One of the toughest lessons to learn in the hospitality industry is that you don’t just offer your customers food items from your menu. Once you realize what your product offering is, the sooner you can start to understand the value you offer. And once you understand that, you can determine how much value to ask for it.
Let’s talk about what an ‘offering’ is in marketing terms. Simply put, your offering is the TOTAL amount of value you offer your customer. It’s beyond simply the product or service you give. It includes things like;
-quality of ingredients and materials
-convenience, hours of operation, take out menu, is delivery available
-reputation, experience, pedigree, etc
Your product offering should be specifically designed to satisfy the needs and wants of your target demographic. Essentially, you choose your customer, research what they need and want, then deliver it. Obviously, it’s possible to deliver more than 1 product or service and these form the basis of your product mix. In the case of a restaurant, your product mix is basically your menu.
A feature is a characteristic of an offering. For example, having delivery available is one thing but being accessible through UberEATS, Door Dash, Feast, Foodora, etc offers much more value to your customers.
When a feature satisfies a need or a want, then that’s called a benefit.
To really have a chance at succeeding in business, your goal, as a restaurateur and a business person, is to offer more value and more benefits to consumers than your competition. You want to establish yourself as THE place that understands your customer and gives them complete satisfaction.
It’s not the easiest thing to do, I’ll admit. But the trick in business is to choose the most attractive target demographic. Are they big enough to sustain your business? Are they close by and convenient to access? Can you research them easily and understand their needs/wants? These are the types of questions you should be thinking of before you even get into business because they’ll help you decide what offering has the best chance of success.
So take the time to understand and clearly define your product offering. Treat it like you do your daily special. You’ll find that it’s extremely valuable to you and your staff to know exactly what you serve your guests every time you greet them at the door.
Thanks for reading and I hope you find my information useful. As usual, if you have any questions or comments please feel free to comment below.