Case Studies: How Effective Training Kept Marketing Franchises Afloat in Past Recessions
Effective training has been instrumental in keeping franchises afloat during past recessions. Statistics show that 92% of franchise businesses are still open after (5) years or opening which is a significant success rate when you consider, according to the U.S. Bureau of Labor Statistics (BLS), approximately 20% of new businesses fail during the first two years of being open.
This statistic is part the the research that motivated Flourish Media to create Flourish Media Franchising. Here are some case studies that highlight the impact of comprehensive training programs.
1. Franchise A: Adapting to Market Changes
During the 2008 financial crisis, Franchise A faced a significant drop in customer demand. However, thanks to its robust training program, franchisees were able to adapt quickly. They leveraged digital marketing techniques and targeted new customer segments, resulting in a 15% increase in revenue despite the economic downturn.
2. Franchise B: Financial Management
Franchise B’s training program emphasized financial management skills. When the COVID-19 pandemic hit, franchisees were prepared to manage their finances effectively. They implemented cost-saving measures, optimized cash flow, and secured financial assistance, ensuring business continuity and stability.
3. Franchise C: Crisis Management
Franchise C’s crisis management training proved invaluable during natural disasters in 2017. Franchisees were able to implement contingency plans, maintain communication with customers, and continue operations with minimal disruption. This proactive approach helped them retain customer trust and loyalty.
4. Franchise D: Building Customer Loyalty
Franchise D focused on building customer loyalty through excellent service and relationship management. During the 2001 dot-com bubble burst, franchisees maintained strong customer relationships, resulting in continued patronage. The loyalty of their customer base helped them weather the economic storm.
5. Franchise E: Continuous Improvement
Franchise E’s culture of continuous improvement empowered franchisees to innovate and stay competitive. During the 1990s recession, they introduced new service offerings and adapted to changing market needs. This agility and innovation ensured their continued growth and success.
Call to Action
Learn how comprehensive training can help your business thrive during economic challenges. Open a Flourish Media franchising remote office in your area and gain access to top-tier training programs. Visit FlourishMediaCo.com to learn more.
