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Four Laws of Brand-Building in the Digital Age (Part 2 of 4)
Law 2: From USP, to POV
Among countless industries that have been hurt by the pandemic, one that is hurt the most is the restaurant industry. While some eateries did manage to survive and make ends meet by offering food delivery, managing restaurants was a low-profitability business already, and many establishments entered bankruptcy. 50% of restaurants in New York City have closed since the start of the pandemic. Even fine-dining and long-established restaurants have been closing their doors.
Amid this climate, a business acquaintance of mine, who happens to be a very avid wine collector in Japan, was presented with an interesting proposition: a wine collection worth several million dollars. A Michelin Star restaurant that had been around for over six decades in Tokyo but was going out of business due to COVID. Along with the closure, the wine collection owned by the restaurant was quietly put up for sale.
High-end restaurants are not particularly equipped for take-out and delivery, and this has become a barrier to do business in the pandemic. So what can those high-end restaurants do?
