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 let concern with competition or lack of confidence stop you. If you have true differentiation, you’ve targeted your audience correctly and they visit a perceived value in your product they are willing to cover, then you can charge premium prices. Actually, they will expect reduced service and will feel privileged, and you could find yourself selling even more.In most cases you will see that dropping prices to market more actually loses you money, while raising prices, even though you sell less, raises your margin.
Even though it appears as though an arduous move to make, test different higher price points for various offerings. Tomorrow raise your prices by 10%. You can observe not only how the cost rise affects your company (you will either lose business, gain business or stay the same), but then you’re able to look at your profit margins and adjust accordingly.
Most of the restaurant owners that people work with have experienced these pleasing phenomena: they raised prices and discovered that not only did they have more customers (the restaurant is perceived as higher quality), but they had a more reliable and less difficult clientele that also spent more cash and had higher overall tickets.
Birthdays, by their very personal nature, are an ideal time to send out a very personalized offer. Of most occasions, this is the top in terms of restaurant marketing campaigns go. Be sure to gather birthday and contact information in your exit surveys and begin a birthday campaign. Send a message 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. Allow them to utilize the restaurants names coupon for the whole month of these birthday.You can also propose additional birthday services. Consider ways that could make your web visitors life easier – supplying the cake at a particular price, giving a special group rate, or including party favors.
A special surprise like a complimentary easy with a candle and the customer’s name and birthday wishes written about it is sure to appeal to the little one within any customer. You’d be amazed at the invaluable positive recommendations an easy gesture like that may create.You can even work with a birthday campaign as an easy way to recruit clients by buying lists with birthdays and postal codes and sending out your birthday offer as a means to introduce your restaurant.
Birthdays are extremely personal, and as we will learn, business is personal. Don’t avoid this fantastic opportunity to touch base to your customers and make them happy.Try this activity now for an immediate escalation in your restaurant customer numbers. At the end of a meal, give happy customers 3 different gift certificates with a specific amount off for his or her next meal at the restaurant (or any offer that you are feeling is compelling).
Then give them 2 more of the dining certificates and question them to fairly share the certificates with their friends. The offer must be compelling and have no conditions other than a time limit. Give the recipient enough time to redeem the certificate. Perhaps make the certificate good for 6 months, or for specific down times that you are trying to fill.Use the principles that apply for several offers (stating the value, making the offer traceable, capturing name, email and birthday data on the card that needs to be completed to redeem, measuring success and refining the offer, etc.).