For many restaurants today, it isn’t enough to just provide hungry customers their food, now it’s important that they provide their customers a dining experience that they will never forget. This is the world of today’s experience economy. Today’s young consumers want experiences instead of things and restaurants should adapt to these people by providing not just food and beverage but also add or improve areas such as their restaurant’s environment, technology, service, and special events for an unforgettable dining experience. Some of the ways to provide this new dining experience include: giving a show to demonstrate to the customer how their food is made, using technology to make ordering easier and faster, and giving guests control over their food so they can customize it to their needs. It’s clear that young consumers are now looking to get their money’s worth out of these experiences, so most restaurants should invest in these experiences.

Key Takeaways:

• You want to impress the consumers by giving a memorable show and making them enjoy their time there.
• You want to give the consumer exactly what they want and follow the culture of the area, while adding a personal touch.
• Be sure to use technology to your advantage. Make it easier for the consumer and the company.

“Instagram, Twitter, and their social media brethren have unquestionably accelerated the experience economy, compelling restaurants to make visits more eventful, fun, and authentic to ignite online sharing.”

Read more: https://www.qsrmagazine.com/guest-experience/10-ways-leverage-experience-economy

In the food service industry, many companies are beginning to try to reduce the amount of secondary restaurants that the company runs and owns. Companies like Buffalo Wild Wings have even sold their small line of pizza chains recently. The reason behind companies selling off their side businesses is to get back to the core of the original restaurant and reinvest. This will lead to an increase in customers and sales, because the company will be more focused on the customers and not the businesses.

Key Takeaways:

• Many companies are selling of their secondary stores and businesses that they have bought or created in the past.
• The new era is not to own it all, but it is to focus on one business and make sure it is great to the core values.
• It will be a hard initial adjustment, but it will balance and pay out in the long term.

“The concept shedding stands in direct contrast to what seems like a trend toward industry consolidation.”

Read more: http://www.nrn.com/mergers-acquisitions/faltering-restaurants-shed-secondary-concepts