5 ways restaurant owners can get their brand equity back

It’s been a difficult year and one that has been painful for many foodservice operators. To add fuel to the fire, many consumers are making their fast-food decisions based on either geographical proximity (can I pick up?) or third-party delivery services, which cost 30% of sales. What can restaurateurs do to retain their brand equity in these trying times?

Marcelo Salup, co-founder of CEO Analytics and a 35+ year marketing veteran, lists five actions that restaurant owners can take today to get their brand back.

Listen to customers

Ignore peers, pundits, and poohbahs. Go straight to your customers and listen to them.

Ask the right questions

Outdated “scale of 1 to 5” surveys are useless. Ask questions in a format that will get you actionable answers. Drowning in data is still drowning.

Don’t second guess the answers

If a large number of your customers tell you parking is important, then give them parking. Giving your customers what they want reduces the need to give them coupons and discounts.

Divide and conquer

Tailor your message to what each individual group tells you is important to them. The “spray and pray” years are over. Digital media can be surgically precise if you know what you’re doing.

Keep your finger on the pulse

2021 is not only going to be really different than 2020 or than 2019, but 2021 itself is also going to be different from one quarter to another as different areas change their “stay at home” policies. So we recommend follow-up research periodically.

The importance of brand equity

Brand equity is what really drives loyal customers, the 20% of the customer base which represents 80% of your business. But brand equity has been damaged by store closings, the emphasis on pick-up, and the surge of delivery.

Following these tips, though, should help to mitigate the impact.

SOURCE: CEO Analytics