Establishments that serve food are one of the many sectors that can benefit from market studies. This investment makes more sense when you know that the budgets put to work in this area are much larger than those of other segments. Before hiring staff, looking for a good location or acquiring all the perishable supplies, it is worth paying close attention to the starting point.
Market analysts are very valuable allies for gastronomy experts because they can take charge of knowledge of consumers and competition. In this way, both specialists can focus their skills and experience in areas of their domain. Otherwise, there may be a risk of losing focus and making unfortunate decisions. For this reason, today we list four elements that are addressed in restaurant sector projects.
Location. One of the first elements that every food preparation establishment requires is a physical location. Unlike other businesses that can turn all their substantive activities into virtuality, restaurants or food processing companies demand a physical location to carry out production and receive and serve diners as the case may be. In Market Research we analyze and compare options for your next establishment.
Target consumer. Although at first you may have a very clear idea of the type of people you want to come to your restaurant, reality can surprise you. Each territory has a defined market and knowing it can be the difference between success and failure. Knowing how many consumers there are in your coverage area and what sociodemographic characteristics they have are the starting point to connect with them from the beginning.
Offer. The menu you want to offer can also be modified depending on the environment in which you decide to establish yourself. This makes more sense when you come from a certain geography that you already know quite well, but when you arrive in another you discover that your experience must adapt to the tastes of the locals. For this reason, it is a good idea to find out from potential customers what tastes and dishes make them frequent an establishment frequently.
Average ticket. In a certain reality show focused on revitalizing restaurants in trouble, they focus on the prices presented to the public. It is possible that you have chosen an unbeatable place to start operating, that you have very well defined the type of consumer you want, and your menu responds to the tastes of your market. However, if the prices of your dishes are out of order you can fail very quickly. Evaluate the average ticket in your area and adjust your budgets accordingly.
Turning around or starting a restaurant is a fascinating undertaking that tests the capabilities of entrepreneurs. Just as in the kitchen, business decisions must be made with great skill and precision. Otherwise, the lessons learned will have been achieved at a cost that could have been significantly reduced with the correct support of a market knowledge agency.
Among Acertiva’s specialties is the restaurant sector. After more than two decades of working with different clients, we have a team of analysts and strategic allies waiting to meet your needs. We put our experience in LATAM at your disposal. Contact us today to tell us about your plans. We will respond with the way in which together we can make your next success story a reality.
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