Pearl Strategy and Innovation Design recently attended this conference. Below are some of the top insights and implications we are sharing with you to help you design your business growth.
Overall
We are moving from a transactional relationship with consumers and customers.
Key success factors are understanding the consumer and customer, understanding the competition, the economy, technology, market growth and labour resources to staff your teams.
Food Service Splits into Commercial and Non Commercial
Commercial relates to quick service, full service, contract and catering industry is up 8.6%
Non Commercial which consists of accommodation foodservice, institutions is up 14.6%
Experience Matters
Consumers want to experience new things they can’t get at home. They want entertainment, ambiance, they want to be social. Live music, watching sports are part of this. New experiences too.
When consumers have a good experience they are more likely to return- repeat costs less than acquiring new consumers. Research in experience shows that experience is more important than the food. We know this at Pearl. Emotional benefits trump functional benefits.
Technology Focus
As we all know technology is becoming increasingly more important.
80% of all occasions of purchasing products or services are done on mobile
Loyalty programs play into it-40% include involvement on these programs
Implications
Understand where business opportunities lie, understand your consumer or customer, deliver on experience, embrace technology.
Want more insights, strategy and innovation? connect with us at pearl-strategy.ca or John at johnchan@pearl-strategy.ca
Source: 2023 Canadian Chain Restaurant Industry Review
