3 ways restaurants can stay profitable during times of inflation: “Entice Customers with Fresh Ideas
Updated: Mar 20
In a recent Popmenu survey, over 1,000 customers reported they spend 40% of their food budget on restaurants despite inflation. For restaurant owners, this is great news, because it means that many consumers are prioritizing dining out over other expenses, like clothes, travel, and gym memberships. But this doesn’t mean that customers aren’t selective when it comes to where they want to eat, so what can you do to attract customers to your restaurant over others?
Restaurant owners shouldn’t be afraid to get creative when the opportunity presents itself; keeping things fresh shows consumers that you’re innovative and willing to be different. Playing around with new flavors can be an exciting thing for your customers – and gives you the chance to make use of items in your inventory that haven’t seen great demand. Why not use that bottle of brandy that’s been sitting on the back shelf of your bar to create an exotic cocktail that can be added as a special to your menu? Or how about concocting new, delicious sauces that your customers haven’t tried before to add to their meals?
Some restaurants are even going so far as to create seed-to-table programs, which is when fresh ingredients are grown from an on-site garden, instead of being sourced elsewhere. This option is considered an ideal move towards sustainability, and your customers will appreciate knowing where their food is coming from. Not only that, but you can become less reliant on vendors to avoid being heavily impacted by supply-chain shortages, while also not limiting your dishes by the shelf life of certain produce.
And let’s not forget that customers enjoy a great meal deal! Try bundling up some of your menu items to create an offer they won’t want to refuse. By doing so, you can try to use more of your inventory or market less popular items in a way that’ll seem inventive and make customers feel like they’re getting more value for their money.
Source: LS Retail Blog