Quick Win 1: Bring 'Em Back Restaurant Coupons Give all first-time restaurant customers a coupon with a simple offer redeemable on the next visit (perhaps a free aperitif, dessert or after dinner drink). The offer must have no conditions and really should be redeemable next 6 months. Tell the customer to bring in the restaurant coupon and make sure to ask for information that you can increase your database. Gauge the results, modify the offer if needed, and when it brings you more business, make this section of your marketing system. Quick Win 2: Cut Restaurant Costs Even though you are busy, it literally pays to take time to review your restaurant costs every 6 months. An easy way to improve your bottom line would be to cut costs. When did https://www.legendhotchicken.com/hacienda-heights renegotiate your credit card charges? Are you obtaining the best deal from your wine merchant? Review your menu and check your profit margins - which are the dishes that provide you the best margins? Create a special menu with these dishes to market more. Eliminate your 3 worst-selling dishes and the ones with the worst margins. You may be surprised at how this regular housekeeping can affect your bottom line. Quick Win 3: Increasing Restaurant Prices If your prices are 10% too low you have to do 3x the work to make the same profit. If your prices are 10% too high you can lose 43% of one's business and still maintain the same profit. - Larry Steinmatz One of the quickest ways to improve your restaurant profits would be to raise prices. Just a few dollars on several well-selling items will give you exponential growth immediately. That may appear to be a frightening idea, but have a closer consider the psychology of pricing and buying behavior and you will understand why 80% of restaurant businesses undercharge because of their services and products. Except in some particular cases, most people do not make purchasing decisions on price alone. Don't believe me? Just take a shop around at the sunglasses folks have on around you. I bet you see a great deal of Ray Bans and Dolce Gabbana sunglasses. This just demonstrates you can find other criteria for purchasing behavior than price. So anything you do, don't ever reduce prices, and certainly don't start a price war. You don't want that to be your competitive advantage because anyone and everyone can undercut you. On the contrary, seriously consider raising your prices. Don't allow concern with competition or insufficient confidence stop you. Assuming you have true differentiation, you have targeted your audience correctly and they see a perceived value in your product that they are willing to purchase, then you can certainly charge premium prices. Actually, they'll expect reduced service and will feel privileged, and you may find yourself selling even more. In most cases you will find that dropping prices to sell more actually loses you money, while raising prices, in case you sell less, raises your margin. Even if it seems like a difficult thing to do, test different higher price points for various offerings. Tomorrow increase your prices by 10%. You can view not only how the price rise affects your business (you will either lose business, gain business or stay the same), but you can then look at your profit margins and adjust accordingly. Many of the restaurant owners that we work with have observed the following pleasing phenomena: they raised prices and found that not only did they have more customers (the restaurant is perceived as higher quality), but they had a far more reliable and less complicated clientele that also spent more income and had higher overall tickets. Quick Win 4: Celebrate Birthdays at your Restaurant Birthdays, by their very personal nature, are an ideal time to distribute an extremely personalized offer. Of most occasions, this is the most effective so far as restaurant marketing campaigns go. Make sure to gather birthday and contact information in your exit surveys and begin a birthday campaign. Send an email or snail mail with a restaurant coupon for a free of charge dessert, drink or meal at the end of the month preceding the individual's birthday month. Permit them to utilize the restaurant coupon for the whole month of their birthday. You can also propose additional birthday services. Think about techniques would make your customers life easier - supplying the cake at a special price, giving a particular group rate, or including party favors. A special surprise for instance a complimentary easy with a candle and the customer's name and birthday wishes written on it is sure to interest the kid within any customer. You would be amazed at the invaluable positive word of mouth a simple gesture like that can create. You can even use a birthday campaign in an effort to recruit new customers by buying lists with birthdays and postal codes and sending out your special birthday offer in an effort to introduce your restaurant. Birthdays are very personal, and as we will learn, business is personal. Don't pass up this fantastic opportunity to reach out to your customers and make them happy. Quick Win 5: Referral Restaurant Gift Certificates Try out this activity now for an immediate upsurge in your restaurant customer numbers. At the end of a meal, give happy customers 3 different gift certificates with a certain amount off for their next meal at the restaurant (or any offer that you are feeling is compelling). Then provide them with 2 more of the dining certificates and have them to talk about the certificates making use of their friends. The offer should be compelling and have no conditions other than a time limit. Supply the recipient plenty of time to redeem the certificate. Perhaps make the certificate best for 6 months, or for specific down times that you are trying to fill.
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