Restaurant traffic…and thus, sales…have fallen consistently for a long time and over the past 6 months have actually accelerated.
Industry experts claim to be puzzled as to why.
How about the fact that Millennials have risen sharply in the past two years to dominate the workforce as Boomers descend into retirement? Millennials/GenX combine to outflank Boomers by 2 or 3 to 1 in many markets. But many restaurants have failed to adapt to those changes in the market.
Menu prices are also higher than in grocery, meaning more and more we see dining choices going in the stay at home direction.
The restaurants that are thriving now…Domino’s, Panera, McDonald’s and even Olive Garden…all committed to re-positioning their brands by modifying their food profile, or upping their operations game, or both. And ALL of them have applied technology via POS and/or digital ordering to truly re-shape the guest experience.
Guest Experience is where the action is, and technology has proven to be the literal killer app. Too many restaurants have failed to recognize the need for this adaptation and the results are telling.
Chris Petersen is CEO at On Brand Media, providing solutions for clients navigating an increasingly diverse media landscape. Practices include Brand Development, Marketing, Customer Experience, Media Buying, Creative & Technology and Restaurant industry expertise. Learn more at www.onbrandmedia.com and contact Chris at firstname.lastname@example.org.