Franchise Growth Strategies: Five Key Insights from Industry Leaders

The lineup at Retail Fest 2024, Australia’s biggest retail conference at Gold Coast, was full of swashbuckling individuals and entities who have seen and done it all. Ranging from the realms of retail to fashion, FMCG, tech, and more, there was so much to learn from this no-nonsense conference. Let’s explore the most critical words of wisdom shared by industry veterans for franchise owners like you to learn from.

1. Networking and Business Growth is a result of Meaningful Conversations

All across the three-day conference, there was a special emphasis on networking through dialogue that comes with value. Various keynote speakers, ranging from CEOs to PR specialists and beyond, pointed out that true business growth comes from the collective experience of the stakeholders that surround your business ecosystem. Of course, this ranged from one-to-one interactions with industry veterans to getting their two cents on the way the world works.

But beyond that, it also depends on strategies driven by value, as franchisee businesses must learn how to replicate stellar customer experiences in each of their locations. While this is easier said than done,  keynote speakers and franchisee veterans were up for a coffee and chat, helping the curious on how to crack the perfect recipe across the franchise’s heatmap. Some crucial insights were laid on having a set of shared values and consumer-first strategies and following up the rest from there.

2. The Grandest of Journeys go through the Toughest of Tides

As they say, the highs are high and the lows are low. Various influential brands and motivational speakers brought this learning for franchisees into a new spotlight by stating the crucial nature of brand integrity in making their franchise a hit. The grand vision should be the ball and the eyes should collectively stick to it, and the rest follows through ups and downs.

There were plenty of practical points, but a special one was Culture Kings, the boutique brand that became a global streetwear phenomenon. The top dogs from Culture Kings were proud of their focus on the result—to make their brand the global streetwear icon. As a franchisee, this is where you learn how crucial it is to innovate and adapt your business model to the ever-so-dynamic market. But all that aside, Culture Kings never lost their core values, taking them from a local apparel shop to a global icon.

3. Customer is King, and Kings vary for every Demographic

No matter where your franchisee goes, there’s always a new scent in the air, leading to new possibilities and in most cases, new threats. As a budding franchisee owner looking to scale up, remember that every new location is a new playing field. At this retail conference for franchisees, industry leaders paid heed to rising and dynamic consumer expectations. These ranged from regulatory changes to a special emphasis on doing good for the environment. 

Even the grandest franchises like McDonald’s failed in markets like India and had to design their menu from scratch due to an unconventional customer profile, but this changed from postcode to postcode. A locality full of nine-to-fivers won’t have the time to hit the grocery store, so they might order online or simply do a quick drive-through. How does your franchisee take these factors and convert them into new opportunities? 

4. Future-proofing yourself is as Critical as Fortifying Your Franchisee

‘Resilience’ is a word often thrown around for entrepreneurs dealing with business adversities, but in reality, it does have a critical impact on your franchisee just like it impacts you. This is why Retail Fest 2024 had special sessions to strengthen the mind, body, and soul of the ones who dare to franchise. Motivational speaker Kai Sakakibara was in the thick of some hard times, and he formulated his adversities into opportunities.

This was one of many keynotes offering franchisees growth advice, ranging from market downturns to unexpected challenges. This included a roadmap to embracing change and coming out stronger to ensure long-term success. Leadership coach Shannah Kennedy emphasised in another session, how self-leadership can expand the horizons of one’s business through leadership skills and performance planning. After all, cohesive franchise management is all about managing the people who make it all happen. 

5. Artificial Intelligence is becoming Human – but are you?

… And your franchisee should follow suit. After becoming the buzzword in the 2020s, AI is not letting go, evolving into the best version of itself. While many franchisees are treating it like their enemy, it’s got the olive branch to be your franchise’s best friend. 

Many real-time working sessions assisted entrepreneurs, teaching them how to leverage data and AI in rekindling their business to the next level. Franchisees learned how to enhance their local and online interactions, improve their reputations on the micro levels, and ensure customer retention.

Not only that, some quick-fire sessions offered live website audits, and it’s safe to say they weren’t for the faint-hearted but came with helpful insights to enhance user experience. With global e-commerce reaching the next level, tech gurus touched base on how automation can keep international market regulations in check.