4 Effective Restaurant and Bar Sales Strategies
How should your restaurant set its prices?
1. Customer Data-Driven
By using your customer data, you will be able to individually check what various customers are spending their money on, and what type of spender they are. For example, if a customer comes in and often cashes in coupons or discounts, you can offer them items that benefit from new sales and discounts. However, if you have customers that pay full price and never opt to use discounts, you should avoid sending them discounts and, instead, focus on sending them your latest and most-interesting products.
2. Seasonal Sales
Seasonal items sell great! Who can resist their favorite summer ice cream flavors, Christmas delights or Thanksgiving turkey? Given that seasonal items are popular and associated only with a particular season/holiday, customers are willing to pay a premium for them. This is especially true since customers know that these items will eventually no longer be available. Base your pricing on how popular your seasonal items are and add a premium for items that don't stay on your menu long.
3. New Item Higher Price
Got something new to offer? Make sure it looks exclusive with a slightly higher price tag. There are some customers who just have to have the newest and latest things. This certainly applies to food; especially if your business is keeping up with the latest trends. Offering a really innovative twist on avocado toast? Bump that price up and make your new item look special. This is a great way to capture the market of people who thrive off of being the first to try new products.
4. Determined by Demand
Use your data to track what items are selling best and which ones need a helping hand. Items that are selling very well can be increased in price, while those that are struggling can benefit from a slight price drop. The increased price on popular items will likely not have a big adverse effect on popularity, but a price drop for poor-sellers can make them far more attractive to customers on a budget.