The Experience Economy is something I came across back in 2003 and has moulded how I look at our industry and helped me formulate a structure in which I started creating F&B concepts. The aim of this article is to share this idea that helped me create F&B businesses which have longevity and competitive advantage.
Restaurants today need to be in the business of loves not merely digital “likes” and need to align their strategies and actions accordingly. They need customers fall in love with their brand by delivering truly memorable experiences. In today’s world, they need to be more than “just a restaurant”.
Memorable Experiences = Loyal Customers = Repeat Customers = Higher Lifetime Customer Value