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Technology permeates our lives and businesses. But it’s not a new concept. We have been adapting to technology every day for decades. An important thing to note these days is the importance of staying on the cutting edge of technology as the competition in the franchise industry continues to intensify.
The franchise model not only requires the franchisor to stay abreast of current trends and developments, it also requires the franchisee to stay up to date. This is because, after all, being on the cutting edge of technology attracts both franchisees and customers. In the current world we live in, franchisors have a responsibility to their franchisees and customers to discover new technologies and maintain, update and enhance existing systems.
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Franchisors must stay up-to-date and disseminate accordingly
The focus of technology for franchisors is to add value and make business easier for customers and franchisees. To do this, the franchisor must keep up with advances in the technological field, adopt relevant developments and pass them on to franchisees and customers.
From training software and POS systems to social media, mobile apps and digital payment platforms, every part of a franchise operation has a technical component. Determining which new operational technologies will be successful and worth investing in can be difficult. However, franchisees rely on franchisors to seek out and eliminate these opportunities on a regular basis. Industry conferences, ongoing research, and a curiosity about how other industries are tackling new technologies are all ways franchise organizations can learn and grow in this space. A robust IT department, led by a Chief Technology Officer, also plays a key role in communicating new information and training franchisees.
Franchisors need to see what is effective from the top to the bottom of their organization in order to determine the usefulness of the various technologies available and use them in a competitive manner.
Leverage technology to attract franchisees
When a potential investor meets with a franchisor, key topics of discussion should include the technology the system currently uses and goals for the next three to five years. We have made it a priority to guide unit owners in developing building designs that are flexible enough to accommodate future technologies so they can remain competitive when recruiting franchisees. In my experience at Kiddie Academy, an educational childcare franchise system, many of our franchisees come from a technical background and know what’s what when it comes to the latest developments. I know what to look for and what to expect. It is also wise for franchisors to focus on scalability and choose technologies that attract franchisees and offer cost-effective, all-around value-added solutions.
Another reason to keep up to date with the trend of recruiting franchisees? Younger generations are more dependent on technology than any other generation and have high expectations for its use. If your technology isn’t up to date, you could be missing out on great young entrepreneurs. Overall, if franchisees find the technology deployed to help them market, sell, and succeed in their business to customers, everyone benefits.
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Attract customers with technology
The purpose of using technology in franchises is to solve the needs of both franchisees and customers. Customer experience is critical to the revenue and retention of your business, so it’s important to ensure that the technology in place is easy to use and effective.
As a child care franchisor, my company is constantly evaluating customer experience needs that are not addressed in this industry. The self-scheduling feature enables parents to schedule tours of Kiddie Academy locations quickly and easily, avoiding the many manual steps that can occur in the process and pose a barrier to potential customers. increase. Busy parents today can visit our website and reserve a time for a tour right away (and reschedule or cancel a tour).
Other technologies consumers have come to expect include mobile payment options, associated email marketing tactics, classroom cameras, robust mobile apps, and an engaging social media presence. After all, parents and customers are generally looking for ways companies can use technology to make their lives easier and expedite the buying process.
Technology maintenance and security are paramount
Once you’ve introduced advanced technology into your organization, maintaining your systems and keeping customer data safe is key to your continued success. Increasing network security issues and system failures mean companies need to keep their information and data as secure as possible. It’s a good idea to spend time and money up front to avoid failures and breaches, and have a backup plan in place. Some industries, such as childcare, have more sensitive information on file than others and must be properly managed. A constant lack of vigilance can negatively impact workflow and trust for both customers and franchisees.
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Technological innovation is important to all industries today, especially the franchise industry, as it helps attract both franchise investors and customers to the business. Make sure the technology your company is focused on is worth the effort and that you have the time to protect and maintain it.
How do you know if a new technology is successful? If it’s used and satisfied. Make technology seamless for your company and its stakeholders (until it’s fully integrated and virtually gone) to benefit your business.