2018 was a good year for the economy, which is always a great thing for the restaurant industry.
But what will 2019 bring?
The U.S. Federal Reserve predicts that the gross domestic product will grow by 2.5 percent. The unemployment rate is expected to continue to drop too.
But when it comes to labor, this means the labor pool will only be more shallow. However, this is a good thing for restaurants in the sense that more consumers will have a deposable income to spend.
That just means it’s time to take your business to the next level. In a recent “Entrepreneur” report, it outlined five business trends expected to reign in 2019. One of which is that there will be more personalized experiences because these resonate with customers.
“Next year, take a page from Dunkin’ Donuts. The breakfast brand recently reported a 3.6 percent redemption rate for a mobile coupon campaign aimed at a competitor’s customers in Rhode Island. What’s more, ten times the number of redeemers took a secondary action, such as mentioning it on social media,” writes “Entrepreneur.”
In 2018, data privacy became a hot topic, especially after the Facebook data breach.
In a recent episode of The Barron Report, host Paul Barron breaks out the Cambridge Analytica scandal and how it may be affecting your restaurant. Listen below to see how users are engaging with your Facebook content and how this data debacle has been impacting your restaurant sales.
With a series of data breaches being revealed in 2018, customers have become much more weary to share their information and for good reason.
“In the coming year, avoid purchasing data or otherwise acquiring it without consumers’ consent. Not only is regulatory pressure increasing on companies that do so, but Deloitte reports that 71 percent of purchased data is inaccurate,” writes “Entrepreneur.”
Instead, interactive content is a great way to collect guest data. Whether it be offering free Wi-Fi, collecting guest info for a waitlist, etc. With these methods, guests are willing to share their data for convenience.
Although meal-kit subscription services struggled in 2018, “Entrepreneur” predicts that other subscription-based companies will continue to flourish.
See what the other business trends are that are going gain momentum come 2019 at “Entrepreneur” now.