Rodion Yeroshek: The majority of restaurant businesses, especially the small ones, remain slow adopters and non-adopters of AI technology. People may think that the introduction of AI in small restaurant operations is nothing more than jumping on the bandwagon. However, research on the impact of AI on the world economy by McKinsey Global Institute warns the naysayers. The research predicts that by 2030 active adopters of AI technologies could double their cash flow, while non-adopters could lose up to 20% of theirs. This is a hint for restaurant managers who plan to stay in business for the next 10-15 years that it’s time they embrace AI tools or prepare to lose a big part of their market share for good.
Even in a hyper technology-driven world, one of the most influential forms of local marketing remains word of mouth. But of course that universal principle has taken on new digital formats, including social influence and good-old local business reviews. Reviews optimization is the name of today’s game. We spoke to TripAdvisor Restaurant Division Lead Mark Goloboy on the latest episode of Street Fight’s Heard on the Street podcast to find out how his company is innovating in reputation and identify best practices for businesses.
Want to Know How Long the Wait For that Hot New Restaurant Is? There’s a Google Integration for That
Building on the Reserve with Google offerings that have made the tech giant’s SERPs the new homepage of local businesses, Google seems to be adding a feature that allows people searching for local restaurants to sign up for a waitlist. Busy folks with a penchant for busy eateries rejoice.
What’s one of the secrets to a coveted top spot on a TripAdvisor Restaurants list? Respond to every review within 24 hours, said Mark Goloboy, the marketing leader for TripAdvisor Restaurants, at a panel during Brandify’s 2018 conference. Responding to reviews effectively can make the difference between showing up on the first and fourth pages of the site.
TODAY IN LOCAL & DIGITAL MARKETING AND MEDIA… Amazon Furthers Embrace of SMBs with Storefronts… Ad Tech Now Expanding at Half Rate of Mar Tech… How Restaurants Are Using Big Data to Boost Loyalty and Stay Competitive…
In a year that’s been marked by consolidation across the hyperlocal marketing space, Upserve’s recent acquisition of SimpleOrder should come as no surprise. It mirrors another hyperlocal acquisition announced just this week: full-suite marketing company Cheetah Digital’s purchase of loyalty specialist Stellar Loyalty.
“What increasingly separates top-performing restaurants from the pack is their ability to transform insights from data into strategies to grow,” says Liam Oliver, director of products for Valassis Local Solutions. “Savvy restaurateurs drive incremental revenue by designing promotions that raise the average order value.”
A new white paper released by the real-time consumer-intelligence firm Sense360 found that a fraction of a percentage point in market share, gained or lost, can mean the difference between hitting targets and financial ruin for restaurant operators.
Having already tackled travel and hotels, TripAdvisor is continuing to go after the restaurant vertical, today launching a new product aimed at independent restaurants and restaurant groups. TripAdvisor Ads marks the company’s first product designed to allow restaurants to reach customers through cost-per-click sponsored ad placements.
According to the new survey, more than eight in 10 restaurateurs in the United States believe they should be doing more to promote their businesses, but only 17% say they’ve hired a dedicated employee to handle marketing tasks and just 1% use an outside marketing consultant.
Sense360’s analysis found no evidence that delivery apps lead to significant drops in restaurant visits. The analysis also found that consumers who download delivery apps tend to have higher incomes, and visit fine dining restaurants 2.5x more frequently, than those who haven’t downloaded these apps.
One area where restaurant owners struggle is inventory management — that is, predicting how many diners will show up at a given time and how much food they’ll consume. But many restaurant owners don’t realize that a number of hyperlocal platforms are already offering solutions to help with this issue.
Restaurants are a particularly large and important vertical in local, and as such they’ve long been a testing ground for a variety of digital products. Now a new generation of companies is starting to use local marketing and delivery services to rethink what a restaurant is and how we think about our dining experiences.
The restaurant industry may be better positioned to take advantage of big data than almost any other vertical. Here are six examples of data platforms that restaurants can use for both sales and service optimization.
Feastly wants to connect you with a specific chef instead of a restaurant, so that you can have a unique meal prepared for you and your party wherever you want to eat it. Street Fight recently caught up with Feastly’s co-founder Noah Karesh and advisor Lem Lloyd to talk about the thinking behind the service.
Cold-calling techniques have a notoriously low success rate for hyperlocal vendors trying to onboard new merchants, but it was an unsolicited drop-in that led to The American Grilled Cheese Kitchen’s successful three-year relationship with ChowNow, an online ordering system and marketing platform for restaurants.
A year into the on-demand revolution, the question persists: Where’s it going next? So far, it’s gone into nearly every local vertical, but there are still areas with the right conditions for on-demand models to take root, some of which remain underdeveloped. These include higher-end professional services like lawyers and doctors, project-based work like design and writing, and, of course, SMBs, especially when it comes to local marketing and advertising.
The pace of innovation is such that many new technologies are deemed “obsolete” before small business owners get the chance to fully understand them, let alone implement them in their business. Many feel left behind the curve as a result. But obsolete is not an absolute condition when it comes to marketing techniques. Where marketing tactics and technologies are underutilized, potential for competitive gains still exists.
The mobile ordering landscape is quickly evolving, with increases in consumer demand fueling the growth. Even independently owned restaurants with just one or two locations are feeling the push to offer their customers mobile ordering. Here are six platforms restaurant owners can use to meet the demand.