Change or lose in a new franchise development world
So why can’t franchise development teams simply do what they’ve always done and expect to see even better results? Because historical lead channels have focused on channeling existing demand, but this new world requires generating demand and establishing a powerful, values-based brand position.
Trade shows, online search, and portals all require someone to raise their hand and express interest. At that point, brands then compete to capture attention and compel action. Today and going forward, it’s incumbent upon brands to drive that awareness, to not just capture demand but also to generate it. Brands that are the proverbial tip-of-the-spear will tap into vast and deep new audiences, enter into relationships as true partners, capture exclusive engagements, and leverage huge proving grounds of audiences to refine messaging and associated candidate profiles. Brands will be in charge of educating the masses about franchising.
To add fuel to this fire, changing expectations around the value of face-to-face meetings versus virtual engagements will allow your team to fully control the candidate experience. From initial message to website and conversion, follow-ups, teleconferences, and virtual discovery days (with produced, multimedia experiences), your team can reinforce the values and brand differentiation at each touchpoint… without the heavy investment of time and money required to spend life on the road.
The conversation I had in a hotel lobby with my franchise friend proved that the times they already were a-changing. The black swan event that is Covid-19 just accelerated this evolution. In the years to come, the franchise losers and winners will be determined in large part by the decisions that brand teams make today. You know the market and you have the data. The time is now to chart your destiny.