This is our third episode Restaurant Value Engineering Podcast series.
In the last episode, we used the lens of restaurant value engineering and how to implement a similar concept for your restaurant to break down the marketing and business strategy of KFC Japan.
This episode discusses 5 good ways restaurant value engineering can be used to increase profitability. Think of your restaurant as a manufacturing company that provides products to meet customer needs, and how you use your assets, goods, and services to make an impact and sell.
What we will discuss includes raising your price in the right way to create value, telling the story of your food to attract customer interest, and making the most of technology to build a brand that is consistent with your business strategy.
Example of a restaurant project for your restaurant
Some restaurant owners work 70 hours a week, only to find that their business is losing money. Other restaurants are still profitable, but only require a few hours of work from the owner a day.
what’s the difference?
It all boils down to improving the perceived value of the food you provide, so you can provide it at a higher price. Restaurant value engineering can help achieve this goal.
In this episode, we will discuss the top five of the top ten restaurant value engineering concepts that will improve the profitability of your business.
Create the following
Duncan Robertson (Duncan Robertson) is a “spreader of Thai food”, by building a following on Youtube, his restaurant stands out from the competition. He made videos of his own recipes and established his own brand in the process. On the one hand, his recipe for Pad Thai has been viewed half a million times.
Through video marketing, Duncan Robertson adds value to his name. His followers are now willing to pay high prices to eat his own food. This is the value of building a brand. You can use many different distribution channels to do this, including Facebook and LinkedIn.
Publish a recipe book
Adam Sobel, the chef and founder of The Cinnamon Snail, caused a sensation around his brand by publishing a book on how to make high-quality vegan food. This book enabled him to position himself as an authority in the industry. People who have read his book definitely want to eat in his restaurant and pay more for the food he provides.
Provide cooking classes
Cooking classes allow you to make the most of your assets. On the one hand, you can take classes in the kitchen. This means you can use the kitchen for another source of income. You can also use cooking classes to build a community around your brand. Take this opportunity to build a good reputation for your business.
Sell your secret sauce
How about the ability to provide your customers with their own food? If your sauce defines the unique flavor of your food, this is the ideal choice. You can deliver the ingredients to your customers so that they can enjoy a unique experience at home. Not only is this another source of income for your business, you can also build or enhance people’s experiences related to your restaurant. It helps build your brand.
Provide pre-paid reservations
Traditionally, in high-end restaurants, prepaid reservations can allow the restaurant to improve its cash flow. In order to convince people to invest hundreds of dollars upfront, you must be able to provide an experience that enhances the perceived value of your service. This usually applies to high-end restaurants where people have to line up to find a table.
Mid-market restaurants that do not sell out every night can be booked by providing gift certificates. In this way, people can give the experience of dining in your restaurant as a gift to others.
We have just discussed the first five of the ten restaurant value engineering concepts. Make sure you can see our next episode. Of course, please take a moment to listen to this podcast so you can learn more about the great ideas we discussed. This is a quick and enjoyable 25 minute chat!
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