The Restaurant Industry is currently a volatile one, and restaurants hoping to stay ahead of the curve will need to diversify their revenue streams. There are plenty of different options to choose from and in the digital age there is plenty of money out there to be had. Customers that can afford it are willing to spend money to support businesses they love. The onus is on the owner or manager to find out which ones work for their business. One great one to try is implementing gift cards.
Gift cards can be an incredibly useful tool for any business, but especially restaurants and bars because of their versatility. Gift cards can be used both digitally for online ordering, and physically for in store purchases. During covid this versatility was put on full display, and ended up becoming an extremely important stream of revenue for bars and restaurants across the US, and continues on that upward trajectory today. Not only does it give your regulars an opportunity to support your restaurant, but if it’s given to others, it could create new regulars on top of that. One idea some restaurants tried during covid was slipping gift cards into random orders to boost trust and image among your customer base, and if you can afford it’s definitely a good idea to try.
For gift cards to work as a concept though, your customer base needs to be informed. If you launch a gift card program without making sure your customers see somehow, it’s a losing game. Promote them in emails and signage in store, so your loyal regular customers see it when they come in for their usual order. For the non-regulars, keep signage on the front of your business and on tables so those coming in for the first time can also be made aware in case they decide to buy. Gift cards only work if people know you’ve got them, so make sure that happens.
With all of the possibilities to make money in the restaurant industry, it feels like there can be too many options to pick from. Finding the right one for your business can come with lots of trial and error, but gift cards are a good place to start. For more ideas on diversifying your restaurant’s revenue streams, keep up with our blog and look for more in this series.
The BarMinder system is leading the way of the new era of digital liquor inventory management. In the 21st century, inventory should not be this hard. We have phones that can talk to space, why are you still walking around with pen and paper counting bottles? Liquor inventory should be easy, in real time, increase profits, and be able to be accessed anytime from anywhere. The BarMinder system does just that. By reducing shrinkage levels and eliminating the labor involved with inventory, staff can focus on the things that matter. Enhancing the guest experience is vital to success in the bar industry. BarMinder makes it happen.