Recovery and growth requires a strategy that drives revenue, Joshua Christopher, marketing manager at Comexposium, organiser of the International Franchise Show, says
The turmoil of 2020 has caused a major strain on the bottom line of many companies. While some businesses may have the urge to hibernate, now isn’t the time to sit back and do nothing.
It’s been encouraging to see so many of us overcome the challenges we’ve faced and continue to operate during these trying times. In the franchise industry, many businesses have adapted under lockdown restrictions, operating virtually, on a take-out or click and collect basis or adopting new social distancing measures.
Sense of hope
The roll-out of the coronavirus vaccine has given many people a sense of hope that society may soon return to normal.
So now is a good time to formulate a rapid response plan in order to recover and grow, with sales and marketing teams working strategically to deliver business goals.
Lots of franchises will be repositioning themselves through digital channels in order to reach new and existing target audiences.
The difficulty is responding to the adoption of a digital footprint with new and creative ideas that makes your brand stand out from the crowd. It helps if your franchise already has a unique selling proposition or a niche market to avoid getting lost among the competition.
Management consulting company McKinsey suggests the most effective leaders approach rapid recovery with a set of five core elements that are needed to drive revenue at a scale that makes a difference and are built around the SHAPE model:
Start-up mindset. To deliver action over research and testing over analysis. A risky motive, but certainly a rewarding one that delivers tangible results in minimal time.
Human at the core. Changing the company’s operating model to work around how people work best will help to drive rapid action.
Accelerate digital, tech and analytics. Quickly adopting digital offerings will certainly help in getting your brand noticed and drive sales.
Purpose driven customer playbook. A customer first focus has always been a long established principle for many businesses prior to COVID-19. However, a refocus on the customer journey and an understanding of how to affect the customer buying process is crucial in targeting campaigns effectively.
Ecosystems to drive adaptability. Disruptions in supply chains and offline buying channels have made adaptability crucial for survival, but for long-term strategies businesses need to think about new partnerships and collaborations in order to drive success.
When pivoting their business, franchise owners will need to consider how they increase awareness, conversion and customers’ lifetime value through a combination of digital avenues designed to drive growth and profitability.
It’s no doubt important that going digital is crucial for survival, but ultimately nothing beats the face-to-face trust and engagement you gain at an event.
For over 11 years the International Franchise Show has helped thousands of individuals start their journey towards owning a business with a proven concept. As Britain’s biggest franchise exhibition, the 2021 edition has never been more important.
At a glance International Franchise Show
When: October 1-2
Where: ExCeL, London thefranchiseshow.co.uk