Looking back at 2018, and even in other recent years, a few patterns begin to emerge from the franchise industry in general. A big theme lately has been technology. As technological advances have increased, people’s ability to interlink new innovations with old industries has grown tremendously. Business owners are now using technology in everything from fast food restaurants to dog groomers to hotels in order to appeal to customers and streamline their processes.
Another trend seen in the recent past has been segmentation, particularly in the form of corporate reorganization. Large corporations such as McDonalds and the parent company of KFC, Pizza Hut and Taco Bell have decided to spin off operations, making their Asia-located brands their own entities.
So, what can you expect for the rest of this year? Here are five of the franchise industry trends that you should be looking for.
In an unsurprising continuation of the technology trend, social media will continue to be crucial for businesses. By this point, most businesses understand the importance of a strong online presence, but social media will be more crucial than ever now. Companies who neglect their social media presence, or worse, forgo one all together, are essentially turning out the lights and locking the door on their customers. It’s now second nature for potential buyers to look up a company online, and if the last thing you posted to your social media was two years ago, they won’t go any farther.
The polls have come back and the results are in: Millennials want customization and personalization. Rather than wanting to blend in, people want to stand out. Given the nature of franchises, some businesses will be limited in their ability to produce customized products. However, these franchise owners still need to recognize the importance of personalized service. An example might be a personalized wake-up call at a hotel or finding out a customer’s favorite cookie and presenting them with a free box on their birthday.
Remote Business Practices
Another trend made possible thanks to technology, 2019 will see plenty of remote opportunities as this trend continues to rise in popularity. Not only are employees distance working more and more often, but customers are also expecting distance service and buying. A great example of this that has dominated every industry? Online shopping. If your franchise isn’t omni-channel and fully functional online, you’ll be missing out on leads. These days customers expect online ordering and other helpful tools. Watch out for new ways to interact with customers remotely this year.
Franchises are such a wonderful opportunity that many owners aren’t stopping at one business. In 2019, more and more franchise owners will be buying second, third and more locations. Some might prefer to stay in the same geographical area, while others might spread out into several areas. Either way, if you’ve been thinking about purchasing another franchise, this is the year to do it; you’ll be in good company!
Whether you’re ready to make that leap and purchase another franchise, or you’re looking at buying your first, Hundred Acre Consulting can help you find the fit that best suits you. We work by consulting with you at no cost to yourself. Not only can we find you your ideal franchise, but we’ll help introduce you to the business and stay with you as you navigate the buying process. Want to learn more or set up a time to talk? Contact us and let’s get started today!