The top eight things you probably didn’t need to know in franchising this week.
1. Frantastic: We’ve called this out as being Frantastic news before, but it’s worth mentioning again. Women are taking the franchising industry by storm. According to an Entrepreneur article, the percent of female franchisees is growing at a significantly faster rate than that of male franchisees. Some of the factors that are contributing to this trend include the desire to join a company with an existing history of success and the possibility of a positive work-life balance.
2. Franlebrity: Chuck Runyon, the co-founder and CEO behind Anytime Fitness, knows what it takes to move a brand from its emerging stage to its established one. As a part of our latest 1851 issue highlighting established brands, we spoke with this week’s Franlebrity for a two-part series highlighting how Anytime Fitness has been able to become a major player both in the fitness segment and in the franchising industry as a whole. Runyon says that to become a big brand, franchisors need “proven consumer appeal, a business model that reduces human variability through automation and repeatable processes in a steady or growing sector.”
3. Frash Money: A controversial decision made by the National Labor Relations Board in 2015 has come back into consideration. Because of a conflict of interest by NLRB member William Emanuel, the organization has vacated the order that overruled the Browning-Ferris decision. That 2015 decision was widely opposed by franchising industry because it threatened to change the relationship between franchisors and franchisees, potentially making franchisors liable for labor infractions made by their local owners.
4. Frant of the Week: This year marks the 10th anniversary of social media for business. That’s why No Limit Agency CEO Nick Powills’ latest Frant suggests that it’s time for franchisors to jump into real time and leverage the technology that’s available to them so that they can get the results they’re looking for. Artificial intelligence can now enhance the lead generation process, from providing better keywords for digital campaigns to enabling brands to target those who already have an awareness of your brand. AI is a valuable tool for maximizing advertising spend, and it shouldn’t be overlooked if you’re looking to find the most valuable franchisees for your system.
5. Franch Forward: Papa John’s is Franching Forward without the help of the NFL. A few months after founder John Schnatter blamed the organization for its slipping sales at the height of the league’s national anthem controversy, new CEO Steve Ritchie announced that Papa John’s is ending its official NFL sponsorship after seven years. But the company isn’t completely cutting ties with the organization—it’s planning to work with 22 select teams moving forward.
6. Fran Funny: KFC has been in hot water with its fans in the UK. That’s because operational issues caused the brand to run out of chicken and temporarily close its restaurants. But in true KFC fashion, the brand found a funny way to bounce back. The company ran an ad that rearranged its letters to read “FCK” instead of KFC.
7. Franspiration: “Plan on planning. There’s an educational element here that is necessary for most franchise systems. That education is going to take some time.” – Patrick Maslyn of Maslyn Law on what to know before franchising
8. Franemies vs. Frands: It’s no secret that retail brands need to have a strong online store and presence in order to draw customers in today. But according to Target’s CEO, your online store can’t be your only Frand. Brick and mortar retail stores are going to continue to be critical in determining a brand’s success because they can make or break a consumer’s overall impression of a brand, which is why retail stores can’t be overlooked in the age of e-commerce.