Branding & Brand Development
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Branding & Brand Development
Restaurant owners, like many other types of business owners, generally aren’t marketing professionals – and they don’t have the time or the desire to break into branding strategies. However, that doesn’t make branding and marketing for restaurants any less crucial to success. Today, our branding agency is talking about the most direct path to restaurant success, with some targeted branding and marketing advice that applies to all industries.
Branding Agency Highlights 4 Restaurant Brand-Building Areas
There are four distinct areas in which restaurants can focus to build their brand (and their bottom lines)
- First-Time Diners
- Return Diners
- Average Sale Amounts
- Group Sizes
As our branding agency has discussed in the past, acquiring a new client costs approximately 7-10 times more than retaining an existing one. That makes the following statistic disheartening:
80-90% of restaurant marketing budgets are spent on acquiring new customers.
Why? Because that’s what the competition is doing. That doesn’t, however, mean it’s the best approach.
Instead, our branding agency recommends that restaurants:
- Build loyalty programmes (to increase the percentage of returning diners)
- Increase sale averages (with price increases, upgrades, merchandise, and deals that align with the brand’s USP)
- Increase the average size of groups (by offering group discounts and hosting parties, for instance)
In many cases, our branding agency has found that word-of-mouth advertising takes care of bringing in first-time diners…meaning that a restaurant’s energies are best spent engaging and retaining them once they’re there.