Here are seven trends that customers can expect to see in 2016 throughout the franchise industry:
- More Financing Options –Internal financing options will continuously expand throughout 2016, making business ownership possible for more people. Internal financing options are available through the individual franchisors in order to help the franchisee afford the cost of opening a new franchise location. All programs have varying benefits, but typically appear in a low-interest environment with more relaxed approval standards, which are usually easier to obtain that the more traditional loans offered at banks and credit unions.
- Need for Mobile Marketing – Mobile visitors will continue to have a huge impact on franchises in 2016, so smart franchises are optimizing their websites for mobile devices. With the increase in smartphone and tablet usage, it is imperative that your business’ website can be easily seen via a smartphone’s browser. If the mobile savvy user can’t view the franchise website from their smart phone, chances are they will find a competitor who is more technologically advanced and mobile friendly.
- Online Retargeting - You may have noticed ads online that show products you recently searched for. Retargeting is the practice of displaying ads on popular websites, like Google and Facebook, to people who have already visited your website. Marketing that relates to what a customer is interested in is always more effective, and retargeting is taking the place of older online marketing practices like email newsletters.
- Healthy Convenience - One of the most popular franchise trends in 2016 is the fully-automated or semi-automated vending machines capable of delivering healthy food, freshly heated meals and fully customizable options. These machines help users eat well at their utmost convenience. In addition, the self-serve frozen yogurt outlets that offer a build-your-own frozen yogurt experience, like Lloyd Claycomb’s Cherry on Top, are also continuing to grow in numbers.
- Multigenerational Partnerships – The trend of pairing baby boomers with younger millennials is leading to many successful partnerships within the franchising industry. The fresh, passionate and technological savvy millennial who is eager to completely ditch the corporate ladder is often the perfect counterpart to the baby boomer who wants to be their own boss and has the experience and financial stability to manage a franchise.
- International Selections - The internet has assisted in opening up a new global franchising market. Consumers, especially located in developing markets, often see international brands as symbols of superior quality and status, unlike the more common, local domestic brands. International companies are utilizing this status and starting new franchises abroad.
- High Tech Companies - Franchising is traditionally associated with fast food and home services, but its benefits can be applied to nearly any industry, especially industries that lack powerful brand management and / or industries that are expanding rapidly. New tech businesses launch every day, powered by innovation and strong business models, and franchising is a swift way to establish a sound distribution network. Professional services, such as accounting, medicine, architecture and law, are the newest fields to benefit from franchising.