What Tech Trends Are You Seeing in Franchise Development at Hand & Stone?

We asked Jennifer Durham, Chief Development Officer at Hand & Stone Massage and Facial Spa, “What tech trends are you seeing in franchise development, and how are you responding?” This is what she (and her new AI assistant!) had to say.

First, here’s what ChatGPT had to say about tech trends in franchise development:

As an AI language model I do not have the ability to respond to trends or make business decisions. However I can provide information on some of the current tech trends in franchise development.

1) Virtual and Augmented Reality: With the rise of virtual and augmented reality technology franchise development companies are incorporating these technologies into their operations to provide immersive experiences to potential franchisees. For example virtual reality tours can allow potential franchisees to explore a franchise location and experience the brand before making a commitment.

2) Mobile Apps: Mobile apps are becoming increasingly popular in franchise development as they offer a convenient way for franchisors to communicate with franchisees and manage their operations. Some apps are designed specifically for franchisees to access training materials marketing materials and operational tools on-the-go.

3) Data Analytics: Franchise development companies are increasingly relying on data analytics to make informed decisions about franchise expansion location selection and customer demographics. By analyzing data from various sources including social media and customer surveys franchise development companies can identify trends and adjust their strategies accordingly.

4) Artificial Intelligence: Artificial intelligence is being used to automate and optimize various aspects of franchise development such as lead generation marketing and customer service. For example AI-powered chatbots can answer frequently asked questions from potential franchisees and provide personalized recommendations based on their preferences.

Overall the use of technology in franchise development is constantly evolving and franchisors who embrace these trends can gain a competitive advantage in the industry.

And here’s what I would add, specific to Hand & Stone, in my non-bot way:

Reallocating our limited resources to selling rather than screening is how we’re responding to new tech at Hand & Stone. Our franchise leads have increased 10% as we used data analytics to better define sources of buyers rather than just lead sources. As Peter Diamandis illustrated at the MUFC conference in April, the exponential gains in computing power has yielded exponential improvement of AI and made it more commonly accessible and accepted.

We are effectively using AI and mobile apps at Hand & Stone, to communicate 24/7 with prospective franchisees “in the moment” to set appointments, define financial capacity, and respond to important, but very time-consuming initial questions. In turn, we have redeployed administrative dollars to efficient marketing spend, which we expect will continue to yield improved conversion and pipeline growth.