Positioning Your Business Effectively for NextGen Talent and Buyers
The franchise industry continues to see change in many areas impacting the operations and growth of the multi-unit franchisee business. We heard more about change and what the future looks like at the 2018 Annual Multi-Unit Franchising Conference (2018 MUFC) last week. The conference’s agenda revealed growth and next generation were two hot topics.
We have heard and seen the impacts of NextGen on recruiting and retention of talent and developing future leaders. In fact, at the 2018 MUFC last week there were sessions specifically focused in these areas. On Monday the agenda was packed with sessions around developing future leaders:
- Developing Multi-Unit Leaders
- Develop Leaders to Support Your Growing Enterprise
- Growing from Management to Leadership
- Preparing for Second Generation Franchisees
On Tuesday, the agenda continued with sessions on recruiting and retaining for your franchise:
- Attract & Recruit the Best Talent for Your Franchises
- Retain and Grow the Best Talent for Your Franchises
If you did not attend any of these sessions, you may want to connect with the panelists or look into watching the recordings as these topics are key areas impacting value, growth, and ongoing business success no matter what your plans are for the future – keep, transfer, or sell. Strong leadership and leadership bench strength is critical for thinking outside the box to push the needle, inspire, and motivate your team towards peak performance.
The NextGen is also impacting consumer buying behavior, which in turn influences how a franchisee brings their products and services to the market. For example, studies are showing convenience and consistency are key motivators for NextGen buyers. Also, it is no secret that technology innovations are forcing a change to the way the new generation of consumers interact with different brands. In addition, technology is also a force in how the NextGen communicates about their experience at your stores. From reviews and sharing of experiences through their networks, your reputation for service, selection, convenience, and consistency are driving factors impacting buying decisions.
The NextGen buyers are far more apt to shop, buy, and communicate via an app on their smart device. The reason for this is that as a consumer, they have more control over what they are ordering, resulting in less order error or mistakes upon receipt of their order. As a franchisee, as you look to the future and different brands to invest in, something to think about is how is the franchisor positioning the products or services to the NextGen buyer. Are they providing you the opportunity to be a convenient and a consistent option?
Looking at the NextGen is just one area in which the industry is facing dynamic and rapid change. We are also seeing a lot of consolidation, which means as a franchisee, there is no better time than now to look at your strategic plan. Interestingly, even with the amount of consolidation we are seeing, we are seeing large numbers of new franchise opportunities coming to market. Both of these also will be impacted by the growing segment of NextGen coming forward, not only as buyers of your product or service, but as franchise owners, too. For more insights into these and other trends, here is a webinar that provides more information on the future of our industry. Although it focuses on the franchise restaurant sector, the trends emerging impact the industry as a whole.
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