This is where most restaurants make their biggest mistakes and easily lose a lot of money! The advice in this category is endless, as well as particular to each restaurant.
· How saturated is my restaurant’s concept in my surrounding market and how does this affect me?
· What changes are happening now that will affect my business in 2, 5, or 10 years in the future?
· What actions can I take to secure my spot in my market segment?
Understanding where your concept fits in your current market will help you to zero in on your customer’s expectations, thus helping you to create a larger, more loyal customer base.
· A focus on your most profitable customer group as well as low cost tactics used to retain/keep those customers
· A study on the customer base located within convenient demographic boundaries.