Market Research Leads To Better Decisions
Market Research Leads To Better Decisions
For example, I have never met a restaurateur who desperately didn’t want to know how their business was faring against their competitions. Needless to say, restaurant owners don’t readily offer such information so how does a restaurant owner find out about their competition? There could be a few ways. The first and what many owners’ do is the old “count the cars in the parking lot” method. There is certainly a way to learn more about one’s competitors, but very inexact and time consuming. Do you really have time to drive by your competitors’ restaurants during the lunch & dinner hours, seven days a week for weeks at a time during each season? Probably not, but if you are a boot-strapper, this form of market research is a start.
Another method is to join national associations to get surveys of the restaurant business. Useful if you are interested in national trends, but totally impractical if you want to learn about the performance of restaurants in your LOCAL MARKETPLACE.
Finally, the restaurant or any other business can hire a market research firm to organize a study of your local competitors that would be confidential and timely. You want to compare your business’s performance against the average of your competitors in an ongoing, cost effective way. Seat turnover, average daily check, food and beverage revenue, revenue generated per seat are just a few of the metrics Plum Market Research uses in aggregate to help the entire competitive set understand their market position in the LOCAL MARKETPLACE.
This method allows the business to track the effects of menu and pricing changes, operating hours and marketing plans, and could save the business money in the long term by making data driven decisions, rather than instincts.
Market Research Leads To Better Decisions - To learn more about this author, visit Richard Woller's Website.
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Whether you are starting a business or trying to make decisions about operating a business, market research is a sure fire way to learn about the environment an entrepreneur will be or is working in. Having a "gut" feeling about business decisions works for some people, but more often than not leads to bad decisions sometimes costing the business a lot of money - money that would have been better spent on market research to make "data driven" decisions to get the right answer the first time.
For example, I have never met a restaurateur who desperately didn’t want to know how their business was faring against their competitions. Needless to say, restaurant owners don’t readily offer such information so how does a restaurant owner find out about their competition? There could be a few ways. The first and what many owners’ do is the old “count the cars in the parking lot” method. There is certainly a way to learn more about one’s competitors, but very inexact and time consuming. Do you really have time to drive by your competitors’ restaurants during the lunch & dinner hours, seven days a week for weeks at a time during each season? Probably not, but if you are a boot-strapper, this form of market research is a start.
Another method is to join national associations to get surveys of the restaurant business. Useful if you are interested in national trends, but totally impractical if you want to learn about the performance of restaurants in your LOCAL MARKETPLACE.
Finally, the restaurant or any other business can hire a market research firm to organize a study of your local competitors that would be confidential and timely. You want to compare your business’s performance against the average of your competitors in an ongoing, cost effective way. Seat turnover, average daily check, food and beverage revenue, revenue generated per seat are just a few of the metrics Plum Market Research uses in aggregate to help the entire competitive set understand their market position in the LOCAL MARKETPLACE.
This method allows the business to track the effects of menu and pricing changes, operating hours and marketing plans, and could save the business money in the long term by making data driven decisions, rather than instincts.
Market Research Leads To Better Decisions - To learn more about this author, visit Richard Woller's Website.
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John AlexanderJohn has taught keyword research and SEO skills to small groups of business owners and Webmasters from over 80 different countries world wide since 2002. John is also the Director of Search Engine Academy ; Co-director of Training at Search Engine Workshops offering live, SEO Workshops with his partner SEO educator Robin Nobles, author of the very first comprehensive online search engine marketing courses at SEO Training Online and the SEO Workshop Resource Center. I look forward to hearing from you! - Visit John Alexander's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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