For restaurants, gift card programs represent a major opportunity for increased income, increased customer engagement, and increased audience size. But it can be hard to know how a restaurant’s gift card program is measuring up without comparable data.
So, to help restaurants learn how to sell more gift cards, including information about exactly how gift card programs for restaurants can be tracked and measured, you can find all of the most important gift card program details right here. […]
It seems that mergers and acquisitions in the restaurant industry are happening at an unparalleled pace. Large groups are buying up smaller chains, and some small chains are even buying larger ones—all in an effort to stay competitive during this challenging time.
More worryingly, the number of Chapter 11 bankruptcies being filed seems to have increased as well.
But what can you do about it? How can you safeguard your business and keep it primed for future growth?
The first step is to understand the key factors that are driving these events. Of the seven factors we’ve identified, six are outside of your control, but don’t let this deter you. Knowing about and preparing for these influences can set you apart from the competition.
The last one is entirely in your control and may be the most crucial factor in determining a restaurant’s success. It’s also the one that restaurants are most likely to disregard.
We’ll start with those first six factors driving restaurant industry change: […]
It’s no secret that consumers want buying things to be easy, fast, and, most of all, convenient. After all, there’s a reason “convenience stores” became popular to begin with.
Unfortunately, today’s average c-store’s convenience factor has been overtaken by other kinds of stores, not to mention websites and apps. But that also means there’s a huge opportunity for convenience stores to reclaim their “convenient” crown.
The numbers don’t lie: 72% of consumers polled would buy more items if a brand hand a convenient delivery option. At the same time, 63% of consumers would pay higher prices for items that they could receive on demand—and 54% browse stores with the expectation that delivery will be an option. […]
It’s likely you don’t need to be sold on the efficacy of loyalty programs. But, just in case you need a little reminder, a recent study found that just a 5% increase in customer retention can boost profits anywhere from 25% to a whopping 95%. Clearly, loyalty and retention are still exceedingly important parts of your business.
But, at the same time, another study has found that active loyalty program members—those who are engaged and regularly participate in a program—has decreased 2% over the past few years.
And while 2% isn’t a huge number, there are a couple things to note. First, that tiny little 2% can represent millions in the industry and perhaps even hundreds of thousands of dollars to a restaurant or convenience store business.
Next, that 2% only reflects the recent trends. If it’s the sign of a downward trend moving forward, it could spell big trouble for loyalty-dependent businesses.
So why are customers becoming less active in the loyalty programs they signed up for?