At $603 billion a year in revenue, and close to 2.3 percent annual growth, the restaurant industry is booming, according to the market research report Global Fast Food Restaurants, released in March by IBISWorld. Make no bones about it, it’s an exceptional time to be a restaurateur.
With that said, however, no growing industry comes without its fair share of challenges — one of which of course is stiff competition. With more people dining out more frequently, there’s been a serious increase in restaurants popping up seemingly out of nowhere, eager to fuel this growing trend.
If your business is one of them, you know that it’s important to stay ahead of the curve: That way, you can continue to serve up the dishes you love, to the people who love them. To help you do that, here is a list of some important metrics and trends for you to keep a close eye on.
1. “Instagram-worthy” fare: food so pretty, customers will want to take a picture
Chances are, you’ve seen them: posts on Instagram, the social media platform that boasts on average half a billion users on a monthly basis.
Well, it just so happens that Instagram is helping the restaurant industry make a massive amount of money. Shake Shack, the burger place, practically made its name on social media. It exploded onto the scene, driving engagement via great photos and skillful commentary.
Goldman Sachs analysts explain that Shake Shack is 100 times more successful on Instagram than McDonalds, which seems extraordinary because Shake Shack has 63 U.S. locations, to McDonald’s 36,000!
This seems largely due to Shake Shack’s backing up the quality of its fare: quality in its ingredients and quality in its social media interactions.
Instagram’s heavy influence on restaurants’ success, in fact, has motivated many to take an “Instagram-worthy” approach to food creation — plating food that doesn’t just taste great, but looks great too.
So, get in on this trend: Encourage your patrons to take plenty of pictures and hit the “follow” button on Instagram.