| |
|
 Restaurant Marketing Newsletter |
| |
Quantified Marketing Group is the nation's only full-service strategic marketing and public relations firm focused exclusively in the restaurant industry. To find out how we can help your restaurant, click here or call (407) 936-1010.
IN THIS ISSUE...
Introduction Letter
Ask the Experts
Restaurant Financial Analysis
Book Review
|
|
 If you've noticed a reoccurring theme to the last several newsletters, you're right on the money.
Recently we have been concentrating on finance and business-related topics. This week's article, Restaurant Financial Analysis, will conclude the series. It explores situations where restaurants can benefit from financial analysis and the performance metrics that should be measured during financial analysis.
We're kicking off the next newsletter with a new theme – culinary and beverage development. With the addition of a second-level certified sommelier to our staff, we will be providing a series of articles relating to beverage development, wine list creation and wine pairing.
You'll meet our sommelier Jennifer Elmore in our next newsletter. But we've got a whole team of restaurant industry experts waiting to get their turn at bat and share their expertise with you!
Sincerely,
Aaron Allen
Founder/CEO
Quantified Marketing Group
|
|
 Do you have a question about restaurant public relations, marketing, design, culinary development or concept development? This is your chance to pick the experts' brains.
Click here to submit a question, and if selected, it will be featured in a future Quantified Marketing Group newsletter.
Submit a Question
|
|
 Oftentimes, the only difference between floating and drowning is the direction you're facing. Without restaurant financial analysis, a restaurant may be face down without even knowing it.
Restaurant financial analysis analyzes performance metrics such as profits and losses, cash flow, cost of sales and cost of labor. By assessing this data, operators can evaluate their finances and establish systems and structures to keep their restaurant afloat.
Restaurant financial analysis performance metrics
Profits and losses
Whether they are produced monthly or weekly, profit and loss statements give restaurant operators a broad overview of their sales history.
But the information only becomes useful when broken down to reflect, cost of sales, cost of labor and other overhead costs. A restaurant financial analysis assesses profits and losses with a critical eye to determine specific areas that should be improved upon.
Cost of sales
A restaurant's cost of sales, sometimes referred to as cost of goods, is the sum of all expenses associated with producing the menu items.
Should food costs be running at 20 percent or 40 percent? The answer can vary depending on a restaurant's positioning (fast casual, casual or upscale) and menu mix.
Restaurant financial analysis can help operators determine where their cost of sales should be by building theoretical food and beverage costs.
Cost of labor
Cost of labor is another contributor to cost of sales. A fine line exists between over staffing a restaurant and scheduling enough employees to run a restaurant effectively.
Sensible scheduling and employee productivity are the best ways to control cost of labor.
In addition, tools should be available to assess mid-shift needs.
Many restaurateurs are reluctant to phase out employees in a timely fashion. Restaurant financial analysis can review payroll reports, sales reports and customer counts to optimize scheduling and productivity and decrease cost of labor.
Continue Reading...
|
|
 The 22 Immutable Laws of Marketing -
Al Ries and Jack Trout
By Lamont Richardson, Project Manager for QMG
1) The Law of Leadership – It is better to be first than it is to be better.
The secret of success is infiltrating the consumer's mind first. Some products or categories that have experienced the most success did so by entering the consumer's mind first, including IBM, Heineken and Coca-Cola. Generally, the names of product pioneers end up becoming generic terms such as Xerox, Band-Aid, Kleenex, Q-Tip, Jell-O and FedEx. Which one will you remember – the first or the second?
2) The Law of Category – If you can't be first in a category, create a new category.
Amelia Earhart was the third person to fly across the Atlantic Ocean, but she is better known for being the first woman to do so. Charles Schwab didn't open a better brokerage firm; he opened a discount brokerage company.
Companies that position their products in a new category first stand a better chance of success because many consumers are interested in what's new. Far less are interested in what's better.
3) The Law of the Mind – It is better to be first in the mind than to be first in the marketplace.
Being first in the mind is everything in marketing. Being first in the marketplace is important only to the extent that it allows you to get into a consumer's mind first. The single most wasteful thing you can do in marketing is try to change the consumer's mind.
If you want to make a big impression, you must penetrate the consumer's mind. Apple did it using a decidedly simple name.
4) The Law of Perception – Marketing is not a battle of products, it's a battle of perceptions.
Consumer perception is all that exists in the world of marketing. Perception is reality; marketing is the manipulation of perceptions. What people think about a product determines which brand will win. Customers frequently make buying decisions based on second-hand perception or the “everybody knows” principle. For example, everybody knows that Toyota manufactures the best cars.
Continue Reading...
|
| |
For more information please visit us at www.quantifiedmarketing.com. To forward this newsletter to a friend, click here.
|
| |
|
| |
| | | | | |
 |
|
|
|
