Recipe For Success
I have been thinking a lot about restaurants lately.
Yesterday as I was trying to suggest another way to find value in restaurants beyond just portion size, I identified three big areas where eating establishments can create true value.
#1 Restaurant Quality Ingredients
#2 Time Intensive Preparations
#3 Specialized Restaurant Equipment
Immediately it dawned on me, that these three things are all present at my favorite espresso makers, Blue Bottle Coffee. And as I thought about more and more restaurants, these three elements do not just create true value, but they are also a big part of the recipe for success of many top-flight food establishments.
Here are some examples.
Blue Bottle Coffee
#1 – Single estate espresso beans
#2 – The barista starts with a fresh milk tin for every drink
#3 – Their well-hyped $20,000 custom-built vacuum brew machine
#1 Hand-picked prime steaks
#2 Dry-aged on premise
#3 Cooked using an 1800°F broiler
Bourbon & Branch
#1 Extremely rare bottlings of spirits
#2 Emulsifying eggs in cocktails is not a quick and easy process
#3 Different ice machines so each cocktail can have the correct ice
I could go on, but I think you get the point.
What I find interesting is not just the common success shared by places that adhere to these guidelines, but that it spans categories of establishments. It holds true for the $3 espresso, the $12 cocktail and the $80 steak.
Certainly other things need to be present as well. Flawless execution is certainly right up there on the top.
But I think it is clear that when a café, restaurant or a bar create something special that you cannot get anywhere else (including your own kitchen), they can charge more for it, and people will still come.
Because ultimately, it’s still a good value.
Sounds like a recipe for success to me. Or is all of this just coincidence? I’m looking forward to hearing your thoughts. Perhaps I am missing some additional way (besides portion size) that restaurants create true value. Maybe you know of places that fulfill all these requirements and are still not successful. Possibly I am placing the bar too high, and with flawless execution, fulfilling two out of three is enough to separate an establishment from the pack.
Ok. Ready. Set. Comment.