In the social media age, businesses have opportunities to build their brand personality in multiple directions. When restaurants and other foodservice businesses can do this, their brands can become much more than the food and drink they serve. Further, they can increase their market share and public exposure at a time when competition is tighter than ever. Consider how large brands have managed this successfully (and surprisingly) in recent months – there may be lessons there for far businesses of all sizes. For example, a Nation’s Restaurant News report mentioned efforts by brands including Taco Bell, Chick-fil-A and, notably, Starbucks, to launch consumer packaged goods. Starbucks, for one, collaborated with Stanley on a “winter pink” 40-ounce insulated tumbler to help promote the brand’s winter menu. The tumblers, priced at $49.95 and sold at Target in numbers limited to just a few dozen per store, motivated consumers to line up at Target stores in the early-morning hours of January 3rd. (Those who weren’t lucky enough to snag at tumbler from Target have since taken to eBay, where the cups are reselling for $350.) The mania over a tumbler may sound ludicrous, but consider it an inspiration for how you might expand the reach of your brand with the right partnerships and online promotion – particularly if you’re trying to strengthen your connection to the TikTok generation. Even if you’re running a small regional business, what complementary businesses might help you build your brand through new collaborations and promotions?
0 Comments
If you’re like most businesses, about 60 percent of your revenue comes from only 20 percent of your guests. Instead of directing your marketing time and effort toward the 80 percent of people who are less likely to support you, you stand to gain far more if you can channel your resources into that valuable 20 percent who buy from you frequently and spend more when they do. Understanding customer lifetime value (CLV) can help you zero in on this critical segment of your audience. (You can calculate it by dividing the average per-guest spending each month by the percentage of guests that don’t return.) If you have the tools to understand your CLV, you know which offers and channels have driven the most sales. You are able to take the behaviors of your best guests and turn them into incentives that drive repeat business. You can use that information to attract similar guests who have the potential to become more loyal. You also understand what promotions and messages generate the best sales. Improving your CLV can help you expand the size of your most valuable segment of guests. So how can you do this? Track how much money a guest is likely to spend on repeat visits and other interactions with your business, or how likely they are to refer your business to others. Look for opportunities to collect actionable information from each step of a guest’s journey. Toast suggests making it as convenient as possible for guests to buy from you and share information. That includes their feedback, which you can use to assess your performance and identify action items. Lean on your loyalty program to encourage return visits and to communicate in targeted ways with your guests. Finally, bundle your offerings – it increases guests’ perception of your value. |
More Marketing ArticlesFinding the line on guest spendingGet your message outSocial mediaCategories
All
Archives |