Six Strategies for Moving into New Foodservice Markets
We are often asked this question, and over the past 30 years our experience has taught us a lot about what determines a successful expansion. It is a complex operation, but, when done correctly, can be a game-changing success with fantastic rewards. Those who do well leave nothing to chance, and specifically research and plan the following factors in great detail before ever leaving home:
- Create scalable and operational standards: If you want others to duplicate your success in other regions, the “formula” needs to be articulated and tested.
- Understand your success: Who likes what you are offering, and why? It’s a constant surprise to us that many companies fail to understand their customers and then are confused when the company’s growth stagnates.
- Plan for pacing: Pacing is a factor many restaurants overlook, and yes, there is a “right” way to do it.
- Research new markets: Astonishingly, even major players make the mistake of assuming all markets will respond similarly and fail to make adjustments that could make or break an expansion.
- Prioritize location: Your greatest marketing tool when entering a new region is the physical restaurant and its location.
- Define specific goals: Before you move into unknown territory, decide what will determine success, and what would require you to pull out.
Whether your operation is a local start-up ready to open a second location or an established chain looking to expand into an entirely new territory, these same criteria will determine success. In this white paper, we explore these keys-to-success in detail, and hope they are useful to consider as you look to expand your horizons.
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