Why ‘Frequency’ Will Be the Key to Restaurant Loyalty in 2024
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Original story and image on QSR Magazine
Why ‘Frequency’ Will Be the Key to Restaurant Loyalty in 2024
Loyalty programs today are ubiquitous, and customers are searching for more meaningful benefits.
A March study from PYMNTs found 51 percent of surveyed consumers (north of 1,800 were polled) reported using a restaurant loyalty program. Forty-nine percent were doing so at quick-service restaurants and 34 percent at sit-down brands. Just a year ago, the broad number was 45 percent, split 43 and 32 percent, respectively.
In simple terms, driving loyalty adoption has become the battleground of consumer share. That won’t slide in 2024 as digital systems mature and brands work to leverage data as currency. Additionally, it might be the clearest path to pulsing value during a time when the proposition feels muddy at best.
Original story and image on Get Pocket - Harvard Business Review
How to Break Up with Your Bad Habits
After 20 years of studying the behavioral neuroscience of how habits form, researchers have found a surprisingly natural solution.
Breaking habits is hard. We all know this, whether we’ve failed our latest diet (again), or felt the pull to refresh our Instagram feed instead of making progress on a work project that is past due. This is largely because we are constantly barraged by stimuli engineered to make us crave and consume, stimuli that hijack the reward-based learning system in our brains designed initially for survival.
Put simply, reward-based learning involves a trigger (for example, the feeling of hunger), followed by a behavior (eating food), and a reward (feeling sated). We want to do more of the things that feel good and less of the things that feel bad — or stressful.
Original story and image on McKinsey
Consumers care about sustainability—and back it up with their wallets
CPG companies increasingly allocate time, attention, and resources to instill environmental and social responsibility into their business practices. They are also making claims about environmental and social responsibility on their product labels. The results have been evident: walk down the aisle of any grocery or drugstore these days and you’re bound to see products labeled “environmentally sustainable,” “eco-friendly,” “fair trade,” or other designations related to aspects of environmental and social responsibility. Most important is what lies behind these product claims—the actual contribution of such business practices to achieving goals such as reducing carbon emissions across value chains, offering fair wages and working practices to employees,
Consumers care about sustainability—and back it up with their wallets
Original story and image on Modern Restaurant Management
The Digital Revolution, Evolving Consumer Expectations and Other Trend
In 2023, the restaurant industry experienced a remarkable transformation, driven by the rapid integration of advanced technologies. This past year saw the following trends:
The Digital Revolution – In 2023, restaurants gravitated towards digitalization, embracing things like online ordering, mobile applications, and digital payment solutions. These adaptations were driven by evolving consumer preferences for convenience and safety.
Enhanced Customer Engagement – Restaurants intensified their commitment to customer engagement, using strategies including personalization, loyalty programs, and data analytics to customize offerings and experiences. This helped them improve customer relationships, loyalty, satisfaction, and retention.
The Digital Revolution, Evolving Consumer Expectations and Other Trend
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