Three Ways to Keep Your Restaurant From Failing

The economic forecast for the restaurant industry is discouraging—restaurant markets have become oversaturated, labor and food costs are rising, overall sales look weak, consumers are constantly searching for something new and maintain unpredictable loyalties, and banks and investors are not eager to invest.

For current and aspiring restaurant operators, having a game plan is key. As Paul Barron discusses in the above video, there are three key strategies for ensuring that your restaurant succeeds: Cross Competitive Marketing, Multi-Platform Retargeting, and Content Marketing & Execution.

Cross competitive analysis is all about covertly acquiring your competitors’ customers. Tools like Sprout Social are essential for the survival of opening or struggling restaurants. Sprout Social uses digital customer relationship management (CRM) to build lists of the types of customers and influencers your competition is catering to—all to ultimately determine what those customers are looking for in a restaurant.

According to Barron, operators tend to make the same mistake. “They do blanket advertising on digital and think they’ve checked the box,” says Barron. “That’s not how you do digital marketing.” List building and targeting, social conquesting, and studying browser behavior is paramount.

Another helpful tip? Geo seeking. Cell phones are constantly sending data from the apps consumers use to a data provider—and that data provider subsequently sells the data to companies trying to target those consumers.

Operators who choose to acquire that data can target their marketing by geo location, competitors, lookalikes, or influence. Advertisements can even be dependent on a customer’s browser behavior.

“Don’t think about your competition as just competition,” adds Barron. “Think about your competition as their customers.”

To learn more about the value of bounce back cards, training a SEAL team of employees, and the importance of having a story, check out the video above!

Produced by:

Paul Barron

Paul Barron

Editor-in-Chief/Executive Producer


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The company launched in New York City in 2014 and is co-founded by innovators and entrepreneurs Ben Leventhal, Michael Montero, and Gary Vaynerchuk. Resy features complete restaurant reservations and waitlist system, table management, ticketing, web and app booking, CRM, and POS.

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  • Slow down and understand your customer, they are your greatest resource when it comes to understanding your business. 

 

Technology also simultaneously opens up the back-end world of restaurant operations for the entire enterprise. But due to the breakneck speed of technology innovation and uncertainty over standards and norms in off-premises operations, the segment is earning a reputation as ‘the wild west’ of the restaurant industry. However, technology roadmaps that create a seamless customer experience are not only possible, they’re the only way to survive the battles that await operators. In episode three of The Takeout, Delivery, and Catering Show, we sit down with Mo Asgari, President of MonkeyMedia Software, to break down the barriers operators face and will highlight the best technology design for modern-age full-scale deployments.

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