Here in the UK, we're coming to the end not just of 2024 but also the conclusion of a busy awards season in both the UK franchise industry and in the children’s activity world, the sector in which my own business operates.
And whilst award ceremonies can be a great opportunity to get dressed up, socialise with fellow professionals and offer up valuable networking opportunities, it's not just about the glitz and glamour. Bringing home the trophy can have significant business benefits for a franchise brand, the franchisor and the franchisee network, and nominating the business for an award can be a strategic business development move.
Boost franchisee morale
Everyone wants to be on the winning team, and knowing that the brand that they are part of has won an industry accolade will inevitably have a positive impact on franchisee morale. To know that your business and your hard work has received official recognition provides a real sense of accomplishment which in turn is likely to result in renewed purpose, energy and enthusiasm. A happy, engaged and passionate team is any franchisor's biggest asset and will positively impact the business from both franchisor and franchisee perspective.
Increase brand awareness
Everybody loves a good news story, and business awards are more than just a pat on the back for a job well done. They can also be a fantastic tool for generating publicity and increasing brand awareness. Sending out press releases, gaining mentions in industry publications, shouting out about wins across social media, in blogs and on the website are all ways in which a brand can boost awareness, increase search engine rankings and digital presence and get their name in front of new audiences. When franchisees shout out about the awards win too, that multiplies the impact. And of course, heightened brand recognition benefits franchisor and franchisee, both in the short and long term.
Generate more business
Telling the world out that you are an award-winning business can certainly help to generate more customer enquiries and have a positive effect on the all-important business numbers. Consumers want to know that when they are spending their hard-earned money, they are doing so with a reputable and trust-worthy business and an industry award is a sign of credibility and a stamp of approval. From the franchisee perspective, an award win can result in more customers through their doors, and from the franchisor point of view it can lead to a significant increase in new franchise enquiries. And being an award-winner means that other opportunities can present themselves too, such as partnerships or collaborations with other companies keen to be associated with the brand.
Entering awards can be a time-consuming process, and of course a well-considered and crafted application is key to making the shortlist. An award win is not a guarantee of business success, nor is it a substitute for brand research. It can however be a great strategic move to cast a spotlight on the franchise and provide a big boost for the franchisor and franchisees - a real win win!
Written by Fiona Simpson, originally published on Forbes.