How Technology is Revolutionizing Franchise Business?
Technology has become the core of every business organization. It aids in streamlining the decision making process within an enterprise. Therefore, technology optimizes production and inventory management. If you talk about franchise business, then technology has hailed it’s benefits there also. From managing franchise units to customer management, franchise utilizes technology in every area. Without a doubt, technology makes business operations simple. There are myriad benefits that every business relishes because of technology. Go through the article to know how technology makes business operations easy for a franchise.
There’s not a single business industry that is untouched by technology. Let us take an example of an educational franchise: It was only and only because of technology that educational institutes were able to conduct online classes during lockdown. Also, it is a gift of technology that every educational institute is able to deliver smart classes. From here, we can deduce that technology acts as a boon in the business industry. There are a plethora of ways in which technology has revolutionized the franchise business.
Go through the following points to know how technology has revolutionized business and how it can benefit franchisor/franchisee:
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CRM systems
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The Customer Relationship management systems keep record of everyone who interacts with the business organization. It will not only include customers at the level of franchisee, but also anyone who would want to invest in the franchise. This system can actually help you enhance your revenue. For example, you can keep track of customers who are not purchasing any item and make necessary improvements to it. Also, you can ask your customers about their needs and offer them products & services according to it. Additionally, you can do effective promotions of the services/products you provide to boost the sales. The CRM system is also customized in many ways to fit industry-specific businesses. In the fitness industry, a fitness club management system is a CRM specifically customized for use in gyms and fitness centers.
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Email marketing software
While running a franchise, you can leverage the power of email marketing software. The way you do research for your franchise business, same way you need to do for the email marketing software. Additionally, you have to make sure that your franchise unit is using the same software. Email marketing is another yet effective technique to broaden your market share. Also, it is helpful in retaining your existing customers. Thus, this is how you can use simple emails to improve your customer count. Additionally, don’t forget to check whether this technique is offering benefits to business or not.
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Point of sale systems
The Point of Sale (POS) can help you keep a record of your stock (what’s selling and what’s not). Therefore, it is an excellent way to manage your inventory. Without a doubt, businesses that effectively manage inventory can earn high revenues. Installing this system in every franchise can help you to keep track of your inventory. In case of any imbalance, franchisees can seek help from their franchisors. Also, it can aid in controlling any abnormal loss of inventory. Thus, this is how technology can be useful in managing your inventory.
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KPI tracking
Having insight into Key Performance Indicators(KPI) of each franchise unit can help franchisors to monitor their business. This way can easily judge the status of their entire system. Moreover, they’ll be able to offer help and support to locations where needed. Note that a franchisor is as strong as his franchisees. So, they have to make sincere efforts in improving the day to day operations of every franchise unit. Now, updated technology has made the KPI systems easier and more effective than before. Therefore, a franchisor can easily regulate his/her various franchise units by sitting at a single place.
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Social media
Social media is an excellent platform for consumer marketing and franchises have been taking advantage of it in creative ways. Nowadays, entrepreneurs attract customers through attractive advertisements on facebook, instagram or snapchat. We all know people use social media excessively these days. There’s not a single day you can spend without using any of the social media platforms. So, most of the business sectors use social media to promote their product. At present, social media marketing is fruitful in boosting the sales of products/services. It is because social media is the best platform to highlight your product.
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Mobile apps and online ordering
Smartphones have become part and parcel of everyone’s life. People use smartphones more than anything. Nowadays, almost every business organization has introduced its apps to boost their sales. Moreover, customers are also comfortable with online shopping. Do you know why is it so? It is because customers can easily purchase and return the items by online shopping. Also, this way you can gather more information from your customers. Thus, technology has made sale-purchase easy these days.
You can take example of any coaching institute franchise how they have optimally utilized technology. During the stress of coronavirus, most of the coaching institutes have conducted online classes. Also, they have provided relevant video courses through the medium of mobile apps. It was technology that helped them navigate through the sturm and drang caused by coronavirus.
Conclusion
Nowadays, everyone is completely dependent on technology to complete their every task. Do you know the reason behind it? Basically, technology helps you to finish every task in less time. Therefore, using technology can help you save time and effort. This is the reason why every business organization makes use of technology to conduct their everyday operations. Even every franchise business operates with the help of technology. You see the aforementioned points to know the way technology serves its benefits to the business world.
