Restaurant Concept Planning
A study[1] conducted by Ohio State University suggests that 60% of restaurants do not survive past their first year, and 80% are said to fail within five years. What complicates being a new entrant in the restaurant business is that at least 13%[2] of consumers don’t shift their loyalty from their preferred restaurants.
Though there are different variables involved in these situations, it is safe to say that marketing and brand development are crucial stepping stones for success.
Running a restaurant can be a tricky business without the added hassle of figuring out the fundamental concept plan and brand development as well. Consulting a professional might ease the burden and ensure that you’re on the right track.
Let’s look at all the steps involved in making an effective concept plan and brand development strategy.
Concept Planning And Brand Development: The Complete Guide
Planning the concept of your restaurant and developing your brand can be a complicated process. Here are all the steps involved, so you know what to expect when seeking the expertise of a professional consultant.
Step 1: Alignment
Strategic alignment assists in defining the most important aspects or focal points of an organization. This includes outlining the aim, goal, or vision for the brand and the restaurant and ensuring that they are realistic and attainable.
It is important to align the brand’s motto or goals with the plans laid out for its execution as customers recognize and appreciate authenticity.
Step 2: Research and Analysis
Studying or researching the existing market is essential for any venture, including restaurants.
The restaurant business is saturated, and it is essential to stand out. Knowing more about the current market shall help you identify clichés and develop strategies to attract and retain customers.
Research on its own is pointless unless you know how to analyze and interpret the data collected. Understanding your strengths and shortcomings is also crucial to building a successful brand or business model.
Step 3: Plan of Action
Establishing a plan of action is a lot of work, but it is essential to ensure proof of concept. This involves reviewing and updating the menu while focusing on popularity and profitability. It also includes key financial aspects such as pricing dishes and finding reasonably priced vendors.
A well-organized, detailed action plan is key to a smooth sailing, successful business that doesn’t require too many adjustments down the road.
Step 4: Reporting
Reports are important to keep the team informed about relevant details regarding the restaurant’s functioning. They also help provide crucial information that is required in future planning and decision-making as well. Reports can include insights ranging from progress updates, customer responses, and recommendations or suggestions.
Conclusion
Ready to put your restaurant business plan into motion? Consulting experienced professionals can help make concept planning and brand development more efficient. It will also reduce your stress and allow you to focus on other business aspects that require your attention.
