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Most restaurant owners can usually name 2-3 top competitors in town. You should be able to easily name at least 10 of them. The problem is that many of your competitors aren’t who you think they might be. Watch this week’s video to learn more.
To learn more please either watch the video above, read the transcript or listen to the podcast below.
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Read the Video Transcript by Clicking Here...
Can you name 10 competitors to your restaurant right now?
Most people will tell me that there are only 2-3 in town, but generally speaking, they’re talking about direct competitors. Restaurants who are similar in price or style (usually both) to you.
You do have indirect competitors in town too – anything in the food service business and even some things outside of the food service business.
If they can get nourishment and put food in their mouths, they are a competitor.
- A friend’s house for dinner
- A less expensive restaurant
- Picking up food at the grocery store and cooking it themselves
- Pre-made food at the grocery store
Going to the movies or to a bowling alley might also be considered competition because customers are out doing that instead of eating at your restaurant.
Until you can really understand all the ins and outs of your competition, you can’t enhance your product to a point where you are distinguished and armed to stand out.
Ready to answer that question again?
Who are your top 10 competitors? (hint: if you can’t come up with 10 at this point, you’re not putting enough effort into answering!)
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