Your restaurant might be the best when it comes to service, hospitality, quality, and quantity, but somewhere or the other someone is doing better than you. Now, that is the bitter truth that you need to swallow.
So how will you track your competitors? A competitive analysis is very important when it comes to knowing your competitors. While preparing your business plan, you need to first check your competition’s strengths, weaknesses, how and why they’re excelling along with their drawbacks.
Thereafter, check your presence in the market and look for room for improvement, if any. This will complete your competitor’s analysis and you’ll have a fair idea. There are several factors that you need to take into consideration while knowing your competitors.
- Look around and know your area and jot down the business plans that could prove to be a competition to your business. Point out each segment of those plans and compare it with yours, and improvise on your plan. For example, a fast-food center can be a competition to a full diner Mughlai restaurant. Hence, check thoroughly.
- Once you have a list of competitors, go through it and pick out all their excellency, loopholes, and what can be your USP pertaining to that.
- Note down their-
- Type of restaurant
- Extra charges
- Services
- Theme
- Menu
- Cuisines
- Dining apps
- Room space
4. It is very important to study their menu. Do not forget to jot down their-
- Portion
- Quality
- Plating
- Dietary items
- Fan favorites
- Local partners
Make sure to be a guest at their restaurant. Sale is a huge part of the business, note their upselling, cross-selling. For example, if you visit their confectionery corner, see if they try to sell you the better and pricier items or not, if they do; note it down. This might or might not work for you, but see to it!
It Is highly important to review their marketing strategy. Look into their channels, social media presence, delivery apps offer as well as print editions. You shouldn’t miss out on anything.
Look into their reviews, see what they do well in. Look into the customer reviews and if the complaint persists for a long time. Also, remember to see what the guests talk most about; be it the food, the quality, or the quantity.
One tip: Your competitor is not your rival. You’re in the same game, but you can do better!
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