I have to say -- last nights presentation by Michael Kappitt, CMO of Bloomin Brands, was outstanding. Mike described how Outback Steakhouse grew over the past 26 years and the new consumer trends theyre currently adapting to. Some highlights: - Outback was founded in Tampa based on a new concept: making a premium steak experience affordable to more people, without the stuffiness and formality of traditional steakhouses. - They hit a lucky trend: in the late 1980s, more women were entering the workforce, which created double-income households. As women worked more, they were less inclined to cook at home, which fueled the growth of restaurants and chains. - There are 800 Outbacks in the US and another 200 worldwide. Korea alone has 100 of them. However, there are few franchisees. - Their core consumer base that helped them grow from the 80s and 90s were the boomers, who are now retiring in massive numbers. - The flip side to the Boomer story are their kids, who are the Millenials seeking jobs and getting hired and soon with disposable income. - Engaging Millenials presents new challenges: they consume hundreds of TV channels and thousands of websites; they have instant access to information; at the same age, they know much more than kids 20 or 30 years ago did; and they know all about your product, more than you think they know. - Engaging Millenials means innovating with cause marketing, technology, messaging, and even menu selections, as Millenials are more prone to share their food. - The other huge segment that overlaps Millenials (because of age) is the US Hispanic population, and Outback has started advertising and outreach campaigns to this demographic. - Their overall ad spend is about $120M Previously, Mike worked at Burger King, where he collaborated with Crispin, Porter & Bogusky to bring such campaigns as the Subservient Chicken and Whopper Virgins. Overall, an outstanding presentation which exceeded my expectations. Kudos to Giano Currie and Lewis Greenberg from the AMA for organizing and thank you to Nancy Richmond for partnering with the AMA on behalf of SMCSF.
Posted on: Thu, 16 Oct 2014 15:09:04 +0000
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