Fast Success #1: Discount Vouchers to Their Favorite Restaurants
To encourage repeat business from first-time diners, offer them a simple discount on their next visit (such as a complimentary appetizer, dessert, or digestif). The deal should be fully redeemable for six months without strings attached. Instruct the consumer to bring in the restaurant coupon and to fill out any necessary forms for you to add to your database. Make this a permanent element of your advertising strategy after you’ve evaluated the results and made any necessary adjustments to the deal.
Step Two: Reduce Restaurant Expenses
Despite your hectic schedule, you should analyze restaurant expenses once every six months. Reducing costs is a simple method to boost profits. How long has it been since you renegotiated your credit card fees? Is your wine shop giving you the best price possible? Examine the cost and profit of each item on the menu to see which ones are the most lucrative for your business. Add these items to a limited-time menu to increase your revenue. Get rid of your top three least profitable dishes. When you do it regularly, you won’t believe what a difference just tidying up can make to your bottom line.
Third, raising restaurant prices is a quick win.
If your pricing is 10% too low, you’ll need three times as much effort to break even. You can lose 43 percent of your business and make the same amount if your pricing is just 10 percent too high. Author: Larry Steinmetz
Raising prices is a quick and easy approach to boost restaurant profitability. Investing only a small amount of money in several high-demand products will yield rapid expansion. It’s a scary thought at first, but when you consider the psychology of pricing and consumer behavior, you’ll see why many eatery establishments undervalue their offerings.
Most consumers do not just consider cost when making a purchase, but there are exceptions. Not convinced? Take a look at how many sunglasses individuals near you are wearing. I’ll be sure that many people wear designer shades like Ray Bans and Dolce & Gabbana. Just goes to show that pricing isn’t the only factor in determining whether or not to make a purchase.
Don’t ever try to undercut the competition by lowering prices; by all means, avoid starting a pricing war. That’s not something you want to be known for since it leaves you vulnerable to undercutting from the competition. Instead, think carefully about increasing your rates. Don’t let insecurity or worry about the competition hold you back. True distinctiveness, accurate audience segmentation, and customers who sense value in the product and are prepared to pay for it provide the possibility of charging premium rates. Customers will come to expect such treatment, feel special, and may even increase their purchase volume.
Lowering pricing to increase sales typically results in a loss, while raising prices, even if sales decline, improves profit margins.
Try out more expensive pricing tiers, even if it seems like a stretch. Increase your pricing by 10% beginning tomorrow. Look at your profit margins and make changes based on how the price increase affects your firm (whether it suffers, grows, or remains the same).
To their delight, many of the restaurant owners we work with have discovered that, after increasing prices, they not only attract a more extensive customer base (because their establishment is seen as more upscale) but also retain regulars who are less likely to cause trouble and spend more per visit.
Quick Win No. 4: Host Birthday Parties
Due to the individual aspect of a birthday, it is the perfect opportunity to send a unique, tailored promotion. In terms of promoting restaurants, this is the most critical event. Create a birthday campaign and collect birthday and contact information in your exit surveys. After the month before the birthday month, send an email or physical mail with a restaurant coupon for a free dessert, drink, or dinner. Give them the gift certificate to use throughout their birthday month.
There are other birthday services you might suggest. Consider how you may make your client’s lives easier, such as by supplying the cake at a discounted rate, offering a group discount, or including party favors.
A personalized birthday cake decorated with the recipient’s name and well wishes would delight any customer’s inner child. You wouldn’t believe the priceless goodwill that action may generate among people’s social circles.
Suppose you purchase lists of birthdays and mailing addresses. In that case, you can utilize a birthday campaign to introduce your restaurant to potential new patrons through a personalized birthday offer sent out to them.
In the same way, birthdays are intimate, business dealings are also highly individual. Don’t let this excellent chance to connect with and delight your clientele pass you by.
5th Success in a Hurry: Restaurant Gift Certificates for Referrals
Try this if you want more people to eat at your restaurant right now. Give satisfied diners three discount certificates for future meals (or another offer you deem alluring) at the end of their dinner. Then, have them split the meal with two of their friends by giving them each a certificate for two free meals? The offer ought to be tempting and shouldn’t come with any strings attached other than a deadline. Allow sufficient time for the recipient to use the gift certificate. Make the certificate valid for a fixed period, say six months, or during slow periods you hope to fill.
Follow the standard practices for making offers (including specifying the value, making the offer trackable, collecting personal information like name, email, and birthdate on the card that must be filled out to redeem the offer, tracking results, and making adjustments as necessary).
Any restaurant can benefit from implementing these simple yet effective strategies for marketing.
Amy Foxwell is the brains behind the restaurant marketing book Win-Win.
Our goal is to assist restaurant owners in realizing their vision for the future by benefiting from our extensive experience and insights gained through trial and error. We help eateries improve their bottom lines, attract new patrons, and reclaim their lives using a no-nonsense, cost-effective, and straightforward approach. All-around success Marketing for eating establishments is more than just a commodity. It’s a network of other restaurant operators that share your passion for the industry and your commitment to success. If a business owner doesn’t have the time or motivation to devote to marketing, we can take care of it for them. When it comes to assisting restaurant owners with their marketing and business needs, we employ a wide range of methods, from mass-produced goods and coaching to “done for you” implementation services. Restaurant owners and managers can choose from many different products and services. Our services educate business owners on a wide range of topics, including increasing sales to current customers, attracting new ones through strategic partnerships and word-of-mouth, growing a customer database through technology, boosting service quality and profits, and much more.
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