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Growing Franchise Relationships with Distributed Data

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Growing Franchise Relationships with Distributed Data

What’s the #1 secret to a franchise’s success? According to a recent article in Fast Casual, the answer to that question is simple: a strong, supportive relationship between franchisor and franchisee.

Speaking at last month’s International Franchise Expo in New York, David E. Hood, president of the iFranchise Group, shared some insights on the importance of the franchisor-franchisee relationship. Hood noted that the more support a franchisor can offer its franchisees, the faster the ramp-up time … and the shorter the path to profitability.

"Relationship is so critical to your growth"

said Hood, who also noted that good relationships will get off to a solid start if the franchisee shares common goals with the franchisor, including a passion for the business, a clear vision and a goal to succeed.

Jeff Morris, GoodData’s VP of Data Monetization Strategy & Success, agrees with Hood’s assessment and goes one step further to emphasize the vital importance of data in building that relationship.

“By delivering actionable information that’s both easy to understand and relevant to the franchisee’s specific situation,” Morris says, “franchisors set their partners up for success. They present an accurate snapshot of the franchisee’s performance, (and future potential) benchmarked against comparable locations and communities in order to identify opportunities for improvement.”

Morris believes that providing this personalized data to franchisees on demand accomplishes two mission critical tasks. “First, it makes a strong statement about the franchisor’s commitment to the franchisee’s success in their local community,” he explains. “Second, it allows them to get on the same page when they discuss how to improve performance with shared knowledge of the uniquenesses of the local market. They can approach those conversations from a common starting point, which enables them to collaborate effectively on strategies for achieving their common goals.”

To learn how franchises like Dickey’s Barbecue, Panera Bread, and Pizza Hut are using data to improve their operations, download a copy of the Fast Casual white paper “How Big Data is Revolutionizing the Restaurant Industry.

Written by GoodData Author  | 

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