Strong third-quarter retail sales and overall growth in the U.S. point to a promising sign for restaurants as the holidays approach: Consumers may be looking to spend more freely than they spent in earlier months of the year. Are you ready to make the most of guest traffic? First lean on your technology – to enable seamless payments in the forms guests prefer, to generate greater participation in your loyalty program, to anticipate high-traffic peaks (and valleys), to schedule staff accordingly, and to deliver targeted promotions to guests looking to get out and celebrate with others over the festive period. Assess potential bottlenecks in your various sales streams, as well as opportunities to promote different parts of your business that could do especially well over the holidays. For instance, what mechanisms do you have in place to manage catering orders, track reservations, maintain your ingredients for your most popular holiday dishes, and promote retail items? What safety nets are in place to support you when problems happen? It can help to review the guest journey along every sales stream you have, gather feedback from staff about what works well and what needs to improve, and to check your online reviews to identify parts of your business that may need attention. There is still time for restaurants to develop a plan to capitalize on the coming holiday season. But at a time when the economy is uncertain, consumer spending is in flux, and inventory is unreliable, it’s critical to lean on your marketing programs, as well as your data, to generate interest and sales in the places where they are most likely to bring in profits. Consider what combinations of offerings and experiences your restaurant can promote this season – including onsite events, offsite catering, VIP dining packages or other high-end experiences, meal/dessert/wine subscriptions, gift cards, and items you can sell at retail. But before launching a wide range of programs, study your audience. For your most loyal guests, offer a personalized offer now that helps you gather data for upcoming promotions. Launch an offer to help convert regular guests to your loyalty program so you can better study their purchasing patterns too. What audience best suits each promotion? What channels can you use to reach them? What holiday menu items have been most popular with those guests in the past – and where are the best places to feature those items again? Where can you generate the best combination of value and experience with the resources you have available – and how should you allocate your budget accordingly? What promotions are best left to another season or year? |
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April 2024
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