Leveraging on Special Events to Increase Profit
You must be familiar with movie premieres, concert tours, circus shows, magic shows and other crowd-pleasers. These are commonly known as special events and what you need to know about such events is that they are potentially profitable for any business that knows how to capitalize them. If they’ll be held near your area, then don’t miss the opportunity to use this to your advantage. Consider your restaurant for instance, people go to rock concerts to see Led Zeppelin play for 2 – 3 hours and the energy that the fans put out is enough to make them exhausted and more importantly, hungry.
And that’s your cue! You then introduce your products to these hungry folks and tons of cash will be pouring in your checkout counter, and before you know it, you will already have made the biggest sale in a month.
But how exactly do you get from A to Z in order for you to accomplish something like this?
Here are some tips for you on how to profit from special events:
1. Setup a promotion to attract people, particularly those who will attend the special event – Roughly one to two weeks before the event will be held you kick-start your special promo meals. Make sure to let your audience know that you’re doing this for those who will go to a movie premiere night or concert or whatever the occasion is, so that it will spark their interest. Give out flyers, setup posters, announce it on your website and social media pages.
2. Offer freebies or giveaways – You may include free novelty items to your promo such as caps and mugs or t-shirts, key chains etc. so that it becomes more dramatic and memorable for your guests. Not only will they enjoy your food, but they’ll also remember your hospitality and courtesy. In a way, you have shown them a good customer service even if they’re unaware of it.
3. Go the extra mile and offer rebates as well – As long as you will not go less than 10% closer to your break-even limit, then it’s okay to offer giveaways and rebates. Rebates should be used with loyalty cards and customers are more likely to participate in promotions if they get more for less.
If You Pull the Hat Trick During Special Events, it just Might Work
4. Get them to sign up for the newsletter on your website and social media page – Do not let your customers go without having them subscribe to your website. You then send them weekly newsletters as a continuing medium of your promotion, so you’ll give them a way to come back and patronize your restaurant. This “soft promotion” or “subtle advertising” for special events could go a long way and help your business grow.
5. Surprise them with your menu – Up until now I’ve only been focused on the add ons of your restaurant promotion when guests come to your place for one thing, and that’s food. So while keeping yourself busy preparing the giveaways, loyalty cards and calculating expenditures vs. profits, do remember to also prepare nice meals for your menu. You are promoting your restaurant after all and not the special events that your guests are planning to go to.
6. Encourage them to take selfies in your restaurant and ask them to tag you when they upload their photos – With today’s vanity of the “selfie” picture, there is no doubt that your guests will take photos of your restaurant, your food, your freebies, loyalty cards and anything that they find amusing. This would be the perfect opportunity to tell guests about your website, your Facebook business page, your Instagram account and your other social media portals. You can ask them to tag you in their photos, but most people actually do that even without asking them. But it’s better to be proactive than to wait for them to do it. This way you are also promoting your business online which is a good thing.
7. Offer discounts and loyalty cards too – For you last trick give your guests loyalty cards and offer a small discount for each time they use it. Also as I’ve mentioned above offer rebates. Customers will feel that they’re getting more for their money, well, in fact, they do; however, you will still make a profit on the bulk of the sale, because you don’t go lower than your break-even rate. In the end you will have made a significant profit from your promotion, you will have gained more customers and you will have build your reputation right on.
With clever advertising and marketing you can make a good profit from special events, and considering that the food industry is among the most in-demand business anywhere near a crowd, you can rest assured that your business will grow and succeed. The only thing that you need to worry about is the food in your menu, how your staff should be courteous to your guests and how many great wine bottles you’ve got in your wine rack. Anything else is just for side dishes.