The current COVID-19 pandemic has given businesses a new definition of running their overall model right from leadership, strategy, supply chain, marketing, support systems, team management, communications, and more. The entire process is under the spotlight adhering to the new normal way, adapting to the new criteria, and the subsequent changing demographics. The franchise business is no exception; it has seen its pitfalls in recent times with the world experiencing a global lockdown. Some franchise businesses have collapsed, some are on the verge of, while others have had a good time, many new franchises have come into the picture. Hence, let’s see 5 ways how franchises can make a comeback or kick-start their business during COVID-19.
- Digital Marketing is the Magic Wand
With the world going digital, a franchise business needs to understand that one has shifted from traditional methods and needs to be up-to-date with the virtual system. A solid marketing plan is necessary to be integrated, coordinated, and digitally-enabled for a global presence. Being active on all social platforms helps stimulate business growth and helps find a precise targeted audience. This way one can find the best match customer’s list for an ideal franchise business success. Keep the social media content engaging, informative, relevant, easy-going, and remember to be consistent in the longer run. Leveraging technology to improve accessibility and efficiency is the way ahead from now.
- Thorough Market Research
Many young entrepreneurs who wish to step into the franchise business are well-aware that market research plays an important role. One has to analyze the numbers, customers, sales, and future growth to step into the market. A research strategy further helps in the development of the potential of what a product or service can serve the audience base. This analysis offers information about competitors, price point, operations, value proposition, and more. Hence, one needs to do comprehensive market research before stepping into any new business. Due to the COVID-19 situation, the current market is volatile and an effective franchise business will work when the customers are looking for products or services that are most required post-COVID-19. Masks, Gloves, Sanitization Stations, COVID-19 Protective Gears, and more are currently hitting an all-time high on Google Keyword Search. Innovate these ordinary ideas and extraordinarily present them to grab the attention of your customers.
- Add an Element of Authenticity
With a franchise business, some of the franchises are age-old, already established their brand name in the market with a customer base while successfully launching new franchises at different locations to expand the business. However, some of the other franchises which are doing small in business are in the air considering the given conditions. This is the right time for such businesses to showcase their creative capabilities and add an extra element to speed up their sales. Customers never like to miss a sale, discount, or new launch especially when it is a limited edition product or service, where one cannot resist but buy it without any second thoughts. Such an impeccable concept will sell in seconds attracting existing and new customers to wait for the next launch or buy other products/services. Hence, give this idea a try and experience your sales chart skyrocketing within no time.
- Generate Assets and Not Profits
We all know business is either profit or loss; one has to learn and understand that business is like a moving pendulum, one never knows where the pendulum will stop. So, it is wise to remember that customers bring sales, hence customers are the assets. Hence, build a customer base on the virtues of integrity and confidence. Work with a customer-centric approach and never let your customers go away. Provide excellent customer service and support to resolve all their problems on a timely basis. Profits will come and go but at a crucial time when the economy is experiencing a downfall, it is best known to keep the existing customers happy and offer them resourceful products/services at a good price. This in turn will help maintain the on-going business and bring in new trustworthy customers from across the globe.
- Offer Customization at any Cost
Most businesses lose customers when a few modifications or customization is asked for in their existing products or services. However, franchises should understand that while locating their business in different places, the customer’s choice and conduct varies. Customers love products/services that are customized and have unique elements resembling their identity in one form or the other. Be it engraving their first initials or adding a new color to the respective products/services, customers are fond of custom-made designs. Hence, franchise businesses should adapt to a new location’s culture, tradition, or provide tailor-made offerings to existing and new customers. This will instantly boost their sales as they are ready to become adaptable and feasible to succeed.
Here are 5 ways franchises can kick-start their business during COVID-19 with a new twist. Whether you are a brand entity or new in the game, remember to prepare and be updated with what’s happening and what’s coming next.