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Plain Talk
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Staying Ahead of the New Restaurant Competitor: Grocery Stores
From The Buxton Co More and more, consumers are choosing to dine in than eat out as grocery prices continue to decline, while inflation is driving up the cost of dining out. This consumer dining trend has sparked concern among restaurant owners from fast food to fine dining. Some have even speculated a restaurant recession may be afoot. What does this mean for restauranteurs? You’re no longer competing with just the concept down the street, but also the grocery stores next door. As consumers choose to dine out less often, it is critical to have a deep understanding of who your best potential customers are, where they are located and why they may decide to dine out rather than eat at home. With shifting consumer dining habits, how do I reach my best potential customers? Learning the lifestyle behaviors of your best customers will help drive them to your store. Are they looking for shorter lines to get the kids home, do they prefer take-out to dining in or are they looking for convenience? Custom segmentation will allow you to identify your best customers using your data compared to actual consumer eating behaviors versus their propensities. How do I get these potential customers into my restaurant? Tailor your direct marketing to your best potential customers. Use messaging that will resonate with their lifestyle characteristics and how they consume information. Appeal to an increased demand for personalization, and stand out from your competitors. Whether your customers use a tablet at home, a desktop at work or are attached to a smartphone on the go, maximize your return on investment by leveraging your customer’s preferences in your marketing strategy. What if my restaurants still aren’t meeting expectations? You’ve made significant changes to how you reach your customers, make sure your locations are meeting expectations to outlast the decline in dining out. Conduct an existing store network analysis to compare performance. This type of analysis will identify which stores are exceeding expectations and how to replicate that trend for other locations. You’ll also be able to identify which locations should be relocated or need operational optimization. Consumers are dining out less. Make sure when they choose to eat away from home they are choosing your restaurant. Learn how to stay ahead of the competition with customer analytics.
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