Franchise

Geographical analytics are at the core of many decisions that you’ll make about your business. Whether you’re trying to decide where you want to open a new franchise or who you want to advertise to, analytics will tell you where your customers are and what they’re interested in. Nevertheless, there are some mistakes that franchisees can make when they’re looking at their analytics. Data is only one part of a thorough analysis; you also need to be able to derive actionable, insightful information from that data as well.

There is a science behind predicting consumer behavior – literally. Customer behavior scientists forecast consumer buying habits by estimating how different segments of the population will respond to, use and purchase specific products and services. This is based on a black box model. People respond to a stimulus, which is the core of the black box model, but how do retailers create the right stimuli for their brand? Demographics play a big role. How can you put demographics to work enhancing your sales potential?

If you want your business to generate profit, you need to make sure the foundations are set right. In the case of brick-and-mortar business, that foundation is the physical location of your business. Your success or failure practically depends on this. One might be tricked into thinking “oh come on, I am about to open a McDonald’s, everybody loves it. All I need to do is just find an affordable location”. Well, try opening a McDonald’s in a vegetarian neighborhood. You know what will happen? RIP profits.

The franchising business carries a lot of risk alongside with the potential rewards. A successful franchise is basically a wild idea of somebody that was able to turn in into reality with the help of hard work and, most of the times, a healthy amount of luck. Naturally, young businessmen see an opportunity in these kinds of endeavors: if it worked once, it will work twice.

Territory mapping software (TMS) is used by retail businesses everywhere, from global billion-dollar organizations to small enterprises. Franchise territory mapping software has been fine-tuned over time to ensure it can meet the sales needs of any industry.

International franchise Association (IFA) is the world’s largest and oldest organization representing franchising worldwide. IFA utilizes its governmental relationships, policies, media and educational programs to defend the rights, promote and support franchising industry and over 780k franchise companies that hold close to 9 million jobs and produce $900 billion economic resources for the U.S.