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Restaurant Market Research: Ultimate Guide to Market Analysis

7 Shifts

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.

Marketing 148
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Hotel Market Segmentation Guide- Key to Your Hotel's Growth

Hotelogix

Ever wondered why some hotels consistently outperform their competitors, even in challenging market conditions? The secret often lies in their ability to master market segmentation - a strategy that's becoming increasingly crucial in today's diverse hospitality landscape. 

Marketing 100
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Where Is Surge Pricing Headed?

Modern Restaurant Management

"Restaurants thinking about implementing surge pricing need to balance the revenue upside with the potential brand backlash," says Savneet Singh, CEO of PAR Technology. "While ’" Is it possible for restaurants to have the best of both worlds and maximize revenue and still capture customer loyalty? Yes, and yes!

Pricing 193
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Customer Service Trends in the Restaurant Industry to Look For in 2020

Modern Restaurant Management

Statistics show that 96 percent of consumers from across the globe say that customer service plays a critical factor in choosing a brand they’ll be loyal to. As a service-oriented industry, knowing what makes your customers tick and capitalizing on their preferences will allow you to provide top-of-the-line service.

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Price Matters: Inflation Wearing on Consumer Dining Behavior

Modern Restaurant Management

RMS just released our latest findings around consumer sentiment for Q1 , which revealed, among other things, that price is starting to matter—and not by an insignificant amount. When asked why they were getting less value from a restaurant visit, 82 percent reported higher prices. The sentiment has changed rapidly.

Pricing 189
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Balancing Dining Experiences with Cost-Conscious Strategies

Modern Restaurant Management

Minimizing Menu Price Increases : Just because diners are still eating out and ordering in, does not mean they are happy about higher menu prices. Restaurant operators should limit significant menu price increases, explore value menus when possible, and avoid implementing any sneaky service charges.

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What’s the Real Cost of a Bad Review? It’s More Than You Think

Revenue Hub

According to research cited by Revenue Hub , a one-star drop in your rating can translate to a 5-9% loss in revenue per room, depending on your market. It works the other way, too: a poor rating limits your pricing power and can force you into a race to the bottom just to fill rooms. That single 2-star review?