Industry Predictions for 2017
The franchise market is vast, and it can quickly adapt and change over time. From the products sold to the way buildings are designed, down to the actual business models themselves, it's an industry that's constantly evolving. Without constant improvement, businesses would simply go out of date; in fact, many do.
Having the ability and the wherewithal to evolve, however, is what keeps franchises afloat. It's also what keeps them successful over long periods of time, and in multiple locations. Corporate bands together with its franchisees to come up with a viable plan for all. And they keep the ball rolling through all levels of industry changes.
There's no denying that fact: throughout the years, franchises have adapted to grow. What is up for debate, however, is how those changes will continue to manifest.
To get an early grasp on what's coming, we've done our research. We've scoured the market, looked into talks and online conversations and compiled them all; here are the top contenders.
Mobile Gets (Even More) Attention
Considering how attached we all are to our smartphones, it's so surprise that they are being considered to boost sales. Though actual follow through might vary (apps, social media, online coupons, encouraged interaction, etc.), plans to increase mobile interaction are being heard across the board. Look for your franchise company (or potential company) to do the same, and be ready to remain mobile friendly. Many locations don't expect individual franchisees to be involved with programming, etc. Instead, they will be pushing the importance of mobile signage and other methods encouraging liberal use of smartphone benefits.
Digital Ads Are Key
Marketing is an important part of opening new franchises.
But how we market is changing in the digital age. Ads are going online; local landing pages give searchers a place to go when asking questions; social media pages offer timely customer service options, and so on.
Franchises focus marketing efforts on virtual locations such as a Facebook Page for the brand. Franchises adopt modern platforms and trends that will likely carry the franchise message and allow their brand to be seen by more customers. In contrast, more traditional methods, like radio slots or TV commercials are only seen/heard at any given time. Going online brings the franchise message and brand to the attention of those searching specific keywords. Therefore, bringing in more relevant traffic. Franchises understand the digital world.
The Urge to Stay Current
Changes like invoicing or digital payments might sound small, but they allow for incredible leaps with technology. Allowing customers to pay via tablet, for instance, saves time and can email receipts (also saving time, as well as the need for a printer or its necessary supplies). Franchises are pushing for their locations to host these more tech-savvy options that save money and set up an image that's extremely tech-friendly. Additional updates, like charging stations, digital rewards systems, etc. can also show that a location is willing to update with the times. In the same light, however, brands don't want to alienate customers either. Many encourage a mix of technologies so that different age groups and comfort levels will all feel comfortable with a particular brand.
Within types of companies, predictions for the coming months certainly exist here as well. Companies offering personal services are set to rise throughout 2017, as well as those who can stay mobile (and therefore have a lower operating cost). Lodging businesses are also set to do well throughout the year, spurred by a growing economy and lowered fuel prices.
While only time will tell what the franchise market will bring in 2017, it's never too early to be prepared for upcoming changes. Keep these research-backed predictions in mind to stay prepped and ready for whatever the market will bring.