The franchising world is always evolving so keeping an eye on trends in your sector can mean the difference between success and failure.
Whether it's adapting to changing consumer habits, buffing up your brand, adding star quality or simply offering a service that will always be in demand, as a franchisor, you need to keep your wits about you.
Whatever franchise industry you're in, it's worth taking a look at how others are doing things and seeing how you can make your franchise more attractive and profitable.
Here are five franchising tactics that have led to success:
- Capitalise on change Realising that customers like to modify their homes when moving or just every few years for a change has helped In-toto Kitchens profit. The kitchen franchise now boasts 50 studios nationwide and owes much of its success to consistently adding new products to inspire its consumers.
- Make do and mend Chips Away is the UK's brand leader in automotive paintwork repair. A highly popular service, the franchise network has enjoyed a 259% rise in customer enquiries since the start of the recession. The franchise encourages car owners to be economical and repair their cars rather than splash out new vehicles – a no-brainer in today's stormy economic climate.
- Keep your look and values fresh Another fast-growing franchise is Bright & Beautiful. With its colourful and contemporary image, this multi-award winning cleaning franchise has nailed the brand-appeal aspect of successful franchising. Describing itself as an 'ethical, professional, family and eco-friendly service', Bright & Beautiful's founder, Rachel Ray, has just been named Outstanding Entrepreneur at the Northern Power Women Awards.
- Celebrity endorsement The US fast-food franchise industry has shown us how celebriity endorsement can be hugely successful. The UK is gradually catching on to this effective marketing tactic. Another mobile car repair service, Revive, recently sponsored BTTC Champion, Andrew Jordan, whilst former England Rugby captain, Phil Vickery has recently became the ambassador for property rental franchise SureLet.
- Provide something recession-proof The Minster Cleaning Services has over 40 branches nationwide with a group turnover of over £35 million. It's top branches currently enjoy annual sales of over £1 million in an industry that has a current market value of over £4 billion. MD Mike Parker says, “All our franchisees have successfully weathered one of the worst recessions in history and are well placed for the future."