Franchising has made quite a mark in the US economy.
Despite the rising debate surrounding its success rates, the proof is in the numbers.
Spanning a variety of market segments, this business model employs over 7.9 million workers in a robust workforce of 59 million people and is responsible for over 760 Billion US dollars in output.
In 2010, the United States Census Bureau released the results of a 2007 survey done on 4.3 million businesses.
The results show that franchises account for 10.5 percent of all businesses, with direct sales accounting for nearly $1.3 trillion of $7.7 trillion in total sales.
This model gives potential franchisees the associated value of a well-known brand. With the right ideas, it guarantees a solid ROI.
For an entrepreneur, this means cutting back on years’ worth of research and investment while capitalizing on the proven business systems of the franchisor.
Fast food franchise disruptor Dominos, for instance, reports a total of $13.5 billion ($6.6 domestic, $6.9 international) in global retail sales for 2018. Today, more than half of its revenue comes from outside the U.S.
As of Q3 2019, this global brand successfully operates 16,500 stores in more than 85 countries around the world. It has more than 400,000 franchised and corporate team members worldwide.
Dominos is among some of the world’s biggest franchise names who rely on the 30 plus tools in the World Manager platform to act as the spinal cord for rapid global growth.
Visionary entrepreneurs looking to get a revenue share of this booming industry need to understand the value of incorporating the right franchise management software in their businesses.
The right software doesn’t just guarantee an ROI based on improved revenue.
It can also increase business management and collaboration among different outlets located throughout the world.
The Value of Franchise Management Software
|Top Benefits of Using Franchise Management Software|
|Lead source tracking|
|Optimized supply chain and inventory levels|
|Real time monitoring of active franchisees|
|Seamless reporting for revenue, cash flow, profits, losses and expenses|
|Brand and marketing consistency|
Franchisers are tasked with a unique challenge: how to manage multiple locations while maintaining HQ brand credibility.
Franchise management software bridges this gap as a collaboration platform between franchisers and franchisees.
Franchise management software can further help entrepreneurs strengthen this collaboration, as it is entirely cloud-based.
Among other benefits, the right franchise management solution helps the franchisor:
- Assist the franchisee to hire and grow the right team
- Expand brand positioning in an organized manner
- Handle various franchisee candidates seamlessly
- Enjoy corporate level inventory visibility
- Guide franchisees to conduct their own individual limited marketing
- Smoothly analyze large amounts of data, and
- Increase customer interaction.
Here Are the Key Features to Look out for in Your Franchise Management Software:
Brand Consistency and Compliance
Fast Food outlets have nailed brand compliance and consistency.
Both of these elements are key ingredients in the business of franchise marketing and rely on a strong core marketing message.
The right franchise management software should be able to achieve this goal by making all necessary marketing ingredients accessible in one cloud-based location.
This offers franchisees with all the resources, materials, directives, and support they need to be successful.
All franchises follow certain industry audit standards and checklists. The software should help make the process of outlet inspections easier for the franchisees.
Backed by the ability to store a myriad of information on each of these outlets, the franchisor can use the data as a benchmark not just for compliance inspection but also for performance tracking. Other data the software should be able to provide includes:
- Tracking sales
- Personnel data
- Performance analysis
- Inventory data
Such a facility allows the franchisor to clearly map out any inconsistencies while keeping a tight control on the processes and operations.
Workflows are viewed as critical components within franchising.
The process of charting, designing and applying a comprehensive workflow requires an equally innovative platform.
World Manager can empower any business, on any scale, to create a custom system aimed at achieving a company’s overarching goal.
With the right workflows in place, a franchisor or franchisee can easily gather information about the different activities happening at different stages.
The intent here is to enhance lead conversions.
Automated workflows are responsible for:
- The conversion of repetitive or low-value job activities into free-running operations hence increased efficiency.
- Empowered sales teams who focus on high-value tasks and maximum profits.
Franchise management software can map processes and set prompts to automatically convey and register communications and follow-up assignments.
Automated workflows don’t simply formulate standard activities and reporting throughout the expanse of the brand. They also regularize performance measurement as well.
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Franchise marketers need their franchisees to toe the line in terms of marketing material consistency. This spans across:
- Social media branding
- In-store branding
- Point of sale displays
- Marketing campaigns
- Training models
A franchises’ marketing efforts must move their customers on every level. The intent must be matched by positive feedback.
The right franchise management software has to adapt to this ever-changing marketing goal.
Because franchise development and marketing invariably intersect at campaigns, part of franchise workflow processes need to involve email campaigns. These are immeasurably valued for moving leads through the sales cycle.
The franchise management software should, therefore, facilitate the creation of
- Trigger-based delivery scheduling
- Personalized links
- Automated email responses, and
- Text campaigns.
Once successfully set up, this system allows both the franchisor and the franchisee to focus on other scaling efforts while saving money in the long term.
Streamlined Production Times
The first step towards streamlining production times is eliminating obstacles.
Your franchise management software should be able to adapt and grow with your business.
As you expand, so will your data. Your brand management software has to keep up with the franchisee’s evolving workload.
The software should allow the franchisor to add new users and locations without disrupting existing workflows.
It should also facilitate digital asset management for faster correspondence.
If employees are spending too much time sifting through different drives looking for images, information or emails, who is doing the actual work?
The best franchise management software streamlines this process down to a few clicks.
Digital asset management means everything is in a centralized, easily accessible and secure cloud location. This is another way franchisees can benefit from speeding up production processes.
Workflows can be disrupted by incoming franchisees’ marketing needs, new material requests, or onboarding new employees.
This solution provides a convenient location for all brand-approved marketing materials, which ultimately empowers the franchise’s local marketers.
Without a deep understanding on the impact a franchise is making, all the above features mean nothing to a franchisor.
The most suitable franchise management software provides all-inclusive reporting capabilities that are simple to create, customize, and analyze.
All marketing data is crucial; it’s your brand’s story from the customer and the franchisee’s point of view, and you need to listen.
Ideally, there should be a built-in business intelligence tool that offers real-time reporting insights into key aspects of the business.
The franchise management software should be able to communicate insights surrounding the success or failure in terms of:
- All workflows
- Marketing campaigns
- Lead sources
- Internal and external communications, and
- Sales funnels.
These insights should indicate whether:
- The franchise is attracting and retaining the right talent
- Leads are being followed up on appropriately
- Lead conversion rates are high, low or steady
- User engagement numbers are great
- Financial goals are being met
The answers to all these questions should be accessible, coherent, and regularly reviewed for development correction.
The ultimate goal of finding the best franchise management software is an improved ROI.
Any business promising a specific ROI guarantee would be disingenuous. But using the right software absolutely as part of a solid mission sets any franchise apart and bolsters a thriving sales and marketing strategy.
Every solution offered by World Manager will, therefore, be unique to your organization
Book your custom demo today.