Exploring Successful Restaurant Business Strategy Examples: Lessons to Learn
The restaurant industry is a highly competitive market, with players vying for their share of customers’ appetites. Even with a tasty menu, the quality of service, decor, and marketing efforts can make all the difference in a business’s ultimate success or failure.
In this article, we will take a closer look at some of the most successful restaurant business strategy examples and what lessons can be learned from them.
1. Local Sourcing
One key aspect of creating a successful restaurant business is to source locally. That means buying seasonal and locally produced food to ensure the best quality ingredients and to drive growth and profits to the local economy. Customers are often willing to pay a little more for a meal if they know it’s supporting local farmers, businesses, and communities.
Case study Example: Chipotle Mexican Grill – With over 2,600 restaurants in the US, UK, and Canada, the company ensures that 35% of its products are sourced locally to keep the menu fresh and appeal to the local palate. This local focus is also highly effective in their marketing strategy, as it resonates well with customers and helps to nurture loyal patrons who value locally produced food.
2. Tech-Enabled Ordering Systems
In this digital age, people expect convenience when it comes to ordering food. Increasingly, restaurants are using technology to meet customer demand, such as smartphone-enabled ordering systems and online delivery platforms. By leveraging technology to improve order accuracy, speed, and convenience, restaurants can create a more seamless customer experience while increasing profits and reducing operational costs.
Case study Example: Panera Bread – Panera Bread was the first restaurant chain to offer online ordering for pickup or delivery in 2012, and it remains the best example of a successful restaurant business model with tech-enabled ordering systems. By 2017, digital orders accounted for 30% of the chain’s total sales, thanks to a suite of tech-enabled options like a Rapid Pickup service, an app that allows customers to place orders, make payments using mobile wallets like Apple Pay and Google Wallet, and track their orders in real-time.
3. Engage Customers On Social Media
Social media has become a vital communication channel for businesses of every size, no less restaurant businesses. It is a valuable tool for engaging customers and promoting the business, menu items, and services.
Creating engaging and informative social media content is an effective way for restaurants to build an online community of fans and create brand awareness. Through social media outreach and advertising programmes, restaurants can quickly attract their target markets, increase brand loyalty, and direct customers to the business to place an order.
Case study Example: Shake Shack – With a thriving Instagram account that has over 1 million followers, Shake Shack, an American fast-casual restaurant chain, is one of the best examples of the effective use of social media in promoting their brand. By regularly updating its Instagram account with appetizing shots of its burgers, social media challenges, and a range of other content, the company has managed to build a significant online following and excellent brand awareness.
Conclusion
These examples are just a few of the many strategies employed by successful restaurant businesses. However, what they all have in common is the focus on creating a familiar and compelling customer experience, sourcing quality ingredients, and adopting innovative technology. By adopting these and other proven strategies, restaurants can sustain a thriving business model and stand out in the competitive world of the restaurant industry.
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