The fact of the matter is that in the current economic climate, consumers are going out and spending less. Because of this,  the dining market was hit hard. However, Q2 reports reveal there is a distinct line between successful and failing restaurants. And, it comes down to just three things… 

3 Factors that Separate Successful Vs. FAILING Restaurants

The culinary space is notorious for its troubles turning a profit — even with fantastic food! 

So, you’re probably wondering… 

WHAT PROFITABLE STRATEGIES ARE THESE EATERIES USING? 

Believe it or not, it has little to nothing to do with what lands on your plate. And better yet, they can — and should — be implemented in every industry. 

Let’s talk about them, so you can add them to your company playbook… 

Customers Believe They are Getting a better Bang for their Buck

Everyone is worried about inflation and how to beat it right now. For that reason, people are looking for ways to stretch their dollars further…

THIS MEANS MANY CONSUMERS ARE CUTTING OUT THEIR FAVORITE FOOD JOINTS ALTOGETHER. 

Despite that, successful restaurants develop strong value while those failing can’t justify prices… 

In particular, quick service outlet, Wingstop, has made strides with this as chicken wing prices drop. This translates into hungry customers getting more wings for less money. 

According to CNBC, CEO Michael Skipworth commented. 

“WE ARE SEEING POSITIVE TRENDS IN VALUE SCORES WITH GUESTS, IN AN ENVIRONMENT WHERE MANY BRANDS ARE MEASURING DECLINE.”

That being said, diners gotta know what’s on the menu before they decide if it’s valuable or not… 

Creative Campaigns for GREAT Food 

In the age of death-scrolling, ad blindness is a bigger challenge than ever before. Businesses must get consumers’ attention in less time to even have a standing chance.

So, a key difference between successful and failing restaurants is tapping into patrons’ emotions…

 NOT ONLY THAT, BUT THOSE CAMPAIGNS HAVE TO BE SOCIAL MEDIA-FRIENDLY, TOO!

A recent example of this is McDonald’s utilizing nostalgia in their wildly popular Grimace’s Birthday meal campaign. 

The Grimace deal was the perfect recipe for success. It included: 

• Menu items people already loved — such as Big Macs and McNuggets. 
• An Insta-worthy, limited edition milkshake. 
• Most importantly, a brand character associated with fond memories. 

In fact, the burger giant’s CEO Chris Kempczinski contributed most of its second-quarter growth to the purple mascot. 

“THIS QUARTER, THE THEME WAS, IF I’M BEING HONEST, GRIMACE.”

McDonald’s was then set up to achieve the final skill that successful restaurants have but failing ones don’t. 

Ability to Get MORE Diners to Spend MORE Money

Now, we don’t mean to ruffle any feathers with this next statement, but… 

A QUARTER-POUNDER IS PROBABLY NOT GOING TO BE THE BEST CHEESEBURGER YOU’LL EVER EAT. 

That means that even in the restaurant biz, being successful or failing has nothing to do with the quality of your product. It is about selling a higher quantity, plus raising your average ticket price. 

In the case of the Grimace Birthday Meal, the added social media attention grabbed additional customers. But, it also added a milkshake to orders that normally would skip on dessert. 

AND, ALL THOSE LITTLE EXTRAS ADD UP TO BIG PROFITS. 

As we mentioned earlier, any company in any industry can use these powerful strategies to blow up revenue. But how do you put it all together? 

How to Leverage Successful Restauraunt’s Methods and NEVER Fret Failing… 

At the end of the day, the real difference between a successful and failing restaurant is its ability to market. 

THE FRESHEST INGREDIENTS, BEST ATMOSPHERE, AND STUNNING PRESENTATION MEAN NOTHING IF NO ONE COMES IN! 

The same is true about whatever product or service you offer. While revenue is the lifeblood of your business, marketing is the veins that carry it. 

Become omnipresent and great, 

GCTV Staff 

If you aren’t a Marketing Master, check out Grant’s 10X Workshop training. He breaks down how he used marketing to crush the “Undercover Billionaire” challenge. 

Go here to check it out. 

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