Success in the restaurant business can be elusive. What’s more, success means different things to different people. Some operators want to just make a living. Others have loftier goals – maximization of market share, achievement of targeted return on investment and so on. Regardless of one’s definition of success, the basics in the restaurant industry never change.
Here are the top 10 factors that contribute to success in our industry:
• Validated concept definition. Can you clearly state what experience your restaurant offers, what products it serves and what service-style it employs? If not, you’re not sure what your restaurant is all about and neither are your customers.
• Understanding your restaurant’s demand types and sources. Is your demand destination, generative or impulse? What is your trade area?
• Location. Regardless of your restaurant’s types and sources of demand, customers must be able to find and access your restaurant easily.
• Differentiated brand imagery. What makes you stand out from your competition?
• Targeted value proposition. Consumers are more knowledgeable and more demanding than ever. Value means offering the choices, convenience and monetary satisfaction at whatever price point the consumer selects.
• Targeted marketing. Make sure your marketing focuses on your trade area, your customer demographics and their buying behaviours. Find ways to measure the success of each marketing program.
• Quality food. You’re only as successful as you last meal.
• Quality service. You’re only as good as your last customer interaction. Do you talk about good service or does everyone in your organization understand it and live it?
• Flawless execution. Do all the elements of the experience you expect to provide to your customers come together every hour of every day? How do you know? Do you take action to make sure that they do?
• Customer data. Do you really know your customers – their demographic profile, their needs, their wants, their expectations
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