Short excerpt from a YouTube talk by Donald Burns arguing that restaurants should focus on creating value beyond price. He emphasizes intangibles—stellar service, outstanding facilities, professional staff appearance, and food presentation—as contributors to perceived value rather than competing on price alone.
Now here's the thing. If you can provide better service and products, why price your menu to compete? Creating value is a lot more important than price. Many people get that wrong. They think that value is purely price driven and it's not. Value is created when you deliver those intangibles that add to the perception of value. What are some of those things? I mean, stellar service, outstanding facilities, professional looking staff, and the presentation of the food are all part of the dining experience.
If your restaurant only works because you work 80 hours a week, it doesn't work.
