New Year, New Approach to Franchising
Franchises continue to be a hot opportunity for aspiring entrepreneurs, and a recent article in QSR Magazine confirmed this, indicating that millennials’ next frontier is franchising. The same characteristics that may have annoyed parents and traditional workplaces are well suited for this group who seek “authentic brands that fit their lifestyle”.
In a couple of weeks, we are headed to the International Franchise Association’s annual convention. It is Tango’s first time attending and exhibiting at this conference, and we, like millennials, think franchising is worth serious consideration. In fact, one of our main product focuses is providing solution to both franchisors and franchisees to ensure they have the access to information to make better decisions about where to open new locations, the potential cannibalization impact on existing locations, and to ensure that the portfolio is being developed and optimized in a way to support growth objectives.
One of the newest offerings that we will showcase at the show is our game-changing approach to cannibalization analysis, SiteImpact™. Restaurant companies and retailers who franchise know that one of the key challenges they have is quantifying the cannibalization impact from new locations. And traditional ways of doing this – through surveying – are costly, time consuming and subjective. Our partnership with UberMedia enables companies to easily geofence an existing location, capture the UberMedia data points, and ensure rapid cannibalization analysis. In less than a day, retailers will understand the financial impact of the potential new location.