18 Jul How to run discounts and promo at your restaurant without losing revenue
Every restaurateur loves a good bargain, and there are plenty of ways to run discounts and promos at your restaurant without losing revenue. In fact, many customers are actually drawn to restaurants that offer discounts or special deals. But it’s important to use promo codes and other tactics the right way, or you could wind up doing more harm than good. Here are some tips on how to run discounts and promos at your restaurant without hurting your bottom line.
1. First and foremost, make sure your discounts are calendar-based. Don’t offer a discount on Monday if you’re closed on Tuesday. Customers will remember that you gave them a discount, but they’ll also remember that you weren’t open the next day. If you want to offer a weekday discount, make sure it’s for a day when you’re actually open.
2. Don’t offer discounts on your busiest days. It’s tempting to want to generate more business by offering a discount on a slow day, but this can actually backfire. If you offer a discount on a day that’s already busy, you’ll just end up with longer lines and unhappy customers. On the other hand, if you offer a discount on a slow day, you might bring in some new business, but you’ll also likely lose money on each customer who comes in.
3. Pay attention to your margins. Before you decide to run a promotion or discount, take a close look at your margins. If your margins are already tight, a discount could end up putting you in the red. On the other hand, if your margins are healthy, you can afford to be more generous with your discounts without taking a hit to your bottom line.
4. Use promo codes wisely. Promo codes can be a great way to track the success of your marketing campaigns and attract new customers. But if you’re not careful, they can also end up costing you money. Make sure you’re only giving promo codes to people who are actually likely to use them, and make sure the code is for a meaningful discount that won’t eat into your profits.
5. Don’t offer too many discounts or promos at once. If everything in your restaurant is discounted, then nothing is special anymore. Offer one or two specials each week, and rotate them so customers have something new to look forward to. This will also help you avoid markdowns on inventory that’s about to expire.
6. Don’t forget to market your discounts and promos. Customers won’t take advantage of deals if they don’t know about them. Make sure to list all current specials on your menu boards, and mention them in any advertising or social media posts. You can also send out email blast or text messages to let customers know about last-minute deals.
7. Finally, make sure your discounts are structured in a way that actually benefits your business. For example, if you’re selling a lot of a certain item that’s about to expire, offer a discount on that item rather than across the board. You can also tie discounts to specific times or days of the week when you know you’re slower and need the business. By being strategic about your discounts, you can ensure that you’re getting the most bang for your buck – and not losing revenue in the process.
Discounts and promos can be a great way to attract customers and boost business – as long as you use them wisely. By following these tips, you can run discounts and promos at your restaurant without losing revenue. And who knows, you might even find that your bottom line gets a boost in the process! Do you have any tips on how to run discounts and promos at your restaurant without losing revenue? Share them in the comments below.
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