Keeping up with the joneses: How and why to track your competition

According to restaurant industry trends, competition is a major challenge in the restaurant industry with 47% of operators expecting it to intensify in 2023. The food service industry is expected to continue in its growth, and in such a competitive market, restaurateurs need to remain informed to stay ahead of their competition. Restaurants that stand out among their competition ultimately get more customers and keep up their sales despite the challenging market that they are operating in. This article explains how to monitor competitors in the restaurant industry and why it is essential.

What is competitor monitoring?

Competitor monitoring involvestracking competition in the industry, including other restaurants operating at a similar scale or with similar cuisine. Direct competitors are those with similar products, services, target audiences, and pricing strategies, while indirect competitors have different products and services but similar target audiences. For example, indirect competitors for restaurants could include popular bakeries, food delivery services, or grocery stores. Monitoring indirect competition can provide additional insights and ideas that could be used within the restaurant’s marketing strategy.

Restaurants should track their competitors to stay informed about the latest sales and marketing initiatives, including successful influencer marketing strategies for restaurants or marketing campaigns, which they can then employ themselves. Tracking competitors also helps restaurants stay updated on industry trends, allowing them to focus their efforts on counteracting challenges that may arise. Furthermore, monitoring competitors allows restaurateurs to identify and assess any visible shortcomings in the competitors’ strategies, which they can then employ in their own operations.

Why should restaurants track their competitors?

  • Knowing the latest initiatives
  • Staying updated on the general restaurant industry trends
  • Stand out from the competition

How to begin competitor monitoring

  • Identify the competition
  • Assess the platforms to cover
  • Select the information for analysis

Learn more about competitor monitoring and restaurant industry trends at Primi Digital. We’re a restaurant marketing agency that offers a complete competitor monitoring service during our weekly client reports to help your restaurant thrive.

Book a consultation today.

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