We recently had the opportunity to attend the 2017 International Franchise Association (IFA) annual conference. While the conference was abuzz with ways to succeed in the franchise industry, we compiled our favorites to share with you:
Educate to Enhance Franchise Growth
Chair of the IFA Board of Directors Aziz Hashim emphasized in the conference opening session that the franchise industry must continue to inform others of how the industry operates. The franchisor/franchisee relationship is still misunderstood by many, with more than 76 percent of Americans believing that the brand, not the franchisee, pays employees and more than fifty percent not understanding that it is the individual franchisee who owns their units. Franchisors can promote growth and interest in joining their networks by better educating potential franchisees on the benefits and business model of how a franchise operation typically works.
Franchisors Should Be Great Party Hosts
In a captivating keynote presentation, Anytime Fitness Co-Founders Chuck Runyon and Dave Mortensen shared their secret code to a successful franchise network: People, Purpose, Profits, and Play. Anytime Fitness has seen stellar growth in recent years thanks to their focus on people first. They are constantly working to keep their employees engaged with their brand, noting that “companies with engaged employees outperform those without by 202 percent.”
In keeping with their mission, Anytime Fitness prides itself on the support offered to franchisees in helping their units succeed. Runyon uses the acronym CAT – Communication, Alignment and Trust – to guide his engagement strategy. They believe as the franchisor or shareholder your employees, franchisees, customers, and suppliers should all be served first. Give them the tools and training to succeed and as a franchisor you will foster an environment for growth.
All Franchising is Local
As a franchisor, you probably have a marketing plan in place and resources available to your franchisees. What’s often overlooked is the importance of local store marketing and promoting your network of units. More and more, consumers are interested in everything local. This can be a tough sell for a franchisee pushing a regional or national brand. By equipping your franchisee network with the right tools to promote the local store message to customers, you will be able to help them drive growth and increase sales. Help your franchisees promote their units with ideas and tools for local store marketing.
Grow Your Franchise Locations Wisely
The franchise sector is poised to add nearly 750,000 new franchise location units in 2017. With this comes the potential for nearly 8 million new jobs. As a franchisor, are you prepared to grow your business with smart real estate decisions and the development tools to help your franchisees succeed?
Make site selection wins, avoid costly real estate mistakes and market to new customers with Buxton. Our suite of customer analytics solutions can help you grow with confidence and give you the tools to support your franchise network development.