FRANCHISING: Innovation and Franchising
Recent Gauteng Business News
Innovation is an important part of owning a franchise. “One way to set yourself apart from the pack and to always stay ahead is to innovate. If you stagnate, your business will fall behind and will most probably not be a success,” says Morne Cronje, Head of FNB Franchise. There are a number of ways to innovate.
The heart of innovation is to be different. So always look for ways to be different and for ways to stay current.
Introduce new technology
Something that will set your business apart from others is to incorporate technology to make you business more proficient. If you have a frozen yoghurt store, maybe you’ll have machines that work faster and better, or it could be that you’re using the latest payroll or admin technology to make your business more efficient.
Marketing is an excellent space in which you could innovate. Do something different to your competitors, like incorporating social media into your marketing strategy. Social media has become a vital component of any marketing strategy. Savvy franchises are finding cost-efficient ways to bring their message directly to potential customers via online resources. The result is that you’re earning customers’ attention with engaging content rather than begging for it with billboards, TV and radio ads
Do it properly
Many times, people innovate for the sake of innovating, but at the end of the day, there needs to be a return on your investment. So don’t invest in new technology or a new way of doing things just for the sake of it. Do your research to make sure it will work.
Make sure it works
There needs to be a return on investment that compensates the risks involved. By introducing an innovation, you need to improve your customers’ experience and create a difference when compared to your competition. Lastly, your innovation needs to make your operations and business more efficient.
“Franchising is a good market to be in if you’re going to go into business, but competition at the moment is very big and by constantly being innovative, you’ll remain relevant in the market. If a franchisee is to succeed in the industry, it is important to know what your core business is and develop a strategy around that. Innovation isn’t always about technology. Sometimes the breakthroughs that really count are about your leadership style and skillset.” concludes Cronjé
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