According to Marcelo Salup, brand equity has been destroyed by store closings, the emphasis on pick-up, and the surge of delivery.
As restaurants reel from shrinking sales during the global pandemic, they also face the loss of brand equity, as consumers avoid the dining out experience in favor of delivery and take out.
Marcelo Salup, co-founder of CEO Analytics and a 35+ year marketing veteran has put together five actions that restaurant owners can take to get their brand equity back.
Listen to Customers
Salup says it’s important to “ignore peers, pundits and poohbahs. Go straight to your customers and listen to them.”
Ask the Right Questions
According to Salup, stop using outdated “scale of 1 to 5” surveys, which he describes as “useless.” Salup says that restaurant marketers should be asking their customers questions in a format that “will get you actionable answers, adding that “drowning in data is still drowning.”
Don’t Second Guess the Answers
“If a large number of your customers tell you parking is important… give them parking,” says Salup. “Giving your customers what they want reduces the need to give them coupons and discounts.”
Divide and Conquer
Another important tactic is to tailor your message to what each individual group tells you is important to them. “The ‘spray and pray’ years are over,” said Salup. “Digital media can be surgically precise if you know what you’re doing.”
Keep Your Finger on the Consumer Pulse
Salup wraps up his tips by saying that 2021 is not only going to be really different than 2020 or 2019, 2021 itself is going to be different from one quarter to another as different areas change their “stay at home” policies.
Therefore, he recommends follow up research periodically to stay up to date with what customers want.
“Brand equity is what really drives loyal customers,” said CEO Analytics in a release. “The 20% which represents 80% of your business. But brand equity has been destroyed by store closings, the emphasis on pick up and the surge of delivery.”
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