Hi guys. I am here today to talk about restaurants. I do not go to restaurants I cannot afford because I do not have the budget for it obviously. I do not go to crowded restaurants because it is a hassle. Waiting time annoys the hell out of me. Neither I go to restaurants that have no customers which begs the question Why is it empty? Probably the food is not good so let us look for other restaurants.
Alright there are exceptions I guess if the restaurants has a name recall based on quality like Molto Mario, Anthony Bourdain and Wolfgang Puck. You probably wait in line to get inside these restaurants and you be delighted if there are no people around cause you be served in no time. Another exception would be if the food looks so good that you just have to try it regardless of how, why, what, when and where.
So that means when you see a restaurant having a queue line before it even opened, then that is a good sign.
Restaurants are the fast-food and fine dining. The difference is that fine dining cost more because of the freshness of the ingredients, the skill of the chefs, amount of work put on it and the ambience.
So these are the factors why restaurants make it or not.
Okay so if your restaurant is not doing well, you have to evaluate your target audience. Like is it for the Upper class, the Middle class or the masses. Because the number of customers I would think is a pyramid. The higher their class is, the lesser also is their numbers.
Let us say the Upper class can be divided further to the High, Middle and Low. So the top of the pyramid is the High Upper class. Let us say that this is your target audience. I say you are limited because the High Upper class has the least in numbers. If you ain't getting your expected customers, you might want to broaden your range of target audience.
Which means lowering your price to the rest of the Upper class people. Take a look at fast-food restaurants. They cater to all kinds of people.
The pyramid is also comparable to the highlands and lowlands. The mass of people crowd at the valleys and lowlands. So why are there poor people still living in the highlands like the aboriginal people? It is because of inheritance. Thus the need for them to get educated, adapt and work hard to survive and prosper.
Alright there are exceptions I guess if the restaurants has a name recall based on quality like Molto Mario, Anthony Bourdain and Wolfgang Puck. You probably wait in line to get inside these restaurants and you be delighted if there are no people around cause you be served in no time. Another exception would be if the food looks so good that you just have to try it regardless of how, why, what, when and where.
Donna Hay
So that means when you see a restaurant having a queue line before it even opened, then that is a good sign.
Restaurants are the fast-food and fine dining. The difference is that fine dining cost more because of the freshness of the ingredients, the skill of the chefs, amount of work put on it and the ambience.
So these are the factors why restaurants make it or not.
Okay so if your restaurant is not doing well, you have to evaluate your target audience. Like is it for the Upper class, the Middle class or the masses. Because the number of customers I would think is a pyramid. The higher their class is, the lesser also is their numbers.
Let us say the Upper class can be divided further to the High, Middle and Low. So the top of the pyramid is the High Upper class. Let us say that this is your target audience. I say you are limited because the High Upper class has the least in numbers. If you ain't getting your expected customers, you might want to broaden your range of target audience.
Which means lowering your price to the rest of the Upper class people. Take a look at fast-food restaurants. They cater to all kinds of people.
The pyramid is also comparable to the highlands and lowlands. The mass of people crowd at the valleys and lowlands. So why are there poor people still living in the highlands like the aboriginal people? It is because of inheritance. Thus the need for them to get educated, adapt and work hard to survive and prosper.
How to lower the pricing? I am not saying you lower all the prices of the food because you get no profit from that. What I am suggesting is you introduce a new product which is affordable to more people. Its an entry-level product so that your restaurant does not look miserable in its emptiness. So when these customers have the budget, they come back to your place cause people get accustomed to things. They might order the higher priced products the next time.
Say the coffee in Mcdonald's and Mister Donut is 35 pesos. Coffee in Starbucks and Coffee Bean is about 150 pesos while tea is priced about 100 pesos. Seattle's Coffee pricing is not far I guess. Of course we know that Starbucks is doing well cause of name recall. If you are Coffee Bean and Seattle's, you might want to try new ideas to have more customers. Like 75 pesos for a cup of coffee would be a game changer wouldn't you say? Mix coffee with liquid that is less expensive. I dunno, Yakult?
So when you have an entry-level product, you advertise it big. Why keep it a secret? Because that defeats the purpose of introducing a new product.
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