In the good old days, the key to success for foodservice brands was straightforward. Set up shop in high-traffic areas, offer good food at a fair price, and you were almost guaranteed success and longevity. And although location, food quality and price still play a major role in your brand’s fate, it’s no longer that simple.
The new formula for financial success involves buzzwords such as accessibility, trust, personalization, and experience—not to mention the need for an engaged workforce that embodies and lives your brand’s mission every day. What modern foodservice brands understand is that it’s a new and growing reality in the era of the empowered, informed consumer.
In partnership with Accenture and Jefferies Financial Group, we recently conducted a national survey of restaurant-goers to determine what key benefits impacted how they chose where to eat, and how national brands perform on those benefits. However, we didn’t stop there. We then determined which benefits most strongly correlated with positive same-store sales. The results revealed key themes that reflect the importance of those so-called buzzwords and illustrate how it’s no longer as simple as location + good food + fair price = financial success.
Regardless of where your brand is in its life stage, the above themes will be essential for financial success. For brands that haven’t yet started down this path, it’s not too late. For brands that have been investing in these areas will need to continue to invest and should already be thinking about what’s next.
May 30, 2019
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