July 20, 2024

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Strategies For Franchises To Stay Relevant

4 min read

Pete First, Chief Development Officer at BrightStar Care and franchise expert.

In today’s fast-paced business landscape, adaptability is the key to creating longevity in the franchising industry. As industries rapidly evolve, franchisees must embrace change and innovate to maintain their market share and competitive edge.

As the Chief Development Officer of a large franchise network, my organization works to ensure that our franchisees are provided with the proper tools to succeed and adapt, no matter the climate of the market. Armed with the right resources and strategies, a franchise can thrive even when faced with a challenging market. Here are essential strategies franchises can utilize to navigate market trends effectively and strengthen their business.

Flexibility

One of the fundamental traits for franchises to thrive in a rapidly evolving industry is flexibility. Franchisors and franchisees alike must be open to making necessary changes within the model and comfortable with implementing changes in management strategies. By remaining agile and adaptable, franchises can swiftly improve their operations to meet the demands of the evolving market landscape rather than becoming obsolete.

Customer Service

While exploring new revenue opportunities, franchises must not overlook the importance of maintaining a strong core customer base. Exceptional customer service is paramount in retaining loyal customers amidst market shifts and recruiting new customers. Franchises should prioritize customer satisfaction and ensure that their core values align with the evolving needs and preferences of their target audience.

Advertising/Marketing

The realm of advertising and marketing is continuously evolving, driven by advancements in technology and changes in consumer behavior. Franchises should prioritize staying ahead of the curve by staying on top of new trends and exploring innovations in AI, digital marketing, social media engagement, mobile apps, and other emerging channels. By leveraging innovative marketing strategies, franchises can effectively reach their target audience and stay top-of-mind in a competitive market.

Many franchisors provide franchisees with a high-level marketing strategy and recommendations. Each franchisee should experiment and learn what works best for their agency and demographic. While these provide a great starting point, it still can take research and many trials to find the unique combination that works best.

Technology And Training

Embracing technology and fostering a culture of innovation is essential for franchises to thrive in today’s dynamic business environment. Franchisors should encourage continuous improvement and provide franchisees with access to new programs and offerings that leverage the latest technological advancements. By staying current with technological trends and embracing innovation, franchisees can enhance operational efficiency and deliver value to their customers.

Investing in the training and development of franchisee teams is crucial for fostering growth and maximizing potential opportunities. Franchisees should be equipped with the necessary skills and knowledge to adapt to changing market dynamics and capitalize on new business prospects. For example, we offer support through ongoing training, marketing materials and a network of franchisee support groups.

Creative Partnerships

Collaborating with strategic partners can open up new avenues for growth and innovation. For example, my organization has facilitated a partnership with a hospital-at-home leader to expand its capabilities and bring its services into two new markets. This is part of our partner’s model for decentralized care, operated with healthcare organizations to provide advanced care at home for patients. This partnership grants our franchisees access to an additional care model, offering yet another accessible revenue stream for their business, resulting in increased market share and clientele.

Additionally, to help create a hiring pipeline for our local agencies, we partnered with a top nursing school to provide training and experience in home care for nurses in the program. We worked together to launch a home health care didactic course under their specialty-focused model. This partnership shows nurses the value of working in home care, gives them expertise in the field through hands-on experience and shows what they could expect from a career in the industry. This partnership also has the bonus of aiding us with recruitment, even during difficult hiring markets and healthcare staffing shortages that we have become all too familiar with in the last several years.

Forging strategic partnerships with like-minded organizations presents a prosperous opportunity to expand service portfolios while leveraging shared resources through collaboration. However, it’s crucial the business partnership you establish addresses a need within the market in which the company operates. For example, we began our partnership with the nursing school to help address the labor shortages in healthcare and create a cohesive collaboration that would funnel top-tier nursing talent into our agencies. Strategic partnerships should be organic and beneficial for both sides, addressing or solving an existing industry challenge and posing a solution through collaboration.

Final Thoughts

With these strategies, franchisees can position themselves for long-term success in an ever-changing business landscape. Through the adoption of these strategies and the cultivation of a culture marked by adaptability and innovation, franchises can not only ensure their survival but also thrive in an environment characterized by constant change. This approach can pave the way for sustained growth and prosperity in the long run.


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