We have a strong competitor moving in next door in a few months.
Our restaurant is one that pays the bills but does not make enough to even upgrade our cr*ppy AC unit. I feel that if this new competitor takes up enough market share we will lose our restaurant.
I am trying to put together a marketing plan/calendar to play defense in retaining our customer base and offense to fight for new foot traffic.
Can anyone chime in with resources/ideas I can use to help put together our plan of action?
Some business suffer when a competitor moves next door. I think traditional thinking is that restaurants follow a different model. More options gives eaters more reason to come to your area. You may find it increases revenue.
You may find that you need to do some things to avoid looking like a broken down sorry competitor. I know you said cash was tight. Talk with your staff and see if there are simple and lower cost options for making things look spruced up a bit. But then stay true to you, emphasize your menu items that are the favorites. Be the comfort food alternative to whatever the new people throw out there.
There's a reason why Burger King is always down the street from McDonald's.
It’s Nash’s Equilibrium.
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