It’s quite clear that a significant portion of the franchise industry has been hit hard by the effects of COVID-19. Society has been put on pause, and the temporary closure of businesses has put plenty of us in an endless cycle of paranoia. However, as each day passes, we inch that much closer to the light at the end of the tunnel. Our franchise digital marketing team at IDS is waiting for a resolution along with the rest of the world. Still, we have three important reasons why our franchise family should be optimistic about what the future holds.
1. Heightened Value of Controlling One’s Destiny
Partnering with a franchise brand is different than investing in stocks or bonds: it’s an investment in oneself. Once the dust settles and society has turned the corner, prospective franchisees will see the value of investing in their future. In times like these, it’s hard not to become overwhelmed with a sense of helplessness. Unemployment rates in the U.S. have reached unthinkable heights, but once the economy rebounds, furloughed corporate workers are going to be looking for ways to regain control of their careers. Many people recognize franchising as a viable way to gain financial freedom with an established business model and time-tested infrastructure. The uncertainty that came with COVID-19 also presents an opportunity as people look to control their own destiny more than ever.
2. Pent Up Demand: People are Eager to Return to Normal
The effects of COVID-19 will linger for some time, however, we are all trying to look to the future and how society will react to the “new normal.” In an article written by McKinsey & Company that analyzed Chinese Consumer behavior, studies showed:
“Chinese consumers are gradually regaining their confidence as the COVID-19 crisis subsides, suggesting the majority will resume higher levels of spending in some categories over the coming months, according to McKinsey’s latest survey of consumer attitudes.”
While a significant amount of the population is still leery, studies have shown that a nation that was once the heart of the COVID-19 pandemic is slowly returning to normal.
3. You’re In Business For Yourself, Not By Yourself
A partnership with a franchise brand includes unwavering support and clear communication throughout the lifespan of the experience. It is apparent that the franchise experience can combat some of the obstacles that society is currently facing, which might influence the decision of a future franchisee.
Right now, many independent business owners have questions about the best next steps and have to find the answers on their own. Franchisors can point back to times like these when discussing the importance of support, and how they kept that promise for their franchisees.
At Integrated Digital Strategies, we work with a number of franchise brands that are actively keeping lines of communication open with their franchisees to alleviate their anxiety and strategize for the future. Franchise digital marketing has been an incredibly valuable tool for our clients as they shed light on how they are supporting their franchisees through tough times.
Are you interested in learning more about Integrated Digital Strategies and how our franchise digital marketing services are invaluable in times like these? Contact a member of our team today!