Restaurants can no longer rely on just their regulars to keep their business afloat. Margins are getting thinner, and goods and staffing are becoming more expensive. It is therefore crucial that each promotional campaign run for your location delivers a return that far exceeds the original outlay. There’re three factors which contribute heavily to the success of a marketing campaign and getting these right means that you’ll be on the road to success!
Know Your Goal
What is the goal of your promotion, is it press or profit? Of course, all promotions are targeted at increasing traffic and, thus, increasing profit; however, there’re two main methods of promoting. The first is by promoting a limited time offer (LTO) to draw in customers and get the profits right away. The second method is to promote your business and your offerings in a more general way and expect the profits to trickle in slowly over time as people return to your business for you being you. Use the method which fits your financial and business needs. Need cash fast or want to offload excess stock? Run an LTO. Want to remind your local community and visiting tourists that you’re still there? A more general advertisement is needed.
Know Your Target Market
Each promotion you produce is targeted at a specific market, these can be classified by age, gender, sports fans, whether or not you’re targeting new or existing customers, and many other things. Knowing your target market before restaurant website design Chicago for your promotional strategy is key to its success you advertise on buses, you may not hit too many young customers, however with a targeted boosted promotion on Instagram then you’re sure to hit the screens of many potential customers in your target market.
Accurate COGs
The cost of advertising needs to be carefully weighed against the returns you expect from your outlay on promotional materials. Sometimes this can be difficult to calculate but needs to be done in order to ensure that your marketing investment was worthwhile. If you’re running an LTO then it is essential that you work out the cost of goods for that offer. Some offers are ridiculously priced because they’re a tactic to get as many people in through the door as possible in the hope that they’ll return soon and pay full price. However, if you’re just looking to offload some products and create space in your storage area then carefully analyze your COGs for all items involved before committing to running the advertisement.
High quality, well presented, and well-directed marketing is necessary to help restaurants survive in today’s world of heavy competition. When restaurant web design Chicago is your next promotional campaign, begin by setting parameters for each of the three points above and you’ll find that everything else slots easily into place and that you’ll feel much more confident about having a successful campaign.