Flourish in THIS Economy? What are you nuts?

"Don't be afraid of opposition (or competition). Remember, a kite rises against, not with the wind." Hamilton Wright Mabie, American writer.

NEWSFLASH – Not every business is hurting in this economy.

What are they doing that makes them different? Not every one of them are lowering their quality and reducing their prices to stay competitive. They are exploring the softer side of the value proposition that expands past the price and into service, quality and making sure to have clear points of difference to their customers.

What is the softer side of the value proposition? It could be anything that enhances the perceived value of what you are selling. The biggest one that comes to mind is service. We will all gladly pay a little more to KNOW that things are going to be done and done well. Cutting service is a very short term solution. When the marketplace as competitive as it is nowadays, customer service could be the thing that pulls you through these dark times. Naturally, we all want to cut costs, and cutting hours is a quick and easy way to do it. However, delivering your customers premium service could be the point of difference that draws customers into your establishment and not your neighbors.

Training your staff is more important than ever in this economy. We often have only one shot to earn customers’ repeat business. A bad experience is hard to overcome. Your first line of defense in this economy is your staff. Train them well, teach them to treat customers like honored guests, and you will earn your repeat business and make new customers regulars. Simple things like looking customers in the eye and adding a personal touch make customers begin to feel like your place is their place and strengthens that bond that draws them back.

Another way to survive in this economy is to create an air of a destination location at your restaurant. How can you make your place the place to be when a customer is making their spending decisions? I recently read about the McDonald’s in Olympia Fields that offers live entertainment in their restaurant. Apparently this place has become a destination location because of the much talked about karaoke nights, poetry slams, magic shows, and live music that local artists provide nightly. Who would have thought that someone would use the phrase destination location and McDonald’s in the same sentence? Being different brings people back and earns their business.

Today more than ever, businesses need to be innovative and thoughtful in how they operate to insure survival. What are the little things you can do in your restaurant to boost value and leave the profits in your business? I would love to hear about some of the things that you have found to help make yourselves successful. Drop me a note at dj.tryba@usfood.com.

Thanks for reading