How Technology is Revamping Franchise Business?

Without a shadow of doubt, technology is influencing a competitive landscape for every type of business. With the help of technology, operating a business has become a cinch. Well, technology has hailed its benefits on the franchise business. It has become a lot easier to keep a close check on staff as well as franchisees. Also, there are a myriad of tools that can help you to manage the daily operations of business. We can say that it has become impossible to run a franchise business without the help of technology. In this article, we have highlighted some of the ways in which technology helps in flourishing franchise business. Hence, it’s completely fine to say that technology helps franchisors reach the heights of success. 

Technology helps franchisors and franchisees in a plethora of ways. Are you an owner of a prestigious educational institute? If yes, then you can offer education franchise opportunities to potential franchisees. You can use technology to attract a throng of adept franchisees for your business. Note that technology can serve you both tangible and intangible benefits. Also, it can help you make money easily.  Technology deeply affects the efficiency, culture and relationships of business. Do you want to know how it is affecting the franchise business? If yes, then go through this article meticulously. 

Here are some practical ways in which technology helps franchise business:

You must be curious to know how technology is helping business these days. Calm your nerves! We have enumerated some of the ways in which technology is revamping the way every franchise business should operate. 

KPI tracking 

The set of key performance indicators used by a franchisee location is one of the most essential data sets for a franchisor to keep track of. A long-held fact in the business is that a franchise is only as good as its franchisees, and modern digital platforms have made measuring KPI easier as well as effective. 

The KPI system not only allows them to assess the health of their whole system. But, it also allows them to rapidly give assistance to those who require it. If a franchisor sends a support representative to a local franchisee, they may document the recommended activities, projects, and marketing spends, hold the franchisee responsible, and track the effectiveness of the site visits. This is how the KPI system helps the franchise business. 

Effective POS system 

Let us tell you that the advanced point of sale technology has served a host of advantages to the franchise business. It has helped franchise businesses combine tech with marketing as well as integrated accounting. With the help of a POS system, you can easily calculate the number of customers entering your store. 

A POS system, ideally with integrated accounting and built-in CRM gives a proper insight into the financials of the store. Thus, appropriate grouping of softwares can help franchisors and franchisees ascertain the financial performance of the business. Therefore, it is highly recommended to install a POS system in the franchise business. For sure, it can help you calculate the amount of sales every franchise unit is making. 

Social media

The excessive use of social media has tremendously affected consumer marketing. You can take advantage of this channel in some creative ways. Do you know the biggest benefit you can get from social media? It has enabled geofencing that can help you promote your products/services to customers who are nearby. This feature can help you to beef up your sales.

Moreover, through social media you can easily connect with your customers. You can interact with them and get feedback. Thus, make sure you ask your customers what they want and at what price. It is highly important to keep your customers happy, if you want to survive in the business for a long period of time.

Have solid online presence 

After the havoc of coronavirus, customers feel more comfortable buying products online. You need to build a strong online presence to reach customers in every nook and corner of the world. First, you need to make a proper website for your business. Also, you need to design a mobile app for boosting sales of your business. The greatest benefit of an online platform is that you do not need to manage a lot of staff. Additionally, it gives flexibility to customers for placing their order. Also, you can easily ask for feedback from your customers through online selling and make necessary improvements in your daily operations. 

Effective marketing 

Do you know how technology revolutionised marketing? You can use digital marketing to attract a throng of customers. There are countless digital marketing tools that can highlight your brand in the eyes of your targeted customers. So, make sure you are hiring professionals who have in-depth knowledge of running a business. One of the most common digital marketing tools is SEO (Search Engine Operations). SEO is used to rank the business website on google. Anything that is ranked on google is considered preferable by the customers. So, make sure you use SEO to make a strong presence. 

Easily connect with franchisees 

For sure, you will have franchise units at multiple locations and it is a bit hard to meet every franchisee in person. Well, thanks to technology. There are various apps that can help you connect with your franchisees. You can conduct various webinars to train and instruct your franchisees. Also, you can ask them about any kind of problem they are dealing with. Note that you need not to be a hard headed franchisor. So,  motivate your franchisees to share their business plans with you. They can present some creative ideas that can help your business touch the crest of the wave. 

Are you looking for potential franchisees to sell your coaching institute franchise? If yes, you can use some online tools to find appropriate franchisees for your brand. 

Conclusion 

These are some of the magical ways in which technology has influenced the franchise business. From here, we can deduce that it is impossible to run business effectively in the absence of technology.