10 Proven Strategies to Boost Your Bars Profits
10 Proven Strategies to Boost Your Bar’s Profits
Are you looking for 10 proven strategies to boost your bar’s profits? Look no further! In this post, we’ll share strategies that will help skyrocket your bar’s success. From optimizing your menu to improving customer service, these tips are guaranteed to make a positive impact on your bottom line. So grab a drink and let’s dive in!
Introduction
As a bar owner, you are always looking for ways to increase profits. There are a number of strategies you can use to boost your bar’s bottom line.
One way to increase profits is to increase your prices. This may seem like a counterintuitive strategy, but if you have a popular bar with a loyal customer base, you can get away with charging slightly higher prices. You can also offer specials and discounts to entice customers to visit your bar more often.
Another way to increase profits is to decrease your costs. Take a look at your overhead and see where you can cut costs. For example, you may be able to negotiate better terms with your suppliers or find ways to reduce energy consumption in your bar.
You can also increase profits by increasing your sales. This may mean adding new menu items or promotions that will attract new customers. You can also work on increasing repeat business from your existing customer base.
Lastly, look to install coin-operated machines where feasible, as they are a risk-free endeavor that can generate tons of passive revenue for your bar. Machines such as ATMs, bar-top video games, arcade games, pool tables, and video-driven jukeboxes can are among the top 3 entertainment tips for bars according to The Digest Online, and they can also spark excitement in your venue. Speak us today
By implementing some or all of these strategies, you can boost your bar’s profits and keep your business thriving for years to come.
Strategy #1: Offer Specials & Discounts
If you want to boost your bar’s profits, one proven strategy is to offer specials and discounts. For example, you could offer a discount on certain drinks or food items during happy hour, or run a promotion where customers can get a certain number of drinks for a set price. You could also offer discounts for groups of people, such as students or military personnel. Whatever specials and discounts you decide to offer, make sure they are prominently advertised so that customers are aware of them.
If the traffic to your bar is consistently low, one way to boost traffic is to have a free beer night, which you can write off as a promotional expense. The strategy is to pack the house with people that may have not been aware of the venue, and with a packed house newcomers will experience high energy and return. Later, change the plan to an entry fee with “X” number of drinks included. You’ve thereby presold liquor for that entry, and will likely keep non-spenders out.
Strategy #2: Expand Your Drink Options
If you want to boost your bar’s profits, expanding your drink options is a great way to do it. By offering a wider variety of drinks, you’ll be able to attract more customers and keep them coming back for more.
Here are a few things to keep in mind when expanding your drink menu:
1. Offering a variety of drinks will appeal to a wider range of customers. Make sure to offer something for everyone, including non-alcoholic options.
2. Be creative with your drinks! Customers will be impressed by unique concoctions and will be more likely to return if they have a good experience; moreover, with the right concoctions they like, your venue may be the only place to get them.
3. Promote your new drinks! Let your customers know what’s new and exciting so they can come in and try it out. Consider giving them a discount for signing up for your newsletter — and yes, you should have a newsletter.
Strategy #3: Invest in Quality Ingredients
If you want to boost your bar’s profits, one of the best things you can do is invest in quality ingredients. This may seem like a no-brainer, but it’s surprising how many bars cut corners when it comes to their liquor and mixers, contributing to a neverending downward spiral.
Investing in top-shelf liquors and fresh, high-quality mixers will make a big difference in the taste of your drinks and the satisfaction of your customers. And when your customers are happy, they’re more likely to come back and spend more money at your bar.
So if you’re looking for ways to increase your profits, start by investing in better ingredients. Your customers will thank you – and your bottom line will too.
Strategy #4: Focus on Customer Service
Great customer service is the key to any successful business, and that is true for bar businesses. By providing excellent service, you’ll keep your customers coming back for more. Here are a few tips on how to provide great customer service:
1. Train your staff to be friendly and attentive.
2. Make sure your bar is clean and inviting — even a dive bar can be clean, albeit still have a grunge look and feel.
3. Offer a variety of drinks and food options.
4. Have a good music selection that appeals to your target audience. A jukebox or video jukebox is valuable even if you have live entertainment (between sets — keep the energy high).
5. Keep your prices fair.
6. Offer promotions and discounts periodically. (again, use these to get their emails for a newsletter).
7. Make sure your bartenders are knowledgeable about the drinks they are serving.
8. Respond promptly to any complaints or concerns from customers
9. Lastly, but just as important, staff should always pay attention to remembering recurring clients — make them feel special!
Strategy #5: Create an Inviting Atmosphere
If your bar isn’t inviting, customers won’t stay. This doesn’t mean that every bar has to be upscale, even a grunge or dive bar can still pay attention to detail. Make sure your bar is clean — especially the rest rooms, brightly lit or dark and moody ((when and where appropriate) with compatible seating. Creating an inviting atmosphere will make customers want to stay and spend money.
Strategy #6: Use Social Media to Connect with Customers
More people are spending time on social media than ever before, so it’s no surprise that businesses are using it as a way to connect with their customers. If your bar isn’t already active on social media, now is the time to start.
There are a number of ways you can use social media to connect with your customers and boost your profits. Here are a few ideas:
1. Use social media to promote special offers and discounts.
2. Use social media to share photos and videos of your bar, staff, and customers.
3. Use social media to host online contests and giveaways.
4. Use social media to announce new menu items or specials.
5. Use social media to provide customer service or answer questions about your bar (consider two Twitter accounts, one for customer service).
6. Use social media to connect with local influencers and celebrities who can help promote your bar.
7. Lastly, don’t just promote to your customers, engage with them — share humor, neighborhood news, and comment.
Strategy #7: Establish Community Partnerships
There’s no doubt that establishing community partnerships can be a great way to boost your bar’s profits. But what exactly does that entail?
For starters, you need to identify potential partners in the community that share your same target market. These could be other businesses, non-profits, or even just individuals with a large following on social media.
Once you’ve identified some potential partners, reach out and see if they’re interested in working with you. In a reciprocal marketing strategy, There are a number of ways you can collaborate, such as co-hosting events, cross-promoting each other’s businesses, or even just teaming up for a social media campaign. If you do have — or arrange to have arcade games, talk to us about organizing and promoting tournaments at your venue (Emerson is a member of Club Lucky)
The key is to come up with creative ways to work together that will benefit both parties involved. If done right, community partnerships can be a great way to increase awareness of your bar and bring in new customers.
Strategy #8: Utilize Loyalty Programs
Loyalty programs are a great way to keep your customers coming back. By offering rewards for frequent visits, you can encourage your customers to make your bar their go-to spot. Here are a few tips for making loyalty programs work for your business:
1. Keep it simple. The best loyalty programs are easy to understand and easy to sign up for.
2. Offer valuable rewards. Your customers should feel like they’re getting something worth their while when they participate in your loyalty program.
3. Make it exclusive. If everyone can join your loyalty program, it loses its appeal. Make it special by only being available to select customers.
4. Promote it heavily. Make sure your customers know about your loyalty program and how they can benefit from it. Use signage, social media, and other marketing channels to get the word out there.
These simple tips were provided by the marketing agency Incognito Worldwide. Speak to them about social media, SEO, and other marketing efforts. Book a free consultation.