The traditional methods: waning effectiveness?
Historically restaurants have had a few tried and true methods in their operator’s toolbox to spur growth. You’re familiar with these methods such as:
- Happy hour specials
- Loyalty punch cards
- Seasonal menus & daily specials
- Advertising & marketing
- Community events (e.g. Burger Week)
However these tactics, while still valuable, may already be factored into your cost vs revenue equation. While updating currently existing specials, loyalty cards and advertising could help squeeze out a few more percentage points of profit, there will eventually be a point of diminishing returns for restaurants.
With changing dining habits and fierce competition, restaurants have been looking for more modern ways to boost their revenue.
Modern solutions in “The Industry”
Emerging technologies and changing demographics have given rise to new strategies to boost restaurant sales. Love it or hate it, restaurants have made changes to their operations to adjust to changing customer needs. Examples of such methods include:
- Delivery platforms & order aggregators (SkiptheDishes, Doordash, Uber)
- Branded online ordering (Chownow, UEAT)
- Self-ordering tablets
- Digital loyalty programs & SMS marketing
- Gift cards
- Online reservation platforms
Many of these methods rely on technology that didn’t exist 10 years ago, or existed in a different context. Restaurants have been able to use these technologies to access new customers, bring repeat customers, and give guests a level of convenience that creates easier access to your business on several levels.
Profit vs Revenue
While revenue and profit are sometimes used interchangeably they are significantly different business benchmarks. Revenue represents the total income generated by sales, while profit is what remains after all expenses have been deducted from that revenue. For restaurants it’s not just about driving sales but ensuring that your return on investment (ROI) for any new strategies is enough to justify the investment of time and money. The need for a new low cost way to generate revenue is what brought us to create FasTab…
FasTab: A Modern Game-Changer for Restaurants
FasTab is a table payment service designed for the restaurateur looking for ways to streamline and improve already existing systems to not only increase revenue but enhance the guest experience in several ways:
- Increased efficiency: Faster table turn times mean serving more customers, leading directly to more sales. This also means more satisfied customers who were happy with the speed of their service.
- Better reviews: Over 50% of FasTab users leave a review for the restaurant after paying. These reviews are visible only to you and your staff- except for 5 star reviews which are pushed to your Google profile.
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- High guest check averages: Analyzing FasTab usage with our partners has shown that guests who use table-payment technology have 2 things in common for sure. First, they value their time and want to be able to pay quickly. Second, if you can give them control over their experience they will spend more and tip better. Our data shows that FasTab motivates users to spend on average $12 more per visit.
If you’re interested in learning if FasTab is a good fit for you drop us a line through our contact page and we’ll get back to you within a day.
What do you think about the new ways that restaurants are trying to boost revenue?
