Increasing revenues, the fun part of your valuable business!
You work hard to set your business on track, generate revenues and reduce your costs. With everything that goes around your business, what are the ways to increase those hard to attain revenues especially after a steady business growth?
Revenues are generated from your business’s normal operations and activities. They are the values of all your sales of goods and services.
So, generating more revenues necessarily means increasing your operations and activities and therefore sales.
Well, it’s not as easy as it sounds but it’s absolutely achievable with some management.
So, here are the ways you can definitely try to see some more revenues’ flow to your pocket.
You thrive to hire the best people out there for a reason. And one of the most important reasons is upselling.
Your employees should not only be able to sell especially at a restaurant where people come in usually to buy your meals from the menu without the waiter’s effort, but they should be able to upsell that one extra item on the menu.
- The waiter should suggest the new item on the menu
- an item with the highest profit margin, focus on 20% of your items that generate 80% of your profits. High profit margin food items should be placed in the menu to catch the customers’ eye.
- desert and/or coffee.
Here comes the role of a highly trained team:
- The waiter should be knowledgeable of each item on the menu so he can suggest the ones that generate the most profit.
- He should also know what items are more likely to be accepted by the customers and at what times to upsell as the article suggests.
- When the customer first comes in the waiter may ask if he needs a drink or an appetizer, after lunch or dinner; coffee, tea or /and desert.
- If the customer seems a bit lost, it’s an opportunity for the waiter to suggest a high profit margin food item from the menu, giving it a good description.
- Make sure that your waiter knows when to stop because pushing the customer is harmful.
If you are a retail shop then the cashier or the sales people on duty should inform customers of your new offers or a new product that might be interested to try.
Check this link to get specific and directed method to a successful upselling techniques.
Boost your online presence and connect with your customers
Always remind your customers of you and let them connect with you easily:
- Make sure your customers can always order online whether through an application or on the website.
- Make your website mobile-friendly
- Send them text messages of any new item, menu changes or special holidays’ working hours.
- Don’t forget the power of social media. Post those drooling pictures of your food items
- Let people tag you or sign in from your location for a chance to win a free meal.
- Boost your posts by creating competitions: tag your friends on this post for a chance to win a voucher or guess the name of this platter for a chance to win a free meal.
Who doesn’t love happy hour?
We all do! And it is happy hour for a reason.
Discounted prices on appetizers and drinks that bring everybody along on the tables of your restaurants that are targeted towards slower working hours.
You get your drinks and food menu moving faster during those rather dead hours while your sales are increasing and therefore your revenues.
Focus on your cheaper items, slow moving items and items that will be perishable at the end of the day.
Always measure and track your performance as the article suggests. Review your numbers and your profit margin and see if anything can be altered for higher profits; removing an item from the happy hour or adding another one, maybe change the hours.
A reliable POS software can easily track and measure the results of your happy hour and lets you identify any flaw that needs to be adjusted.
Create loyalty programs
Loyalty programs are a way to reward your customers and keep them coming over and over again. Points system is one way of loyalty programs.
- Double their points when they visit you 2 days in a row or when they recommend a friend to join your loyalty program.
- Collect 10,000 points and win a free meal.
- Collect 20,000 points and win a three-course dinner with a drink.
- Collect 100,000 points and invite a friend for a dinner on the house.
- Reward them after spending a certain amount.
- Offer them a cashback on high profitability items.
- Spend 5 bills of a minimum amount of 200,000 L.L. and get a 100,00 L.L. voucher.
- Buy 5 coffees and get a free croissant or with 5 burgers get a free burger.
The loyalty program by punch offered by BIM POS realises this feature.
Check BIM POS website to find out about customer loyalty programs smart solutions.
You’ll keep them want to come to collect more points or to have more cashback on their purchases.
Send them text messages reminding them of the expiry date of their points and how to redeem it.
But pay attention to those short periods of points’ redeeming. Always allow your customers time to redeem their points.
Pair your loyalty program with an exceptional customer service to optimize their experience.
Loyalty programs created are usually in return to something businesses need from their customers such as their information.
Collect information especially of your loyal customers at POS such as their names and their DOB to send them messages on their birthday to come have dinner or lunch and enjoy their favourite dessert on the house.
You can even give them a chance to double their points on their birthdates.
The purpose of the data that you're collecting is to forecast, project on potential leads and target a segmented market.
So, don't attempt to collect data you don't need whether a location a DOB or anything else.
Add your services
You have dine-in option?
Well, time to think a delivery or pickup service. Make sure you cover all your customers’ needs.
Imagine having a rainy or snowy weather that prevents customers to go out.
People need an alternative. Offer them the chance to enjoy your hearty meals from the comfort of their homes especially during these times of Covid-19 pandemic where dine-in is not an option.
Remember those days when you don’t feel like moving out of your car to get anything while you are coming back from work or going to work in the morning?
- Create and optimize your pickup option for this purpose.
- Activate preorder services.
- Ensure a fast delivery service with high coverage
Bottom line get things moving in your business to move up those sales and increase your revenues. Aren’t they the purpose of your whole business and hard work at the end of the day?