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Product Mix Maximization
There are many forces that when working together create successful enterprises. The key ones for us are a streamlined concept, a great operator, a long-term vision, a unique selling proposition and ultimately a product mix that resonates with your guests.
For the first half of this year many enterprises have engaged our firm to advise them on store flow and product mix. The question arises often, what makes a great product mix? First and foremost, a great product mix is one where when the guest walks into your enterprise, and without thinking knows what to order. Your role as an enterprise is to guide the guest through the experience, while the guest feels as though there are many choices to make; the actual decision process is easy.
When thinking about product mix, we highlight a few quick tips to maximize the guest experience and financial success.
- Day parts. Which ones will you be offering; breakfast, lunch, midday, dinner, late night?
- Core products. Establish the core products that the enterprise will produce.
- Maximize kitchen production. Are the core products you are producing actually the ones that are anticipated to be the top sellers? If not, think how to best maximize kitchen production for the top sellers.
- Complimentary products. Once you have established the core products, think about what additional product groups compliment your menu.
- Streamlined Concept. With all of the above, does your product mix speak to your vision of the concept.
Try not to steer far from your concept. We have worked with many enterprises that want to be everything to everyone and this formula is a recipe for disaster. No one enterprise can be everything but one enterprise can be something great with a clear message.
Happy product mix…TaraPaige Group.
New Foodie Crowdfunding Site
Having noticed a significant increase in food-related crowdfunding campaigns on popular sites such as Kickstarter or Indiegogo, Cheryl Clements, Founder & CEO of Fundafeast, took it upon herself to find a method to help food entrepreneurs grow their business. In February of this year Clements launched Fundafeast, a NYC based food-specific crowdfunding site. A few similar sites already existed, however, the Fundafeast business model set itself apart by having implemented a “Keep It All” policy; meaning that apart from the site’s 4% fee, members retain all of what they raise. Startups using Fundafeast are also offered memberships to the site where they can benefit from services such as web development, product design guidance and legal help at a very low cost.
To read more about Fundafeast’s growing community and an interview with the Founder & CEO click here
Carmellini’s Bar Primi Opens on Bowery
Last Monday, Andrew Carmellini opened Bar Primi, a new casual pasta shop on Bowery. The concept came into existence seven years ago, while Carmellini was still a chef at A Voce. However, due to a number of circumstances the restaurant did not end up opening. In January, when the space which used to belong to Peels (a neighborhood brunch spot) became available, Carmellini seized the opportunity to finally open the restaurant he had envisioned years earlier. Carmellini and chef/partner Salvatore Lamboglia have created a menu focused on traditional Italian pasta dishes, known as the ‘primi piatti;’ all made fresh and daily in house.
Read more about the menu and opening here