You can’t have a business without customers. It’s a simple, obvious fact, but it must be said. Centuries ago, if you wanted to sell food, you could go set up in a small frontier town, churn out beans or bread, or whatever you wanted, and have a steady stream of customers. You were probably the only “restaurant” in town.
Today, in most towns and certainly in all big cities, there’s a very competitive restaurant landscape. The same is true in almost every industry.
How many restaurants are within a 15-minute drive of where you’re sitting reading this right now? In one study, researchers found that people were willing to drive up to 3.3 miles to eat at a sit-down restaurant, but the median distance they were willing to drive was 1.4 miles.
In most towns, restaurants are placed relatively close together. If your restaurant is only one of, for example, five restaurants within that 1.4-mile radius, how do you ensure customers come to you and not one of your competitors?
Ah, the receipt. Every day, billions of transactions are completed, and millions of receipts are issued. But receipts ca...
By Eric Shafer