagement
AMONG THE OPPORTUNITIES FRANCHISE ORGANIZATIONS FACE:
The ability to keep a unified database of customer names, emails, phone numbers and more that offer continuous client relationships, even if local franchisees fail.
- Higher conversion, retention and ability to resell through engagements to existing customers
- Equipping franchisees with faster days-to-dollars turnaround with enhanced customer information
- Developing a method for deploying franchises digitally, with enhanced attribution for traditional campaigns through engagement, that delivers more assurable and attainable models for success
- Retention of crucial customer and location information, even when a franchisee fails
- A competitive advantage and increased market share compared to businesses that fail to enhance customer access through unified customer engagement