Four Simple Ways To Increase Restaurant Revenue During A Bad Economic Period
The recession is real. Everywhere you look, there are establishments closing down for good, and restaurants are no exception. In fact the foodservice industry is one of the most affected sectors by the down economy. As a restaurant operator, how do you get away from this kind of situation?
There are two options – fight or flight. I’m not going to teach you anything about the second option, of course, but in an effort to keep your restaurant going during these tough times I’ll tell you four ways to fight the recession.
1. Know how much money goes into your advertising
Most restaurant operators rely solely on print advertising to get the word out. Thing is, print advertising is largely dependent on “hope” – you hope the ad is done well, you hope someone picks up the paper, you hope that person is hungry enough to order something, etc.
It might be a good idea to look at how much money goes into your print advertising campaigns. If your ad runs 1/4 of a page, consider downsizing to about 1/8 page size. I’m not saying print advertising is worthless. I’m just saying to cut your costs to a minimum.
2. Implement discount coupons
Coupons are nothing new, which is all the more reason why they’re a good choice.
Customers are always looking for a discount, and you’re looking for ways to earn more buck. At the exit, assign a hostess who would stamp cards for your customers. The customer is entitled to a free dessert or entree after collecting ten stamps or so. It’s a guaranteed effective way to increase revenue during a bad time in the economy.
3. Work your staff outside their assigned roles
I believe that a restaurant is only as strong as its weakest staff. So instead of limiting your employees’ responsibilities to their assigned roles, why not turn each of them into a marketing tool?
Distribute discount coupons to your staff with special numbers at the back of the card, assigned to a specific employee. For every coupon that comes back, they get $1.
4. Partner with competitors
This one has got to be one of the most ridiculous piece of advice anyone can give you about the recession. Or is it?
Your restaurant isn’t the only one reeling from the effects of the recession. Your competitors too, I’m sure, are having a tough time of it. So why not, instead of printing on one side of the paper, print on one side and your competitor on the other side and share the costs of the ad? This way you cut down on costs and have more people looking at your ad.
A bad economy is no reason to put your restaurant on its knees. On another note, a recession is really a time to shine, when everyone else is cutting back. The trick is to be creative with your campaigns. Nowadays a restaurant owner is no long just a plain and simple entrepreneur. Above all else, he or she must also be an artist.
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