Creating Brand Success - by the Numbers?

Creating Brand Success – by the Numbers?

             How do you measure success, bottom line, number of units or guest satisfaction scores?  The truth is many operators may consider all of these criteria and more as a measure of their progress and brand worth.  We are always curious to learn how industry observers determine new brand achievements and the criteria they use as their respective “measuring stick”.

            We took notice of a recent article (Breakout Brands 2016; NRN, 2/17/16) and the criteria used to measure the progress of ten emerging brands.  The authors used eight distinct factors by which to measure the significance of these new food service operators (article link is below).  Being inquisitive souls we took a deeper dive into what the criteria were telling us about how brands are perceived even if it’s only the perspective of industry observers.

            Of the eight criteria a majority, six, addressed either food or beverage to include the quality of each.  This would suggest that while funding and adoption of technology were also included in the review, there was no getting past the two key elements of food and beverage and the elusive parameter of “quality” as potential key indicators of success in food service.

            The authors describe the eight criteria as, “key factors driving concept growth”.  While we agree with that assessment we believe the key factors we have described above are most essential as it is “taste” and the quality factor that ultimately drives ALL food business success regardless of brand awareness which serves to solidify the operator’s space in the food service marketplace.

            Our analysis* determined that five of the criteria recorded a double-digit percentage of the key success drivers.  Leading all factors at 21% was “Hot Culinary Niche”, followed at 18% Funding and Ownership Strength, tied at 15% each was Distinctive Beverages / Healthy Menu and fifth among these was Premium Ingredients at 12%.  Not that the three remaining criteria aren’t important, we believe the factors we have chosen to be more revealing.

            Of the ten concepts five received the majority of criteria “checks” at four each.  The breakdown of how these key factors relate to the authors review follows as; Hot Culinary Niche and Funding / Ownership Strength @ 4, Distinctive Beverages, Healthy Menu and Premium ingredients @ 3 and following a distant last was Differentiated Service @ 1. 

            So before we suffer from “analysis paralysis”, which of these criteria are the key signposts that point a new operator in the right direction for growing their brand and concept?  Our review suggests that new concepts must have a strong culinary foundation and that sufficient funding is very helpful.  The supporting cast reflects offering premium beverages and ingredients with a healthy edge as valuable.  As a fast-casual majority it’s no surprise that service was least important as speed over service is a key attraction to consumers.

            In summary this is our “vision” of how these key factors can move a new concept along on a successful track.  For more information on how we can “move the needle” for your new concept OR bring it to life please contact us for a complimentary introductory meeting.  The article link referenced here is: http://nrn.com/breakout-brands-2016

*Methodology available upon request.