As a business owner, it's imperative to understand that your financial metrics are inextricably linked to your marketing capacity.
Customer loyalty isn't what it used to be. Cash is king in today's marketplace, so your marketing plan needs to focus on value messages.
In a difficult economy, consumers expect businesses to engage in a certain amount of price matching. If your company's prices can be beat by someone else's European restaurant, customers will transfer loyalty to the competition - and take their friends with them. Today's consumers are educated and informed. They use social media and other tools to identify the best pricing, making it imperative for small business to consider the value of a well-publicized price matching strategy.
Measurement & Evaluation
With a little more attention to details, European restaurants can automatically improve marketing ROI. However, there are no substitutes for measurement and evaluation mechanisms. A robust measurement and evaluation process should include metrics that can be monitored on a monthly, weekly or even daily basis. Designed to monitor marketing efforts on a campaign-by-campaign basis, these metrics can be used as a baseline for strategic planning. Simple quantitative tools are a good start. However, European restaurants typically expand their knowledge base by hiring professional marketing firms.
Expand Your Advertising Options
Take a look around the industry. Chances are, you'll see companies using a vast array of advertising vehicles to communicate brand messages. When it comes to European restaurants, the challenge is identifying the advertising solutions that are appropriate for your customers and consistent with your marketing goals. Increasingly, European restaurants are achieving impressive success rates with online advertising strategies. Online advertising has the advantage of delivering cost-effective messaging to a highly segmented customer base.
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