The longevity of a franchise business lies in renovation. Established as well as emerging franchisors need to keep on innovating and reviving their franchise system to maintain the freshness of the concept. Explore more about these innovative strategies a
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. Franchise business, the brain child of a franchisor, looses 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. As shared by Shahnaz Husain, Chairperson and MD, Shahnaz Husain Group, “We as a franchisor have been introducing highly innovative products and clinical treatments from time to time. That has helped to make our business a dynamic one.”
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 personlised marketing strategy to give his outlet a fresh and unique look. Being in the rat race, demands uniqueness in business from franchisors across. Thus, adding a personal touch based on a franchise concept can also attract more footfalls. Husain says, “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 in 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, on-line 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. Elaborating on this Husain, says, “We also introduce new treatments and training methods in our training module, in order to keep up with international developments.”
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.