Updated: Oct 8, 2021
Clearly establishing what your brand is all about has the power to increase the value of your business’s product or service by over 20 times.
8 Ways I Set Our Restaurant Apart From Competitors
1. Focus On The Consumer
Getting to know your target audience allows your marketing to be finely targeted. Your brand identity should speak to your target market, addressing their specific needs in a language they can relate to. In this way, your message can cut through the noise of competing brands. How a brand is perceived in the market is what I'm passionate about. Understanding the consumer's needs and behavior to ensure that the service and product falls in line with their brand and resonates with current and potential customers.
2. Sell the Experience, Not the Product
Here, I get a chance to bring my skills and experience to the table. This project gives me an opportunity to tell an unique brand story. This restaurant brand has amazing products right off the bat—excellent Asian Fusion and Thai food, and superb sushi. This is what sets them ahead from their competitors. They certainly set a high standard for their product.
StarThai definitely puts their heart and passion into their culinary standards. I had the opportunity to watch their chef at work one day. I truly admire their attention to details, the art of preparation, the decor, their overall presentation and of course the quality of the sushi itself. These are the qualities that set them apart from their competitors. I knew then I had something great to work with.
If your business is not a brand, it is a commodity. - Howard Schultz, CEO of Starbucks
3. Tell A Really Good Brand Story
We built this brand Identity from the ground up. After a meeting with the owners, we were intrigued by their original concept. StarThai & Sushi restaurant mimics Izakaya—a popular Japanese after-hours hangout, which has a concept we have never of heard before. But once we extensively look into it, we immediately felt in love with the idea. Collectively, we wanted the StarThai brand to be the place where the customers get to see something unfamiliar. When entering the restaurant, they are captivated by all their senses—the art on the wall, the color schemes, the energy of the place, the vibe of the people, and of course the greetings from our staffs.
4. Building an Emotional Brand Connection Is a Big Deal
Knowing who are we targeting is the driving force during the concept development phase. Finding ways to build a strong emotional connection with our customers to make them engage with our brand is crutial. We believe that building an emotional connection is personal. It builds on the consistent positive customer experience that we provide.
We want every single one of our customers to feel like they're V.I.P customers. Our food, our presentation, and our superb customer service reflects our sense of pride and passion for what we do. We want to be the place where our staff is know for their personal touch—a place where we know our customer's, what they like and dislike, and even their favorite drink.
Focus on building the best possible business. If you are great, people will notice and opportunities will appear. - Mark Cuban, Owner of Dallas Mavericks
5. Know Your Number
As a business owner, you have to know your numbers. Manage overhead costs is essentially necessity. Business overhead costs are expenses that are related to the day-to-day running of a business. Reducing overhead costs is important in a business downturn. When business is slow, cutting overhead costs is normally one of the easiest ways to minimize losses and return your business to normality and ultimately profitability.
Business overheads which usually include
Your rental space, insurance and contracts.
Your utilities, maintenance, repairs and misc. expenses.
Your sales and marketing, inventory, product ordering, vendors, payroll down to your revenue streams.
Your restaurant revenues are usually coming from these areas:
Your daily revenue, and sales per table revenue.
Your bar/alcohol sales.
Your to-go sales, deliver services and referrals.
Your ability to upsells, restaurant special promotions, offers and giveaways.
Your online orders, reservations, walk-ins, to various traffic leads.
6. Start Boosting Your Cash Flow. I Mean Now.
Understand this, there are two main types of cash flows - cash inflows and cash outflows. However, first of all, let's simplify this cash flow concept. Your restaurant’s cash inflows usually include cash received from customers, money received from selling assets and cash obtained from financing sources. Your cash outflows for a restaurant usually consist of cash spent on operating costs, money used to buy assets and money paid to financing sources, such as dividends distributed to investors. The basic rule is when your cash inflows exceed your outflows, you get positive cash flow. And in terns, this increases your cash account and provides money to grow your business.
A. Monitoring your numbers. First, monitoring your cash flow allows you to see how your sales, and the corresponding cash flow, ebb and flow over time. At the same time, it also makes it easier to create an accurate forecast of your sales and cash flow projections. As a business owner, tracking your cash flow on a weekly can highly beneficial the foundation of your restaurant business. Understanding the fluidity of sales cycles is very necessity.
B. Monitoring your Budget. A budget is the cornerstone of any cash flow management plan. Knowing your numbers also including knowing where are you revenues are coming from, what sells most or to least favorite items. Learn to manage your budget. You must budget seasonally to be on top of things.
Again you have to know your numbers especially the different between cash inflows and cash outflows. The rule is when your restaurant's cash inflows exceed your outflows, you get positive cash flow. And certainly, this increases your business's cash account and provides money to grow your business.
7. Measure. Measure. Measure.
How To Measure Your Weekly Business Overall Performance:
Daily Occupancy: Paying attention to the trend
How Do Your Customers Know About You?: Search, Referral, Promotion Ads etc..
Overall Customer Satisfaction: What is the percentage?
Repeat Customers: Improved or not?
Online Engagement: Increased or decreased?
How's Your Website Visits: Increased by how much?
Online Weekly Orderings: Increased by how much?
8. Know Your Unique Selling Point
"Why people should buy from you?" a question you should ask yourself as a restaurant owner or manager. Brand relevance comes down to trust. Brand trust is loyalty. Brand loyalty comes from brand experience. Some of the most successful brands are the most relevant brands. It's the fact that our own happiness and well-being are the most important! So make your brand personal. Telling your story is a critical part of building your brand. It helps to shape how people view you and enables consumers to begin forging a connection with you and your company. Good brand story telling begins from its purpose, core values, and mission. This is called your "Unique Selling Point Proposition".
“Good marketers see consumers as complete human beings with all the dimensions real people have.” – Jonah Sachs
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