Customers today are stretched thin and many are choosing to eat at home instead of spending a large portion of their budget on dining out since it seems that restaurant prices have risen higher than grocery prices. Not only are grocery prices lower than restaurants, but many grocery stores are now offering pre-made meals that just need to be thrown in the oven to meet the consumer’s convenience needs. Restaurants have noticed this trend and are trying to do what they can with what they have been given. Prices have increased for everyone, so how can restaurants create menus that will get people back in and spending money? Many have begun revamping their menu, giving people the opportunity to still enjoy the convenience of eating out while not completely breaking the bank. You might think that by lowering prices you will be losing money, however there is a key benefit to this approach that we will cover today!
You might be lowering prices and wondering how that is going to help when you are merely breaking even on the lower costing meals, but the good news is that you are likely to see a spike in traffic at your restaurant. People are craving lower prices, and by having a section of the menu they feel comfortable ordering from, you are giving them the ability to dine out without worrying about overspending. When someone orders and feels like they are getting a fair price on one part of their meal, they are likely to splurge on either a sweet treat or an extra side, which is where you will make up some of your money. You want people to continue to choose your establishment, and right now one way to do that is through having some kind of meal deal. It will look different for every restaurant, but as long as you are doing what you can as a business to offer the customers something that they can afford, you will hopefully see customers continuing to dine with you.
With more customers comes a great opportunity to up your rewards game. If you do not have a loyalty program, it is a perfect time to set one in place. Loyalty programs allow customers to earn points and eventually get a discount on their meal or even receive a free meal. This is a perfect incentive to get people to frequent your restaurant and create loyal customers. By using this time to build your customer base, even if it’s with low prices, you can hopefully keep that customer base in the future when people are willing to spend more money.
Eating out, whether quick service or fast casual, is an experience that the grocery store just can’t compete with. There is something about going to a place and not having any dishes to wash and everyone in the family getting to choose what they want that you don’t get from preparing your meal at home. So use that to your advantage and offer them what they crave most of all.…a good deal with no mess to clean up! When you have your meal deal offers established, shout it from the rooftops, social media pages and anywhere else you can think of. Remember that what works for one place may not work for everyone, so it is important to use your knowledge and data to select what items would be the best for your value menu and go from there. Implementing value meals along with utilizing technology to save money and run your restaurant with accuracy and efficiency will help you to continue to run a profitable business.
