According to the National Restaurant Association, restaurant industry sales in 2015 are projected to increase 3.8 percent to $709.2 billion from 2014 sales of $683 billion. This will be the sixth straight year of actual sales growth within the restaurant industry if the projected sales do occur. Therefore, the question for small business owners is how to improve restaurant sales in 2015?
There are three key ingredients to increasing restaurant sales. Establish your restaurant’s identity/brand, grab customers’ attention and increase your customer loyalty. So how do you achieve each of these goals? ARF Financial has gathered tips the following tips on how to improve restaurant sales.
A detailed advertising and marketing plan is key to establishing your restaurant within the community and growing sales. Advertising will grab individuals’ attention and establish why your restaurant stands out among other eateries.
A strong marketing campaign will help your restaurant build a stable presence within the community by participating in community events, networking within your respective target market and/or getting involved with a local charity. Your market reach will increase the more visible your restaurant is within your community.
More and more industries are “going digital” these days. So much business is conducted through the Internet and interest gained that it’s imperative you build an online presence for your restaurant. One of the first things people will do when considering your restaurant, especially Millennials, is to “Google” your menu. If you don’t have a menu posted online, you could be missing sales.
Make sure you have a current menu with listed prices available on your social media accounts and website. Consider investing in platforms that allow potential customers to make online restaurant reservations.
If your restaurant’s location is in an area that receives high volumes of foot traffic, consider investing in greater outdoor décor to grab people’s attention. Display your menu in a way to lure in people passing by. Make sure the area around your entrance is clean, well lit and free of obstacles like uneven ground. If you’re located in a region that experiences seasons of inclement weather, make sure the waiting area near the hostess stand is covered and enclosed if in an area that experiences extreme cold or heat.
Many people remember the TV show Cheers, which was about a neighborhood bar that had the tagline “where everyone knows your name.” Although it may be impossible to learn every customer’s name, the concept is key: create a warm, welcoming environment where people feel at home and wish to return. You can craft such a setting using many techniques, including:
If you are interested in pursuing a restaurant loan or a variety of other financial solutions to meet your business needs, contact ARF Financial. With a proven track record of providing restaurants with an array of financial solutions (lines of credit, bridge loans, restaurant equipment financing and more), ARF Financial will maximize the potential for the financing you need to grow. Contact us today to set up a consultation.