The franchisors should be up-to-speed with trends, technologies and best practices of sales, marketing and analytics.
This article recommends ways for retail franchisors and franchisees to attain success. Corporates or franchisors should screen franchisees well, set the right expectations and have unambiguous policies. The corporates’ franchise model should be based on clear values. Corporates can hold meetings for training and motivation.
Their marketing and sales plans should clearly define the difference between the headquarters’ role and the dos and don’ts for franchisees. Corporates must ensure a balance of shared marketing responsibility to be able to maintain consistent customer experience.
Further, the author suggests franchisees to secure enough funding before starting. They must follow the franchise model and communicate with corporate if they are struggling. Franchisees should set goals, know their metrics, gather data and monitor their sales closely.
[5 minute read]