Conduct Research Before Giving a Sales Demo

March 1, 2019 by Leave a Comment

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“During sales discovery calls, one of the best ways to move a lead further down the funnel is to ask plenty of open-ended questions, and to listen carefully to the answers. It helps build a relationship with the buyer and allows you to tailor your sales presentation to match their needs.

But when it comes to running a demo with a c-level executive, asking questions is a big no-no. The time for questions is before your demo. C-level executives expect you to be fully informed about their pain points and current solutions. They want you to arrive armed with deep knowledge about their business, and to use your demo to show them how they can solve their challenges.

They don’t want to spend their sales meeting telling you about their needs. They want you to present a personalized, relevant sales demo that shows exactly how your product meets their needs and adds extra value. That’s why you have to do your homework in advance.”

Read more here.

Filed Under: Global Market Buzz, Local Market Buzz, Meet The Owner(s), Operations, Opportunities Tagged With: , , , , , , , , , , , , , , , , , , ,

Free webinar: Optimize Operations by Running a Data-Driven Restaurant

February 27, 2019 by Leave a Comment

Free webinar: Optimize operations by running a data-driven restaurant

“(…) Now, on the afternoon of Thursday, March 7, Focus Brands Manager of Retail IT Systems Tyler Schack will join with Revel Systems Sales Engineering Manager Wajih Rahman to share how the two companies partnered to improve business at more than 1,200 brand locations that use Revel’s POS. The free hour-long webinar will give listeners a peek behind the curtain at how Focus uses data to drive profits.

Listeners will learn how Schack and others at the Focus brands first created a powerful framework for data collection and analysis and then put the findings to work to improve everything from overall on-the-job performance to more efficient operating practices, higher margins and a more impactful customer experience.”

See more here.

Filed Under: employees, Enterprise Insight, Global Market Buzz, Local Market Buzz, Operations, Opportunities, Your Restaurant Tagged With: , , , , , , , , , , , , , , , , , ,

Restaurant Menu Trends: What to Expect to See on More Menus in 2019

February 7, 2019 by Leave a Comment

2019 restaurant menu trends

1. CBD (Cannabidiol) — up 99%!

It was only a matter of time before cannabidiol—or CBD—made its way into the restaurant industry. The non-psychoactive derivative from the cannabis plant has helped consumers looking for relief from inflammation, pain, anxiety, insomnia, seizures, spasms, and other conditions without the negative side effects of some pharmaceutical drugs.

According to the National Restaurant Association’s (NRA) What’s Hot Culinary Survey, a barometer of U.S. food and beverage trends, 650 professional chefs—all members of the American Culinary Federation—said infusing food and drink with cannabis and CBD could create unique cuisine opportunities and potential new markets for experiential dining occasions. Of the survey’s respondents, 77 percent identified cannabis/CBD-infused drinks as the number one trend in the restaurant industry right now, and 76 percent tapped cannabis/CBD-infused food as the second most popular trend.

Data from Upserve customers revealeda 99 percent increase in CBD menu items in 2018, setting up 2019 as the year of CBD. From baked goods to CBD-infused beverages, restaurants across the country are responding to a consumer demand to chill out.

“There has been growing popularity and support around CBD, and if it makes people happier and less stressed, then why not give the public what they want?” says Nick Duckworth, owner of cafe Banter NYC. They currently only sell Dirty Lemon CBD, a packaged, CBD-infused drink, but will be expanding their CBD offerings in 2019, allowing customers “to add CBD drops to most beverages.”

View all 2019 Menu trends here.

Filed Under: Customer Trends, Events, Global Market Buzz, Heard on The Street, Operations, Organic, Trending Now, Your Restaurant Tagged With: , , , , , , , , , , , , , , , , ,

Minimum Wage Hikes in New York City Cause Restaurants to Eliminate Jobs, Cut Hours, Raise Prices

January 30, 2019 by Leave a Comment

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“New York is known for its incredible food scene, but legislators in the Big Apple may have bitten off more than they can chew with the newest minimum wage hike.

The city’s mandated increase, which took effect on December 31, requires businesses that employ 11 or more people to boost wages from $13 to $15 per hour. But most restaurants operate with the tipped wage, offering servers and bartenders a lower hourly base pay and the opportunity to rake in the rest in tips, which often yields better pay overall. If workers don’t earn enough this way, employers are required to make up the difference.

That tipped minimum just rose from $8.65 to $10 an hour. A 16 percent jump is fairly punishing, considering the industry operates on razor-thin profit margins.

A new study conducted by the New York City Hospitality Alliance lends credence to the idea that substantial increases made to the tipped wage are far costlier than they are beneficial. After surveying 574 restaurants, they found that 2019 looks bleak: 75 percent of full-service establishments plan to cut employee hours, and 47 percent will eliminate jobs entirely in response to the forced minimum wage hikes. That follows closely on the heels of a dreary 2018, when 77 percent of full-service restaurants reduced employee hours and 36 percent cut jobs, both of which were also in response to the mandated wage increases.”

See more here.

