Impact of location on your restaurant business. Ever wondered whats the best place for your restaurant business? The food markets of mega cities have been growing at a fast pace. The diversity in food & flavor available to the people is astounding!
It’s important is to understand the existing growth poles that exist in the food industry before we head towards identifying different potential spots to setup a successful business. In the food business, having a great taste is one thing but having an appropriate location is another. Choosing the right location for your food business is crucial.
For example, Chandni Chowk, in Old Delhi, is best known for its street food experience. On the contrary New Delhi has evolved into an Uber Food Hub with fine dining & up market places. Places like Qutub or Connaught place where one can indulge in an extravagant meal at a restaurant with a great ambience & lip-smacking culinary delicacies.
For obvious reasons, we cannot think of fine dining at Chandni chowk… right ?
While food can be experienced in different ways, there is a growing diversity in the food preference among populations.
Nowadays, we witness the rise of a calorie conscious breed of foodies who visit places that offer nutritional food & pseudo health freaks who pretend to eat healthy but end up eating fried & junk food once their craving consumes them.
Then there are junkies who love eating unhealthy meals all day long! Each of these food experiences are specific to a location based on the kind of businesses or people that exist there. For instance, juice bars, fruits & salad bars, lean diet foods, etc . are popular in areas with a gym. Tiffin services are popular near corporate setups. The same works the other way round too. Sometimes, the kind of food businesses that exist in a particular area, determine the kind of businesses & people that move there. It’s all about finding the right taste buds.
For instance, if we correlate the trends and patterns of the booming regions of Delhi& Gurgaon, we notice significant change in those places. Hence, understanding & identifying the right area is of utmost importance. Considering a city like Delhi, where the population demographic indicates that the city is overly populated with a huge variation in population structure.
With the help of technology, it becomes fairly simple to get data that will help in identifying the best place for a particular type of food business.
It is essential to reach to the maximum number of customers in the most cost effective way. This helps in enhancing businesses effectively. Time management is as important as cost management.
Furthermore, the development of food and it’s enriched services are mostly predicted by people’s location and their affordability. Therefore, with a population of a billion, we cannot predict the arrangement without a proper algorithm.
It is also noticeable how quickly people lose their business to their competition. This is because they don’t understand the analytics behind it. With the right technology people also overtake and expand their business to great heights.
The fundamental key is to understand that the population demographics have an essential role to play in denoting the potential hotspots.
Notably, the spices are the same but the same food tastes unique in every part of the world. This is because it is made according to the people who eat it. For instance, even something as simple as fast food tastes different across different regions in India. Also, there are variations between food tastes of North & South India!
With geo-location monitoring, one can accurately target areas to operate at maximum potential.
You ask how?
Reverse geo-coding is the process of back (reverse) coding of a point location . This also permits the identification of nearby street addresses, places, and/or areal subdivisions such as neighborhoods. With the help of Roadcast’s heat-mapping, one can extrapolate the main customers to focus on. You can get the exact location from where orders are received & locations where orders are delivered. You can identify your operating radius with the help of the data you access. What if you knew the exact areas in your city that liked a particular kind of food? Over a period of time you could get access to all the location based data you need for targeted marketing. Furthermore, you could offer extra discounts in areas which aren’t ordering food from your restaurant too frequently to engage more customers.
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