Double your Restaurant Profits with these Simple Strategies

By August 26, 2019 No Comments
Double your restaurant profits

One of the most common questions we hear from restaurants is how can they double their business profits. If you are a restaurant owner, operator, or manager, just getting into the business, or if you’ve been in the business forever, you’re in the right place. Today we will be talking about three steps that won’t require you to have deep pockets and will lead to more profits.

There is no need to add money in advertising, no money in labor, really not much extra time either; and that’s going to let any new revenue go straight to the bottom line because there are no added expenses. It’s a simple formula to understand and execute.

10% more customers
That means if you’re serving an average of 100 customers a day, you simply need to bump that up to 110 customers a day.

The number 1 technique to increase your number of customers is with Online Review Management and doing it correctly. 6% of people read reviews before choosing a restaurant or café. A lot of us are engaging online with our customers but we are not doing it natively in a way that we want to be heard. A study by Harvard Business School found that an increase in rating by just one star on Yelp could lead to a 9% revenue increase for a restaurant.

So as a restaurant owner, how do you go about getting more online reviews, especially the good kind? And what do you do when you inevitably receive some not-so-positive feedback? Contact us and we can help you establish a 5-star online review process.

Another technique you must have to boost your restaurant sales is to have your own Marketing Campaign. Research shows that 92% of consumers trust personal recommendations and people trust their friends & family 5 times more than a brand message. If you are still not convinced, according to the Wharton School of Business ‘The Lifetime Value for new referral customer is 16% higher than non-referrals.’ So a referral program will not only bring you new customers but will also let you gain loyal customers.

If you are wondering how to start with your Marketing Campaign, Mobikon can help you kick start one and track it’s ROI automatically in revenue and not just redemptions.

10% more often
We want your regular customers to come into your restaurant 10% more often. If your average customer visits 10 times a month, or if you are a high-end restaurant, you may find that your average customer comes in 10 times a year. We need to bump that up 1 more visit, to eleven times a month or eleven times a year.

The best way to do this is to quite simply learn more about your customers. Learn their name, what they like & what is their regular order.  Your cashiers, servers and hosts need to do the same. Did you know that the sweetest word we can hear is our own name?  When a customer walks into your restaurant and your hosts greet them as Mr. and Mrs. so and so, and let them know that they’re being put at their regular table, or apologize to them that their regular table isn’t available and you’re putting them at a different table, and then ask them if you can get their regular drink or appetizer for them. That’s another game changer right there that will increase your customer visits by way more than 10%, and again, it’s not going to cost any money at all.

We understand remembering all your customers is not possible for you or your employees. But with a simple table reservation system you can provide a personalized service based on your customers’ preferences, biographical details and dining history.

Contact us to build your customer data into business intelligence.

Spend 10% more money
If your check average is $10, you just need to bump that up to $11, and that’s SUPER easy.  If you’ve got an appetizer that sells for $6, you don’t need everyone to order that & depending on your check averages, you might only need 1 out of 4 or 5 people to order that 1 extra appetizer, in order to up your check average by that 10%.

We all know a loyal customer is worth a million bucks. But what makes customers loyal is beyond the food/service or ambience of a restaurant. Millennials want to be recognized for their patronage through points, discounts or surprise offers. How about surprising your loyal customer with a discount on the $6 appetizer? He might go for it along with his regular order. And there you go, you have an increase in purchase pattern. Now, how can you find out what offers to run for which customers?

Invest in an intelligently designed loyalty program that can not only run a loyalty program to track purchases, but also push products out for upsell and cross sell based on the likes of your customers. Not only do you delight your customers more, but hear the cash register ringing more too. Speak to us to understand which loyalty program suits your business and customers best.

Focus on your customers’ needs, wants & desires. At the end of the day, we’re in the business to serve our customers. We need to know what our customers want, what are they like, what do they spend on, what do they desire, what are their wants and what are their needs.

That’s where the magic is in this business. If you give your customers what they want, they will return it to you 10-fold.

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