Last year, the Wall Street Journal reported that McDonald’s was no longer the world’s largest restaurant chain. No longer will McDonald’s and their Big Macs be known as the largest chain. Rather, Subway will bring it’s iconic green and yellow logo and $5 foot-longs to the top of the list and take claim.
While the general public may find it surprising to hear that McDonald’s was overtaken, should one take a closer look at Subway and the strategy they undertook to get where they are today can serve as a great model for franchise restaurants as far as defensibility against other restaurants and expansion strategies.
Knowing is half the battle
In the mid-80’s, the popular phrase “Knowing is half the battle” was coined by G.I. Joe. While G.I. Joe no longer does PSA’s on television, restaurants that stay ‘in the loop’ are the ones that are most likely to succeed.
If you look at some of the top restaurant chains in the United States for example, you will note that one common denominator amongst them all is that they are constantly getting feedback from their customers on ways to improve the service they provide as well as suggestions on future products. Corner Bakery for example is known for their careful attention to detail when it comes to their customer service and making sure that they are providing the highest quality product possible to its 25 million + customers annually. Continue reading How Will Your Franchise Restaurants Compete Against Competition?