Quick service restaurants exist in a highly competitive market.
The restaurant industry as a whole is a thin-margin, fast-paced environment, and the QSR world is even more demanding. A forward-thinking mindset is necessary for handling the vast array of changes within QSRs, including new vendors, competition and the implementation of new technology.
You Need to Specialize
Copying the same formula as other QSRs in the area is a good way to bleed money and limit your growth potential. Look at your location and demographic to determine whether there’s an underserved niche. QSR Magazine reports Asian-inspired flavors are particularly trendy, especially when you look for inspiration further afield than Chinese, Thai and Japanese menus. Another option for a niche is looking into regional specialties and spinning them into fast food versions.
Reach Out to Other QSRs
You aren’t going to make it far if you cut yourself off from networking with other QSRs. While some may be in direct competition with you, others offer complementary products. Reach out for networking and partnership opportunities. Even if you can’t directly work together, sharing tips on quality vendors, local regulations and other information helps you cut down your research time. Seek out the best and the brightest in the industry for guidance and discussion.
Mobile Is Massive
The mobile payment market is projected to reach $9 billion, according to QSR Magazine. Smartphone penetration has reached the majority of cellphone users, so getting on the mobile train is a must to stay up to date with your competition. Some QSRs, such as Starbucks, already leverage mobile technology extensively to better the entire customer better. While mobile payment is one of the biggest trends, don’t overlook mobile ordering and other opportunities to shine.
Mobile isn’t just for customer-facing use either. Mobile technology has plenty of uses internally, from providing employees with electronic schedules to allowing managers to effectively inventory and order supplies as needed. Shift swapping and changes happen regularly in QSRs, and paper schedules just don’t cut it. Make it easier for your employees to work as effectively as possible.
QSR Technology Trends
Mobile isn’t the only technology category you need to keep an eye on. Efficient technology that helps you perform business operations easier, such as order-taking, provides you with a foundation for growth. POS and retail mobile data collection are two major areas to consider implementing in your business. If you want to take it to the next level, work with a restaurant courier to implement delivery options. Always keep innovating to stay ahead in this fast-changing market.
The more data you have, the more likely you are to adapt to sudden market changes. Real-time data cuts out the processing time between collection and analysis, increasing your business agility. Understand what trends are affecting your niche market, how to reach your demographic and where to invest next to stay ahead of the competition.
QSRs require a significant amount of work to succeed, but you can work more productively with the right data and technology. Get the information you need through retail mobile data collection so you can adapt to your target demographic and grow your business into the next big QSR chain.