In our ever-so-connected world of 24/7, the franchisor-franchisee relationship is in the midst of powerful change. More than ever, franchisors are focusing on the collaborative mindset that must be present for both parties to experience mutual success. And many are turning to powerful analytics and business intelligence tools. Just imagine how franchise leaders can impact franchisee engagement in our data-driven, digital world.
For instance...
- What if you could provide the “right” feedback and information – in real-time – so that franchisees had access to valuable insights that drive profitability?
- What if you could ensure franchisor and franchisee alignment on business strategies, goals, and results in a way that is transparent to all involved?
- What if you could create a true culture of engagement because you know, in real time, what to focus on and when?
By leveraging business intelligence tools, franchisors can achieve higher levels of franchisee engagement by arming your field consultants with more relevant, timely information. End result? Smarter business decisions.
Here are three steps to improve franchisee engagement with real-time analytics:
- Determine what your key metrics are for franchisee success for your concept. Then create a mechanism for gathering data in real time across business functions to ensure franchisor and franchisee alignment in areas that include marketing, inventory management and ordering, pricing, acquiring new and retaining existing customers, website optimization, and more. By having access to real-time analytics, franchisors can gain immediate insights when franchisees improve performance, as well as in areas requiring additional support.
- Select and implement a reporting tool that is easy to use, can gather data from your entire system, and can be accessed anywhere – desktop and mobile. Franchise leaders need to use real-time and customized reporting tools to ensure that knowledge and best practices are shared not only with the corporate team, but with individual franchise owners as well. Only then can the business – from top down – benefit from data-driven decisions, and franchisees can feel like valued business partners.
- Be obsessive about tracking performance and engagement levels of each unit. By doing this, franchisors can create a better franchise owner experience that is relevant and targeted to each unit. Through real-time analytics, franchisors can discover trends in what is engaging some franchisees more so than others and in turn activate processes to better engage all franchisees.
With transparent data and clear expectations, franchisors can make franchisees happy, which makes for a successful franchise system. With this approach, they are better positioned to drive profitability and growth.
Interested in learning more about the franchisor-franchisee relationship? Click here to discover how your field operations team holds the key to happiness.
FranConnect Sky Insights is a business intelligence tool for your entire franchise system. No hassle. No spreadsheets. No more surprises. Learn how FranConnect Sky Insights can help you start making better business decisions today.
