Society clearly cracked as a result of the unimaginable pressure generated by COVID-19. The pandemic impacted every industry, some walking away with bruises more tender than others. April 2021 and a lot of us are still left with the same question we had this time last year: what’s next?
It’s a new year, and the team at IDS is continually observing recent trends that will undoubtedly strategically affect our digital marketing services for franchises. Let’s go over just some of the top trends that we’ve noticed for consumer service brands, how it affects digital marketing services for franchises, and what you should expect as the upcoming months unfold.
Building a business is hard enough work, but when life threw a pandemic into the mix, many companies sadly waived under pressure. Specifically, independent companies took a lot of the heat - according to Yelp data, 60% of business closures due to the pandemic are now permanent.
There's no doubt entrepreneurs will care more now about the protection and support they receive far more than ever before. If your business took extra steps to ensure that your network of owners felt supported, it’s worthwhile to highlight those actions wherever you can. The beauty of franchising has always been having the full corporate support of a trusted team, and leads moving forward will want to make sure they are protected.
You can invest your money in stocks, crypto, really wherever your heart desires, but how much control do you have over the return of that investment? Entrepreneurs are finding new ways to build their portfolios, and franchising is just one of the many ways you can put your liquid into something a bit more predictable.
Franchising isn’t some get-rich-quick scheme, but by opening multiple franchise locations, you can leverage various streams of income and spread that out across a multitude of industries. Stocks and even real estate can fluctuate unexpectedly, but owners of a franchise business can take full control of a business that already has evidence of success.
No matter the industry, technology has had an incredible impact on how we conduct business, including digital marketing services for franchises. Business owners are always looking for ways to streamline inefficiencies, simplify their programs, and create a better overall product through turnkey systems and software. Franchising makes it much easier for new owners to learn about their POS systems, marketing software, and business management technology to keep their business ahead of the pack.
Essential Services, Recession-Resistant: With such emphasis placed on the state of the economy and historic unemployment in 2020, it’s fair to say that essential service-based franchises came out as winners. Franchisees who invest in a recession-resistant business (auto-repair, senior care, cleaning services, etc.) will not have to worry as much about the state of the economy and benefit from ongoing support to achieve their dream.
Personal Care and Fitness: Staying fit was undoubtedly a challenge in a quarantined society, but health and wellness brands are expected to fare well throughout 2021 and beyond. Virtual gym concepts have led the charge, and now, you can start your own wellness business for as little as $5,000.
Restaurants and QSR Shift: Fast-casual and QSR franchise concepts have always dominated the franchise space, but some concepts that relied heavily on revenue from indoor dining suffered in 2021. What you hope to see in overall revenue could depend on several factors. Still, the concepts that have started to take off are brands that prioritize less overhead and a leaner overall investment without sacrificing quality.
Are you interested in learning more about IDS’ digital marketing services for franchises and how we can improve your strategy moving forward? Get in touch with a member of our team today!