Filed Under: Customer Trends, Events, Global Market Buzz, Operations, Retail Spotlight, Shopbuzz Tagged With: , , , , , , , , , , , , , , ,

Impact of Min Wage Increase / NYCHA Survey & Results

January 15, 2019 by Leave a Comment

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See here NYCHA Survey and Results on Minimum Wage Increase

Filed Under: Closings, Cooking, Customer Trends, employees, Enterprise Insight, Events, Global Market Buzz, Heard on The Street, Local Market Buzz, Openings, Operations, Opportunities, Retail Spotlight, Shopbuzz, Trending Now Tagged With: , , , , , , , , , , , , , , , , , , ,

Fresh Marketing Ideas For A New Year

January 10, 2019 by Leave a Comment

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“Get charitable.
Retailers can bring in new customers by hosting charity nights. Work with local charities and offer them a percentage of sales for every customer who walks through the door. That should encourage the nonprofit to market to their staff, friends, and family, thereby bringing in new shoppers.

For a service business, you can increase your exposure by allowing a nonprofit to give away a free service from your company as a prize. Many charities have auctions, dinners with prizes, or other events where this type of offer would be appreciated.”

Read more here.

Filed Under: Events, Global Market Buzz, Heard on The Street, Opportunities, Shopbuzz Tagged With: , , , , , , , , , , , ,

Word-Of-Mouth Recommendations Still Effective Among Diners

January 9, 2019 by Leave a Comment

“When it comes to choosing a restaurant, it seems good old-fashioned word of mouth is not dead, according to a recent survey by reservation platform SevenRooms.

More than half of American diners (54 percent) turn to friends and family for restaurant recommendations. About 30 percent consult review sites like Yelp, and 25 percent were influenced by something they saw on TV, according to the survey, conducted with research firm YouGov.”

Read more here.

 

Filed Under: Cooking, Customer Trends, Events, Global Market Buzz, Heard on The Street, Local Market Buzz, Openings, Operations Tagged With: , , , , , , , , , , , , , , , , ,

Why Did NYC Lose 15 Kosher Restaurants In 2018?

December 31, 2018 by Leave a Comment

Why Did NYC Lose 15 Kosher Restaurants In 2018? by the Forward

“Everyone knows opening a restaurant is a tricky business. Only 21% of restaurant start-ups survive past 15 years, the average restaurant lifetime is 4.5 years, and 17% of restaurants fail within their first year of business. In the kosher community, all of those percentages are a whole lot higher.

2018 was a particularly terrible year, with 15 kosher restaurants closing up shop. Veteran Manhattan kosher restaurants — midtown’s Cafe K, the Upper East Side’s Italian restaurant Va Bene, and Amsterdam Burger on the West Side — shuttered their doors this year. The gourmet kosher supermarket, Seasons, on the West Sider; Basta, an Israeli artisanal pizza spot in midtown east; Maoz, a vegetarian falafel chain throughout Manhattan — all closed.”

Read more here.

Filed Under: Closings, Cooking, Enterprise Insight, Events, Heard on The Street, Operations Tagged With: , , , , , , , , , , , , , , ,

Key Ingredients For Successful Organizational Change

December 31, 2018 by Leave a Comment

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As we approach the end of 2018, many of you are probably planning business transformations for the New Year. However, the loftier the goals, the more care needs to be given to the process in achieving them. All organizations today face the need for more frequent and ongoing change in order to maintain their competitive advantages and relevance in the the marketplace. But change is exceedingly difficult in today’s more complex business battlefield. In the Navy SEAL Teams, we operated in what we referred to as VUCA environments: volatile, uncertain, complex, ambiguous. Sounds just like modern business doesn’t it?

Five Key Ingredients

Successful change formulas involve (1) vision, (2) benefits, (3) sponsorship, (4) resources and (5) methodology. If any of these five ingredients are left out, the outcome won’t taste all that great. For example, if aligned vision is lacking confusion sets in quickly. The key word being aligned. If senior leaders have varying ideas of what success looks like, things get messy really fast. When the benefits aren’t clear (or not clearly communicated), ambivalence occurs. Without full sponsorship from leadership, resistance spreads. Without resources, frustration. Without a clear methodology and approach, procrastination becomes the norm.

Read more in Forbes article here.

Filed Under: Enterprise Insight, Global Market Buzz, Operations Tagged With: , , , , , , , , , , , , , , ,

The Biggest Surprises in NYC Dining in 2018

December 28, 2018 by Leave a Comment

A dinner spread at Le Sia

“Serena Dai, editor of Eater NY: I suppose I shouldn’t be so surprised by this because the world is such a garbage fire, but it was interesting to see how quickly powerful people (and a lot of media) were to embrace the return of the Four Seasons Restaurant seemingly without any caveat. I guess I’m an optimist, which means I will always be a little bit surprised at how naive old-school power is. Did the 40 investors really think that Julian Niccolini’s past behavior wouldn’t impact perception of the restaurant among the new audience they were reportedly aiming to attract? Did they really think amazing food and a $30 million build-out could overcome years and years of baggage — now newly visible in the age of #MeToo — when nobody from the restaurant came out front to address the fact that the face of the restaurant is an admitted sexual assaulter? People can’t move forward without an apology, but here, there wasn’t even really that. Yes, it’s legendary; yes, it’s hugely influential. But we live in a different world now, and sometimes it is okay to pay our respects, and then lay a restaurant to rest.”

See more here.

Filed Under: Baking, Cooking, Events, Global Market Buzz, Heard on The Street, Local Market Buzz, Openings, Operations, Opportunities, Shopbuzz, Trending Now Tagged With: , , , , , , , , , , , , , , , , , , , ,
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