What are the basic challenges that stop everyone from achieving their full potential? How come some people are extremely happy and successful while others suffer? What are the laws of nature and how can you use them in your favor to achieve your dreams? This book is not a business or a motivational book, rather this is the book that covers self., it will make you aware of your self. When you know yourself, then everything else just becomes a craft.
Does good location still matter?
According to the research, Nearly 80% of restaurants close-up shop within their first 5 years in business.
The surprising thing is that this usually has nothing to do with how good the food is.The primary reason restaurants shut down is their location. Obviously, if no one knows you’re there they won’t come in to eat, but it’s super pricey to be in a prime location.
However, this pandemic has caused millions of restaurants to be closed even the ones who had a great location. There were many restaurants who took a massive hit from this pandemic but at the same time few restaurants took advantage of this opportunity and grew even faster than before.
How can you make sure people know where you are even if you don’t have the best location? Or If you do have a great location but can’t get a strong customer base?
The answer is to have an online business which is 10 times cheaper and has 100% success rate. Building a social media following is hugely important in today’s marketplace. Restaurants especially, live or die by online reputation.
Here is the cost of losing or getting one customer for your restaurant. The Value of your Customer
Now let me ask you a question, do you think if your restaurant could get in front of 100,000+ people repeatedly, who we know have shown interest in your concept, and live in a 3 mile radius to your location? Then what do you think is the likelihood of even 1% of customers(worst case scenario) coming to your restaurant?
And what if we could retarget those thousands of people each month with retargeting ads to make them loyal customers. But this is not all, what if you have thousands of customers subscribed to your restaurant on messenger and you could broadcast any offers or promotions to all of your customers in less than a second? Would that increase your business?
Applying an effective marketing strategy that can predictably bring in new and repeat customers is the tactic that is used by the winners in the industry like McDonalds, Dominos and other private successful restaurants.
Here is the system used by the most successful companies: Turning a Stranger into a customer
When we live in a world where a bad Yelp review or online presence can cause a restaurant to shut down you need to pay attention to your social audience.
However, it isn’t enough to Create and post regularly on a variety of platforms because back in 2012 facebook made a policy called pay to play. You have to pay facebook for it to show your offers and posts to the people who have liked your page or to the people who are interested in your concept.
And don’t get me wrong, I’m not saying you should start boosting posts on facebook, or advertise without a system or hire an agency. Think of Facebook as a huge ocean(over 2 billion active users per month), it has all kinds of fishes, sharks, and pearls.
Now, if you were to just blindly aim for your target in this ocean, you might get sharks that will violently sweep your entire business but at the same you could be profitable if you knew the art of getting pearls repeatedly from this ocean.
Restaurants are the backbone of the economy and we will do everything to support them. The restaurant industry is projected to employ 15.3 million people in 2019 — about one in 10 working Americans.
Let's turn restaurant industry into an Amazonian empire where restaurants are not dependent on physical or popular locations. They can have thousands of customers and sell food like Amazon.
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Strategy for being unique in your industry:
Every Great strategy has 3 characteristics which make a business unique and creates exceptional value curve
A company's strategic profile or value curve should show it. For example, focusing on speed, friendly service and frequent time to time departures; Southwest airline destroyed its competition and won customers. As a business, you must focus on your few special products/services.
When a company's strategy is formed reactively as it tries to keep up with its competition, it loses its uniqueness. By applying the four actions of eliminating, reducing, raising and creating can bring your business uniqueness and a huge value curve.
Eliminate: Which of the factors industry takes for granted should be eliminated?
Reduce: Which factors should be reduced well below the industry's standard?
Raise: Which factors should be raised well above the industryś standard?
Create: Which factors should be created that the industry has never offered?
An example would be of a circus company [Cirque du Soleil]
Eliminated: Star performers, Animal shows, Aisle concession sales, multiple show arenas.
Reduced: Fun, Humor, Thrill and danger
Raised: price and unique venue
Created: Theme, Refined environment, multiple productions, Artistic music, and dance.
A good strategy has a clear-cut and compelling tagline. ¨The speed of a plane at the price of a car whenever you need it." That's the tagline of southwest airlines. A good tagline must not only deliver a clear message but also advertise an offering truthfully, or else customers will lose trust and interest.
One Who Knows Himself, knows God. One Who knows God, Knows Everything.
Instead of fixing everything around you, fix your own self.
Perception is reality and Perception is in the eye of the perceiver.
What's actually beautiful? A green mountain with rivers flowing underneath or the person's heart looking at them? Because I know some people might find that scenery as ugly. same is true in business.
I think then the secret is to change the way we perceive things as reality.
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