By FusionPOS | Feb 20th, 2023
In 2022, food prices for dining out increased by a whopping 8.6%, causing a significant decline in restaurant traffic with customers cutting back on their food budget. With inflation and recession threatening to disrupt the economy once again, businesses are now tasked with the challenge of preventing or minimizing the effects of a potential downturn.
The good news is, there's a silver lining in every cloud, and innovative sales strategies can help your establishment not only survive but also thrive in a challenging market. In this article, we'll explore 3 promising ways to future-proof your small business or restaurant against economic uncertainties.
Online food ordering has grown at an incredible rate, with a 300% increase in growth compared to dine-in orders since 2014. And orders from online mobile apps now account for almost 40% of total restaurant sales. This proves that having a branded app is no longer just an option, but a necessity to stay competitive in today's food service industry.
A banded app can provide a seamless and convenient experience to your customers, making it more likely that they will choose your business over others. Plus, it will keep your business at the forefront of their minds, which translates to more repeat business and more referrals to new customers.
But creating a branded app is not just about slapping your logo on a generic platform. You need to tailor the app to fit your customers' expectations, making it easy to navigate and attractive with features like sorted menus, push notifications, targeted messages, etc.
The key is to target the problem aptly and innovatively. A downturn means that your consumers are more likely to cut back on their spending. At such a time, showing your customers that you are dedicated to serving them even in hard times can go a long way. That's where an effective loyalty program comes in.
By offering rewards, discounts, or other incentives to customers, you can increase the likelihood that your customers will return, which will ultimately increase sales. And don't overlook the power of promotions. With a loyalty program in place, you can offer exclusive deals and discounts to members, which can help attract new customers too. Although this means leveraging strong marketing campaigns and creative promotions to create a buzz and excitement around your loyalty program.
One of the biggest lessons that the Covid-19 pandemic has taught all of us is to think outside the box — dream a new normal. This is exactly the kind of thinking you need. If customers can’t come to your business, your business must go to them.
By offering customers a wider range of ordering options, you make it more convenient for them to order from you, which can help to build customer loyalty and encourage repeat business. And remember that customers may be more price-conscious during a downturn. By offering cost-effective options such as takeout or curbside pickup, you can provide them with affordable and convenient meal options. This can also help you tap into new customer segments and expand your reach.
Adapt and tailor these tactics to your business landscape and an economic downturn will have nothing on you or your business.