PROVEN DEVELOPMENT STRATEGIES FOR ACHIEVING RAPID GROWTH

By Scott Temme, Honey Baked Ham

As someone who has been on both sides of the franchise industry as a franchisee and franchisor, I’ve been exposed to a lot of different growth strategies.

It is a benefit being in these different roles, as franchisees have amazing insight into what worked to get their attention and now, I’m able to replicate that in my development strategy as the franchisor.

In today’s growth landscape with emerging franchises and fast-food concepts continuously trending, brands outside of those industries must get creative to remain at the forefront of potential franchisees’ minds. If your brand is more established regionally over nationally, ensuring your business model and growth strategies continue evolving is crucial. Embracing these changes cultivates resilience and opens doors for new opportunities.

In an industry constantly influenced by changing consumer preferences, technological advancements and market trends, the ability to evolve is paramount.

 In an industry constantly influenced by changing consumer preferences, technological advancements and market trends, the ability to evolve is paramount. In this article, we’ll go in-depth on a handful of strategies that can promote development for brands across industries.

Enticing New and Existing Franchisees with Incentives

Incentives, training programs and various marketing tactics support and foster long-term relationships between franchisees and franchisors. Launching these elements and weaving them into your development messaging is a great way to give franchisees a glimpse into your brand’s values and culture. It can also create a sense of shared success as highlighting how the corporate team plays a part in their business helps foster a sense of mutual trust that is needed in a franchisor and franchisee relationship.

For existing franchisees specifically, incentives remind owners that the brand values their partnership and is committed to their continued success. These programs remind longtime owners that the brand remains ahead of the curve within the industry. On the other hand, incentive programs are a foundational element to entice new franchisees to join a brand during a thriving era and feel empowered to play a part in a brand’s growth.

Scaling operations or introducing new revenue streams can substantially reduce financial stress for businesses.

 Scaling Business Operations

For legacy brands, thinking of ways to improve your business model to enhance the operations is something to reevaluate every few years. Scaling operations or introducing new revenue streams can substantially reduce financial stress for businesses. Changes like these also allow the brand to meet customers at different points of interaction. The current industry landscape is constantly evolving and consumer preferences are always changing. Whether that be shown through potential increases in mobile traffic or drive-thru orders, brands will need to adapt and meet consumers at a variety of touchpoints. This is possible through continued technological advancements within a franchise system and can be as simple as emphasizing online orders or as large as changing your POS system.

For franchises thought of traditionally as legacy brands, it is important to always look for new ways to adapt, while also maintaining the core values that define it. Sticking to tradition shows your brand’s tenacity, but franchise brands should not be afraid to evolve. Introducing more revenue drivers is always a plus for owners and is extremely attractive to potential leads.

Sticking to tradition shows your brand’s tenacity, but franchise brands should not be afraid to evolve.

Appealing to New Demographics

Diversifying products and marketing strategies enables franchises to capture the interest of a more expansive audience. Staying up to date with consumer trends allows brands to cater to the needs of various demographics thus enabling relationship building with their surrounding communities.

This approach not only broadens a customer base, but also enhances the brand’s relevance and adaptability. Embracing new demographics fosters innovation and keeps a franchise in tune with emerging trends. Moreover, reaching out to different groups can also increase brand loyalty and customer engagement, as people resonate with a business that values and represents their unique needs and preferences.

Diversifying products and marketing strategies enables franchises to capture the interest of a more expansive audience.

 As brands place a larger emphasis on growth resurgence, ensuring you have a clear message in place for your marketing efforts that accurately highlights your brand as a leader in its category will have major benefits. A call to action that spotlights impressive financial numbers and growth incentives will help set your brand apart.

Scott Temme is the franchise sales development manager at Honey Baked Ham and brings 20-plus years of franchise and business experience to his role. Previously, he served as franchise operation development manager with Honey Baked Ham where he was a part of the cross-functional team that designed and implemented a new signage process for all development projects. He has also previously served as president of the Atlanta Co-Op for Tropical Smoothie Cafe and owned his own franchise. For more information about IFA franchisor member Honey Baked Ham, please visit franchise.org/franchiseopportunities/the-honey-baked-ham-company-llc.