What Restaurants Can Do to Thrive Right Now
Daniel Litwin, The Voice of B2B, is joined by Zenreach CEO, John Kelly to talk about how COVID has affected the restaurant industry and what the secret sauce is to keep restaurants open. Zenreach helps businesses shift their strategies to focus on in-store and delivery traffic to increase sales.
In a recent report by the National Restaurant Association, at least 3% of the restaurants in the United States have permanently shutdown which has resulted in a $120 billion loss in just the first three months of the pandemic. Kelly says, “It’s a dramatic impact in the industry. We’ve seen that in store traffic was down 75% at it’s lowest point, in the middle of April.” He says that it’s very hard for businesses to survive a 75% drop in customers. Fine dining and restaurants that rely exclusively on dining in have been disproportionately impacted by the pandemic. “Those that have been able to offer delivery have actually done okay, and in some cases well,” says Kelly. Large pizza chains have reported same store sales up year over year in the last few months because more people are home and online.
So what can restaurants do to survive the pandemic? While it might seem counterintuitive to spend money on advertising during a global pandemic, it can actually help restaurants stay afloat. “In every crisis there is a pattern and the pattern is those companies that lean in to marketing and lean into advertising during this time frame are the ones that actually excel not only during the time frame but take a pretty big marketshare after the crisis ends,” says Kelly. He has seen the cost of advertising has dropped in the last few months but the engagement rates have significantly gone up.
Follow us on social media for the latest updates in B2B!
Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale
Latest
Building a Strong Team Culture
In any business, the importance of building a strong culture within a team cannot be overstated. A strong team culture can have a direct impact on employee engagement, productivity, and job satisfaction. For B2B companies, where teams are often responsible for managing complex client relationships, building a strong team culture can be especially important. Team […]
How the United Nation’s Global Compact Will Guide Volta’s ESG Stance
On today’s episode of the Volta Knowledge podcast, host Tyler Kern chats with Gursaran Singh, the VP of Energy Alliances with Volta Energy, about the upcoming UN global compact and how their decisions will impact and inform Volta’s ESG stance. The global temperature is rising at an unprecedented rate. As such, discussions on the issue of climate change are held […]
Investing for Success: Expert Advice on Business Management and Wealth Building
Starting a business from scratch can be a challenging but rewarding experience. To manage your business successfully, it’s essential to begin by developing a comprehensive business management plan. This plan should include your goals, target audience, products or services, marketing and sales strategies, and financial projections. It should serve as a roadmap for your […]
