04/21/2017 | News release | Distributed by Public on 04/21/2017 09:13
In the Toast POS Restaurant Success in 2017 Industry Report, it was found that 92% of restaurant owners, managers, and executives are optimistic for their sales in 2017. Additionally, 86% believe the success (or failure) of their business is in their control. Below are some of the key findings from the report released by Toast. For the full compilation of data, download a free copy of the Restaurant Success in 2017 Report.
1. Restaurant Owners Feel Optimistic & In Control
Among the most reassuring and positive statistics from the report, the vast majority of restaurant owners have an optimistic or very optimistic perception for their sales and growth in 2017, while 86% believe that success (or lack thereof) is within their control.
This is an encouraging finding. In general, restaurants faced some tough times in 2016, including a decline in sales, an increase in competition, and a surge of other obstacles surrounding regulations, staffing, and minimum wage.
This communal outlook of optimism and perceived control send an uplifting message to all aspiring and current restaurateurs. Despite these roadblocks, most are confident that there's still a clear path to restaurant success in 2017 and beyond.
2. Social Media Continues to Dominate
Facebook remains the social media channel of choice for most restaurants, with 92% on the platform. Other popular platforms include Instagram - 69% of restaurants currently have an Instagram account, and another 14% intend to start using the photo-based social media site in 2017.
Not every social media channel is being utilized by restaurants, however. 60% of restaurants have no intention to use Snapchat by 2018, and while YouTube is expected to see a growth in usage this year, 52% of restaurants will not be on the platform by the end of the year.
All in all, restaurants are embracing social media, as only 4% report to not using it at all.
3. Shifts in Restaurant Advertising
Overall, restaurants plan to increase their ad spend in 2017 - specifically in the areas of social media and search engine advertising. The common consensus is digital advertising methods are preferred due to their cost effectiveness and the ability to target to those who fit certain characteristics.
Like many other industries, many restaurants have chosen to decrease ad spend on more traditional methods like television and direct mail. Both of these are taking a drop in popularity in the eyes of restaurateurs this year.
This finding is extremely pertinent information for restaurant owners engaging in marketing - knowing where to spend and where not to spend your advertising dollars is essential to an effective branding and marketing campaign.
Achieving Success in 2017
If you're dedicated to a successful year in your restaurant, download a free copy of the Restaurant Success in 2017 Industry Report for even more insightful data. Learning what other restaurants are doing this year can help you pave the way to success and sales growth this year.