The restaurant industry – including quick-serve, fast casual, and casual dining establishments – faces unprecedented challenges. Across the board, brands must compete with an increasingly complex and hard-to-anticipate set of competitors, offerings, and consumer preferences.
But a new offering from Quantifind — SIGNUM for Restaurants — eliminates those competitive blindspots, focuses marketers on revenue-driving insights, and sheds light on the best way to steal market share.
The last several years have seen an explosion of diversity in both restaurant concepts and menu choices, driven by changing consumer tastes as well as new innovative restaurants.
The 200,000 fast food restaurants in the United States generated $200 billion in revenue in 2015 and are expected to grow 2.5% annually for the next several years. They are coming back from a recent slump since the recession, but growing more slowly than their long-term average rate.
These restaurants are having a difficulty competing with the newer, alternative forms of food services, specifically fast casual restaurants. Restaurants such as Panera Bread, positioned somewhere between fast food (McDonalds) and casual dining restaurants (Olive Garden), offer freshly prepared, high quality foods in a more upscale and inviting atmosphere – thereby appealing to a growing number of diners.
What’s driving this trend lies in generational differences and tastes. People under age 30 (one third of the US population) increasingly favor not only the newer fast causal restaurants, but also full-service restaurant options according to the National Restaurant Association’s 2015 Restaurant Industry Forecast.
Several fast-food chains like Yum Brands and McDonald’s have taken action, innovating their menu items and offering healthier menu items, with varied results. The key is to know what does and doesn’t drive revenue, not only for your own brand, but for your competitors.
In the continued “share of stomach” war for the more demanding and selective younger generations, several drivers have grown more prominent in driving restaurant sales:
To address the new competitive dynamic and subtleties that fast food, fast casual and fine dining marketers need to cater to, Quantifind has identified a number of common blindspots facing restaurant brands. We have focused on addressing:
Quantifind’s Signum for Restaurants helps leading brands find signals in their data that tie directly to sales. Our intuitive explanatory analytics platform reveals not just what drives brand revenue, but competitors’ as well – and enables brands to discover their biggest growth opportunities.
“Quantifind helps us discover new ways to understand our business. The platform filters out noise and focuses on the data patterns that correlate most closely with our business KPIs. It’s a highly differentiated approach that helps Taco Bell continue to understand our customers.”
Lynn Hemans, Sr. Director of Business and Social Intelligence, Taco Bell