The advancement of technology is exponential, with new hardware and software being developed every week. To keep ahead of the curve, successful businesses are constantly on the lookout for new tech additions and improvements to streamline and boost the productivity of their operations. In the world of franchising, searching for new devices and apps that may improve the way in which that business is run is commonplace. We wanted to look at how these new tools have gone on to shape franchising as we know it today.
Social Media
With the continued improvements to social media, the further interconnectivity of the global market, and the easier and affordable communications between businesses and customers, franchises and businesses in general are stronger than ever. The quick and easy methods in which people can update customers on new deals, offers, and other important information has only served to boost the efficiency of these companies.
Acquiring and retaining new customers can be greatly improved using social media and having a personalised and dedicated presence on these platforms can really have a positive impact on a particular franchise branch.
The Internet
Access to information has revolutionised the way in which our entire society works for decades. The internet provides the ability to connect with other business owners and share advice, helping these owners to handle any problems swiftly. It has also opened up new buying opportunities for franchises which has been hugely beneficial to entrepreneurs.
Finding a new franchise to buy at a low investment cost is far easier today than it was 30 years ago with access to things such as online directories. Also, the ability to share information has helped many franchisors to easily train franchisee employees and owners, even without any level of in-person contact.
Point Of Sale Tech
The ways in which people can pay for services and the ways business owners can manage these selling systems is incredibly useful. Having wireless card machines so easily accessible to small business owners has been revolutionary. But being able to integrate those systems with analytical accounting and marketing software has enabled franchisors to gain more insights on which items sell well, which times of the day get the most traffic, and ultimately how to adapt using this data.
Influencers
A much more common trend that has helped to improve today’s business world is that of influencers. The idea of having someone popular to influence others isn’t new, of course. Celebrities and important people have been paid to champion and show off particular brands for centuries. However, social media and the technology age now sees a saturated, yet still incredibly successful market of influencers on platforms like Instagram and Facebook, and more recently, platforms such as TikTok and Twitch.
Having a heavyweight influencer behind your brand is a dream come true nowadays. If you were successful enough to have one of the top 50 influencers in the world supporting your business, then instantly you’re boosting your brand awareness by millions upon millions of views. But even small-scale influencers with a few thousand followers can help, especially as a small, local business.
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