2020 Franchise Marketing Trend: Stop Focusing on Millennials
The demographics of America, business and franchising are changing. And Wheat Creative will make sure your brand is prepared with new strategies to meet these new target demographics and introduce them to the fantabulous world of franchising!
Millennials Who? Meet Gen Z
It seems like we just got a handle on Millennials, yet, somehow, they’re already irrelevant. Well, irrelevant might be a strong word, but the sentiment remains: if you want to stay ahead of the curve it’s time to shift your focus to the next generation – Gen Z.
Millennials, the oldest of which are in their late thirties, are coming of age as professionals and entrepreneurs. For years, we’ve been focusing on Millennial franchisees and Millennial consumers. And while Millennials are still the largest living generation, Gen Zers are just starting to enter the workforce and will soon be making a large impact on the franchise industry.
Things to Know About Gen Z
- They’re on track to be more entrepreneurial than their generational predecessors, with 41% planning to become entrepreneurs
- By the end of 2020, Gen Z will make up 20% of the American workforce
- They are digitally savvy, having received their first phone at age 12, on average
- 48% of Gen Zers are racial or ethnic minorities, making them the most racially diverse American generation
Franchisors looking to court Gen Zers, as consumers for now and maybe as franchisees later, will have to integrate technology into their marketing. Although the oldest members of Gen Z are in their early twenties, they’ve had unlimited access to the internet for more than a decade. The web is where they are comfortable. In fact, digital marketing is a great strategy to reach Gen Z as consumers, because they understand targeted digital ads and social media influencer campaigns.
As franchisors prepare for the next generation of franchisees, they should consider integrating technology into their business models and operations. This integration could look like utilizing proprietary software that will help franchisees streamline operations or build stronger customer relationships. Software can include customized scheduling systems, CRM tools and even apps that allow customers to interact and purchase more easily.
Technology integration can also look like mastering social media strategy or including franchisees in discussions regarding technological upgrades and changes for the brand. These are the tools and practices that members of Gen Z will be looking for as signals that a franchise is just as tech-savvy as they are.
Women in Franchising
Another franchising trend that’s here to stay is the increase in women becoming franchisees. According to the Franchise Business Review’s 2019 Women in Franchising report, the number of women becoming franchisees has jumped up 24% over the past 10 years. Additionally, 26% of all franchises are owned by women and 41% of the franchises opened between December 2017 and December 2019 are owned by women.
As your brand markets to women looking to franchise, it can be beneficial to emphasize the flexible lifestyle of business ownership. Flexibility is one of the biggest reasons women are drawn to franchise opportunities, especially those that allow them to work from home. Terms like “work-life balance,” “semi-absentee ownership” and “family-friendly schedule” can be impactful when used in website copy, in blogs and on PPC ads. Reach out to Wheat to learn more about the strategies that can help you reach more potential women franchise owners.
It’s also good to know that childcare, travel, fitness and education franchises are more likely to be owned by women than men, fueling the growth of these sectors and the overall number of women franchisees.
Women are already entering the franchise industry in larger numbers – and Gen Zers are on their way. Make sure you’re ready for them with marketing strategies that will have an impact.