Cracker Barrel Growth Strategy
2014 - 2020 GROWTH STRATEGY
Cracker Barrel has an issue that must be faced now. The average age of a Cracker Barrel customer is 58 years old. By 2020 our analysts have forecasted that to grow to closer to 65. With our bread and butter customers aging by the day and a lack of new lifetime customers, we need to create a new growth strategy to develop younger lifetime customers.
Goals:
New Demographics and Markets
Create Lifetime Customers
The plan will be to grow into new markets with younger populations and to develop new plans to drive customers into the stores. We have planned two primary solutions to align with our goals.
Solution:
New Markets
Community relationship and marketing through local churches
Cracker Barrels need to reach into these new markets, and become welcome to the community. Through outreach and relationship, we will bring in the families of the community and create the restaurant that the children will want to come back to and eventually bring their own family.
NEW MARKETS
In 2012 Cracker Barrel opened three stores. In 2013 they have opened two, with one more planned1. If you look at the towns that they have opened the stores in, you find that they don’t tend to have a lot potential customers under 18. If we look at the three stores for 2013 we find this:
Fayetteville, N.C
17.6% had children under the age of 18
Allen, Texas
Linthicum, Maryland
19.4% had children under the age of 18
20.1% had children under the age of 18
An understandable placement if you look at our historical strongholds. It will be Texas’ 47th store and North Carolina’s 38th. This also shows we are reaching into smaller markets or putting second stores into existing markets. But we are beginning to reach saturation levels in some states. Florida already has 58 stores and is the oldest state in the US, with over 17.6% of the population over 652.
Our stores tend to be opened in the Cracker Barrel homelands east
Cracker Barrel has an issue that must be faced now. The average age of a Cracker Barrel customer is 58 years old. By 2020 our analysts have forecasted that to grow to closer to 65. With our bread and butter customers aging by the day and a lack of new lifetime customers, we need to create a new growth strategy to develop younger lifetime customers.
Goals:
New Demographics and Markets
Create Lifetime Customers
The plan will be to grow into new markets with younger populations and to develop new plans to drive customers into the stores. We have planned two primary solutions to align with our goals.
Solution:
New Markets
Community relationship and marketing through local churches
Cracker Barrels need to reach into these new markets, and become welcome to the community. Through outreach and relationship, we will bring in the families of the community and create the restaurant that the children will want to come back to and eventually bring their own family.
NEW MARKETS
In 2012 Cracker Barrel opened three stores. In 2013 they have opened two, with one more planned1. If you look at the towns that they have opened the stores in, you find that they don’t tend to have a lot potential customers under 18. If we look at the three stores for 2013 we find this:
Fayetteville, N.C
17.6% had children under the age of 18
Allen, Texas
Linthicum, Maryland
19.4% had children under the age of 18
20.1% had children under the age of 18
An understandable placement if you look at our historical strongholds. It will be Texas’ 47th store and North Carolina’s 38th. This also shows we are reaching into smaller markets or putting second stores into existing markets. But we are beginning to reach saturation levels in some states. Florida already has 58 stores and is the oldest state in the US, with over 17.6% of the population over 652.
Our stores tend to be opened in the Cracker Barrel homelands east