Sending More out The Door

The economic principle I’m exploring is people generally respond to incentives in predictable ways. So, how can restaurants make certain that they use the correct incentives to generate more revenue? There are multiple different ideas upon this subject, many conflict. But, according to the article, 7 Simple ways to increase restaurant sales, The best ways to increase revenue are indirectly making customers promoters, utilize online advertising, and offer multiple means of ordering food items from the corporation such as online and call ahead ordering.

 First, when attempting to make customers promoters, there must be something to remember about a restaurant. When a customer enters, the business must do everything they can to make sure the customer enjoyed their experience. Offering special care to each customer is extremely important because most likely if a consumer visits a location for the first time they will share their experience with others which will increase sales. Having good service and quality food are the main points, but the little things are just as important which relates to even cleaning up a spill or holding the door for the customer. People have connections, and providing the best for them will “increase restaurant sales from them and their connections”.

 Second, consumers must have multiple ways to acquire food from a restaurant. If the only way to make a purchase somewhere is by sitting down and ordering, you will lose the customers who would rather swing by to pick it up, and some people are even too lazy to pick up the phone and make a call. So it in important to have and app or website where consumers may place orders. People like easy and you must have in mind that “your guests want a convenient dining experience”, and this can be achieved by providing multiple means for ordering.

 Third, a restaurant must be known not only from word of mouth, but on the internet. These days everyone spends too much time on phones and the internet. Social media is extremely easy to use, and if exploited properly it “lets you connect with customers on an individual level”. There are millions of restaurants in various locations, and it is important to build a stable platform for your restaurant by letting it be known by multiple different sources.

 In my next blog post I will explore the topic of trade, and how beneficial trade is for both parties involved in it.