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One of the building blocks you must put in place before starting a restaurant is market research. Just like a well-crafted mission statement will help guide your business decisions, identifying and understanding your target customers and competitors through restaurant market research will give your business a competitive edge.
But it goes beyond figuring out how to source the freshest ingredients at the best price. Extreme Weather: By 2035, experts predict that higher temperatures alone will push up worldwide food prices by between 0.9 Seasonal Shifts : They may be predictable, but they still add another layer of complexity to restaurant management.
How rising import taxes may reshape menus, pricing, and sourcing in the restaurant industry. These policies, which will affect a wide range of imported goods, could ripple across the food and beverage industry in the form of higher prices, tighter margins, and evolving menus. With new U.S.
Understanding your target market is the foundation of making smart decisions for your menu, pricing, and overall guest experience. Without a well-defined target market, restaurants risk wasting resources on strategies that dont connect and menu offerings that dont selltrying to appeal to everyone, but standing out to no one.
Of course, running a restaurant is difficult, wholesale prices of ingredients have risen dramatically since the pandemic, labor costs are out of control, and landlords have no mercy when it comes to establishing lease arrangements. Here are some thoughts: PRODUCT: Take a hard look at your menu.
Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menuprices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.
While there was a brief dip in consumer awareness of menuprice increases in late 2024, the spring of 2025 has seen a moderate rise, affecting dining habits and consumer perceptions of value. “With rising prices tied to eggs and imported goods, restaurants will need to think creatively about their menus,” Fink said.
Wine lists that resemble an encyclopedia of the wine making craft are just the price of admission. The price they pay is a lack of balance in their lives, relentless stress, and always concerns about when their star will lose its shine. Find your own voice in a market that is filled with 74 thousand pizzerias in the U.S.
Have you ever wondered how, despite changing climates and seasons, the same leafy greens you use in your menu items are available year-round? Production lines then turned these greens into fresh cut salads, which captured the market share with a near 80 percent take. How Produce Markets are Impacted by the Transition.
We can expect to see a prolonged period of higher egg prices through the Easter and well into 2025, according to a repor t from CoBank. “While seasonality remains an influencing factor, egg use has grown dramatically over the last 20 years. “That seasonality appears to be gone.
While your restaurant may feature a diverse menu, delicious food, a great ambiance, and excellent customer service, you will still struggle to build a customer base without promoting it. Others tend to emphasize their cheaper menu options. Instead of promoting items according to price or margin, promote what your customers love.
With AI’s growing prominence in marketing discussions this year, brands have begun navigating both its potential and pitfalls. At the same time, economic uncertainty, consumer price sensitivity, and limited resources remain pressing concerns. Here’s what you need to know to make the most of loyalty marketing in 2025.
We can expect to see a prolonged period of higher egg prices through the Easter and well into 2025, according to a repor t from CoBank. “While seasonality remains an influencing factor, egg use has grown dramatically over the last 20 years. “That seasonality appears to be gone.
Foot traffic or heat mapping, menu item engagement, or consumer demographics by time of day. The quicker businesses can feed that information back into operations, the better, whether for personalized dining, staffing optimization, or advertising and marketing. As of 2024, over half of U.S.
From salted egg yolks and chili crunch fusions to mushroom-infused teas and freeze-dried fruit powder garnishes, Kimpton’s in-house experts share the standout ingredients, menu items and techniques that will come to the table in 2025. Move over “swicy.” ” “Swalty” has entered the chat.
The chain has kept its menuprices lower than inflation, and it has invested in other limited-time specials, such as its popular Never-Ending Pasta Bowl, in an effort to appeal to price-conscious consumers. It plans to keep prices down while also adding more lower-priced items to the menu. “If
The research found that businesses worldwide – particularly restaurants – intend to experiment more in 2025, especially with customer retention programs like loyalty, as they face the triple challenge of sustained high inflation, shrinking consumer wallets and the need to raise prices across the board.
Understanding the Fractional CFO Role A fractional CFO is a seasoned financial expert who partners with businesses on a part-time or contract basis. Strategic Cash Flow Management Restaurants often grapple with cash flow challenges due to seasonality, fluctuating customer demand, and variable/fixed costs.
Sure, that time frame overlapped with the pandemic and a tidal wave of touchless demand, but it was also a period that saw brands explore and begin to understand new uses for QR codes – including marketing and brand loyalty. Hospitality players can also leverage QR codes to keep their patrons engaged long after they leave the table.
Segments like the College and University sector are attempting to plan budget for FY 2026 and are not able to get reliable pricing from their partners across the supply-chain. ” Higher tariffs will certainly cause prices to rise for U.S. ” Higher tariffs will certainly cause prices to rise for U.S.
When used strategically, customer data can help you personalize marketing, streamline operations, and create a better dining experience for your guests. The more you understand your customers, the better you can fine-tune your marketing and pricing strategies. Or adjust your staffing schedule based on peak ordering times?
While the restaurant industry has been focused on value meals so far this summer, Pumpkin Spice Latte (PSL) season has snuck up on us with independent restaurants leading the orange-colored way. With the pumpkin spice market forecast to be worth $2.4 " There’s no denying the power in pumpkin. A can of pumpkin puree rose 7.4
As a seasonal business, we must manage a budget that includes almost all revenue during those busy months and very little or no cash flow during the slow months. With slow seasons also comes the need to navigate seasonal layoffs and the task of hiring all the best people back the next season. Plan for Gaps in Your Budget.
