How can you ensure your franchise brand is relevant to both new and existing owners?

Yes, all these things are important. Make sure that you do not fall into the trap of trying to be all things to all people. Decide who you are and what you do best and then do that! Markets do change, but not as often as the next customer complaint or special request. We had a franchisee at Cold Stone Creamery that had a customer say it would be nice to be able to buy Beanie Babies… next visit franchisee was selling Beanie Babies. We also had a franchisee that wanted to test coffee… turns out he liked coffee, customers not so much. Focus on what you do and be great! Changes will come organically. Watch competition, but do not obsess, create your own differentiators.

The franchise brand is relevant to existing owners because they are working with it. For new owners, you have to show them the benefits they will have by having this new brand in their business portfolio.

It is ongoing exercise, to ensure your franchise brand remains relevant to both new and existing owners, focus on ongoing training, support, and communication. Keep the brand adaptable, encourage innovation, and gather feedback from owners to address their evolving needs and challenges.

Most companies know that it is important to have a USP - Unique Selling Proposition for their consumer business in addition to that franchisors must define their FVP - Franchise Value Proposition. A franchise brand's success hinges on having a compelling and attractive FVP - Franchise Value Proposition that aligns with the expectations of highly qualified investors, operators and must be reinforced with franchise owners.

We should also take in consideration that innovation and improvement means most of the times "change". If there’s one thing the pandemic has taught us, it’s that some events, big or small, require a change. Some changes are routine and can be implemented according to an existing policy. For example, a revision or clarification of a procedure in the operations manual is on the agenda. But big changes that can have a direct impact on the franchisee, require special attention. In some cases, the change may not be so significant, but rather the perception by franchisees is that the change is the beginning of "more will come."

When we talk about "brand" I'd like to underline the substantial difference between "Brand name" and "Brand". A “brand name” refers to the name signifying the source of a product or service, which is relatively easy to protect and monitor. A “Brand” it’s everything the public thinks it knows about your name brand offering—both factual and emotional.

Honestly - I think this is the most crucial. We’ve seen the rise and fall of franchises that have boomed and expanded fast, then disappeared just as quickly. While there’s a myriad of reasons for this, one key factor is disengaged or misaligned franchisees. They’ve been sold in on a dream, then left to their own devices with minimal guidance or support. This results in a disjointed brand across the board. A franchise lives and dies on its brand - if every franchisee is working in their own silo, the common goal gets lost along the way.