Essential Strategies To Increase Restaurant Revenue

Posted by Karen Erdelac on May 25, 2017

Essential Strategies To Increase Restaurant RevenueThe myth that restaurants generate immense sums of profit every year is largely false. Not only do restaurants have to pay a variety of business costs, which tend to diminish revenues, such as labor, food, utilities, and leasing agreements, they also have to keep the customers coming in. In today's tough economy it's getting a lot harder for restaurants to maintain a steady stream of customers.  Some businesses seek out new ways to generate business during peak hours, while others want a greater number of patrons throughout non-peak hours. When restaurants don't have enough business financing, they have to come up with creative ideas that can help attract new customers.  Every day, restaurateurs have to conjure up fresh ways to attract and keep guests coming back. This is sometimes accomplished with inexpensive marketing gimmicks, but other times more elaborate and expensive approaches are needed. The fact is, in addition to getting customers in the door you have to ensure that they have a positive in-store experience. From promotions to web advertising, from vouchers to social media, restaurants attempt to stay ahead of the competition through a variety of methods.

Social Media

In recent years, the growing trend among restaurants has been to incorporate social media into their business model. Not only does this help connect restaurants with their customers, but it also allows the owner to come up with promotions exclusively on Facebook, Twitter and other social networks. For instance, many restaurants across the United States are offering between five and 15 percent discounts to customers who "check in" to their favorite restaurant on Facebook. Others, meanwhile, provide their patrons with a discount if they tweet a picture of the food. Social media doesn't have to be a venue just for discounts. Restaurants can utilize Instagram or Facebook for an array of other concepts, such as sharing the menu, engaging customer feedback, monitoring comments from customers on Twitter and posting updates on the latest happenings.

Sporting Events

Sporting events can be one of the most profitable times for restaurant owners if promoted correctly. Why not make your restaurant the place to be on game night? Many restaurants use important sporting events and seasons as a way to draw new customers so people can celebrate the games together. In addition, instead of just broadcasting the game on television, the restaurant can offer promotions, too: five percent off to customers who wear jerseys if their football team scores five touchdowns or 10 percent off if a certain basketball team scores 100 points.

Themed Dinners

Targeting niche markets is one of the most effective strategies for bringing in new customers.  Theme nights provide you an opportunity to reach different customer bases to see which are most successful and where to place future marketing dollars.  They also help to keep your restaurant fresh while providing variety and energy to your atmosphere.  These nights give customers an opportunity to interact with you, your staff and other customers.  That familiarity builds brand loyalty by giving patrons insight into the human side of your business.  The key to a successful theme night is getting everyone involved and ensuring a fun environment.

Peak Hours

Essential Strategies To Increase Restaurant RevenueDoes your restaurant want to boost customers in the early morning and lunch hours? One of the best ways to do this is to offer an express breakfast or lunch menu - remember, these customers are likely in a rush and have to head to the office. If the food is sublime and fast then this produces a wonderful impression for the client, and serves as a reminder that this is the place to be if they want something fresh and quick before they start or continue their workday.

Happy Hour & Wine Tasting Events

Offering a happy hour and/or wine tasting event(s) will likely bring in customers from around the area and particularly older and more professional clientele. A happy hour feature takes place between three and six. A wine tasting event is geared towards couples, especially on a Friday date night or Valentine's Day. If these events are executed correctly then it can lead to longtime customers.

Late Night Crowds

Late night customers are usually different than what the restaurant is normally accustomed to. These customers are usually millennials, partygoers and those who just came from a concert or a show at 10 or 11 p.m. They will typically want a simple menu that is affordable, filled with small plates that provide a tremendous value - think a smaller version of a specialty dish.  The restaurant should have a comfortable but fun ambiance with adjusted lighting and quiet music. In other words, a restaurant composed of a laid back style that seems like a hip and cool place to be at night.

In many cases small business owners lack the credit or collateral to access the money needed to remain flexible.  Quikstone Capital Solutions provides cash for businesses.  A merchant cash advance from Quikstone Capital Solutions is a business loan alternative that can help your business thrive and prosper, whether you need cash to buy equipment, cash to renovate or expand, cash to purchase inventory, cash to advertise or cash for emergencies. Quikstone Capital Solutions can help.

Contact us for a consultation today, or click below to download our Free Pizzeria Case Study to learn how a merchant cash advance can benefit your restaurant.Pizzeria Investment Guide

Topics: Restaurant