You can have a crowd-pleasing menu, loyal regulars, and a packed dining roomand still watch your margins disappear. Too many restaurant menus are built on intuition and aesthetics, not real numbers. What Is Menu Engineering and Why Should You Care? Because not every dish thats popular is profitable.
MVP Menu Performances More than 200 million people tuned in to the Super Bowl last year—many with a plate of wings in front of them. 11, 2024, comparing it to the average Sunday in 2024 and found that: Wings win MVP with an 87 percent increase in sales The average price of wings ordered increased 18 percent.
Instead, you’ll see signage about the health benefits of plant-based eating — the “primary drivers of consumer choice are personal benefit,” says Goldman — and the menu board, designed like any one in other fast-food chains. The bottom of the Yang’s Kitchen menu notes to diners, “We are working with Zero Foodprint to restore the planet.”
These include: Food Costs Labor Costs Occupancy Costs Operating Costs Marketing and Promotions Expenses Every successful restaurant owner knows that tracking these isnt just a bookkeeping exercise; its how you spot opportunities to save money, collect data for better decision making, and run more efficiently.
It just goes to show how important drink pricing and cost management are to maximizing profits. Bar profit margin and pour cost Some high-performing bars can reach higher margins by optimizing their costs and pricing strategies. Keep in mind that certain drinks can be priced higher due to their popularity or unique ingredients.
In 2025, the US online food delivery market is expected to reach $424.9 Customers expect to browse menus, place orders, and pay for their meals with just a few taps of their phones. This gives you control over pricing, branding, and promotions while eliminating the hefty commission fees that come with third-party apps.
In 2024, restaurants across the country saw an average five percent increase in transactions and an average eight percent increase in profits with only four percent caused by price hikes. Fast Food and QSR Value The United States Fast Food & Quick Service Restaurant Market size was valued at US$ 248.8 Perkins American Food Co.
When you decided to open a restaurant, you probably didnt picture yourself glued to spreadsheets or tracking the price of eggs, but keeping an eye on the numbers is how you stay open year after year. A spike in food costs, a drop in sales volume, or one slow season can wipe out months of hard work.
Based on all the buzz, it’s touted as AI-mazing for marketing. This has led many businesses to view it as a marketing magic bullet to solve their revenue woes. AI can be used to analyze social media data to identify trends and user sentiment, monitor customer feedback and track the success of marketing campaigns.
Think seasonalmenu items, weekend-only bundles, or one-day-only discounts; the urgency motivates guests to take action soon. LTOs also help you spotlight high-margin items or move excess inventory without slashing prices across the board.
With wholesale food prices soaring 13 percent in 2021 and labor costs rising as worker shortages continue, many restaurants are looking for smart ways to lower costs and avoid passing them on to their diners. One such solution has been shrinking restaurant menus. One such solution has been shrinking restaurant menus.
While three in four survey respondents believe restaurant prices are higher, other factors, such as flavor, outweigh price when ordering specialty beverages, particularly in the full-service segment. During a time of increased price sensitivity, beverages create an opportunity to increase the total check.
Restaurants can optimize their menu by highlighting delivery-friendly items, improve kitchen workflows through better station organization, and track prep times to identify bottlenecks. Seasonality: Demand can fluctuate based on the time of yearfor example, colder months often see more delivery orders because diners dont want to leave home.
In this article, you will learn: How to improve your restaurants visibility so more people discover you Engagement strategies that turn first-time visitors into repeat customers Practical marketing tactics to fill more tables and increase takeout orders Here are eight strategies proven to attract more customers to your restaurant.
What the data doesnt show is just how many of these restaurant closures come down to preventable issues, like: Poor financial management No marketing plan Lack of clarity around the restaurants concept The key takeaway here is: failure is not inevitable. Lack of Marketing and Visibility The Issue: Hoping if you build it, they will come.
Since we can’t get away from rising prices and supply chain bottlenecks, we can look for new approaches that can help manage the impact. Many restaurants are doing this by raising prices, cutting costs, taking items off the menu, and making do with lean crews. When is the season for the produce I want to work with?
The convenience-retailing giant on Wednesday announced a Craveables Value Menu, pitting it in head-to-head competition with fast-food chains also looking to win consumers over with low prices. The move comes as consumers continue to limit their visits to restaurants and rein in their basket sizes amid elevated prices.
For consumers, LTOs often bring to mind seasonal offerings that have become synonymous with specific times of the year. Any quick-service restaurant endeavoring to increase consumer engagement and create a dynamic brand needs to consider making LTOs a significant part of their menu development. All the tasting doesn’t hurt either.
Using that data can help you answer questions like: Are we pricing our bestsellers too low or overpricing items customers arent buying? Digging into your restaurant data analytics could reveal that the fried version is often ordered as part of a combo, while the grilled one rarely gets sold with a drink or side menu item.
Although ambiance , narrative, and menu diversity drive choices just as much, convenience and quickness remain critical. Securing the Right Location While Navigating an Evolving Real Estate Market The physical space of your restaurant determines how it feels, who it attracts, and how efficiently operations run.
It puts you in control of your brand, helps customers find you online, and makes it easier for them to view your menu, book a table, or place an orderand thats just the beginning. The hours arent clear, theres no menu, and youre not even sure if the place is still open. Frustrating, right?
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