Though it would seem recovery from darker recession days is crawling along for some businesses, and it is undeniable that changes in the way consumers shop are certainly still influencing annual revenues for many businesses, some franchise businesses are considering inventive ways to please customers. By considering the psychology of consumers today, rethinking what’s for sale, and considering alternative ways to reach out to customers, businesses can incorporate new ways of attracting and serving customers.
Consider Consumer Consciousness
The vast majority of those spending whatever expendable income they have are part of the Millenial bunch, comprised of over 80 million individuals living in the United States. From about the late 70s to late 90s, this generation was born, and an increasing number of businesses find themselves having to contend with how this generation approaches any given transaction. This generation is full of consumers interested in being part of what they buy, and sharing what they buy with friends and family.
By creating channels for consumers to offer their input, influence how new products are made (be it flavor, color, style, or some other noteworthy aspect of product creation) and generally interact with their purchase experience, franchise businesses can appeal to a variety of consumers coming out of this generation. Social media provides huge opportunities for businesses to invite consumers into the buying process to leave their mark on favored brands.
What’s For Sale?
Why is variety so important? Create options for consumers and you increase the chances of sales. Options involve respecting the individual needs and interests of shoppers, and this is important when putting together a list of products and services in nearly every industry. Business owners who broaden the list of products and services offered simultaneously broaden potential consumers—especially during slow economic recovery.
Value is often relative, though in the world of franchising, consistent value offered to consumers through a well planned list of product offerings that aim to please without breaking wallets attracts attention. By understanding consumer interests and needs, following wider trends and establishing a footing in the world of market analysis, at least to the extent possible, many businesses can interact more closely with potential consumers. Value doesn’t necessarily mean special offers divvied out from time to time, but rather a section of product offerings devoted to ongoing deals that speak volumes about the brand’s dedication to creating value while customers need to spend less on a daily basis.
Alternative Ways to Reach Customers
For the restaurant industry of franchising, and others that benefit from bringing their services straight to homes, one of the most often overlooked sales channels that has excellent potential to reach customers where they are is catering or delivered services. By incorporating options (and this can be thought of as an extension of the variety mentioned above) for customers, businesses can reach out to those who may have a greater need for products or services only in a particular venue. Find customers where they live, reach out to them where they are, and go to them—this is the philosophy. By creating this bridge between physical locations and customer needs, franchisees that may be missing out on plenty of worthy foot traffic may find catering or delivered services the step up and out that increases business during tougher economic times.
For potential franchisees or existing interested in this means of reaching customers, discussing the potential benefits with franchisors is a start. Augmenting the brand and its product or service offerings through reaching customers in their venue of choice offers franchise businesses huge opportunities for profits, brand dispersion, and community interaction that won’t occur in the same way with transactions from within a set location.