The recession may be over, the economy back on track and consumer spending up, but customers are still looking for value in their spending. The rise of the discount supermarkets like Lidl and Aldi have given consumers a new expectation on the price they are willing to pay for food.
So how do you lure those customers looking to spend wisely?
‘Green values’ are becoming a permanent fixture in our culture and successful restaurants are figuring out ways to make their operations source locally and sustainably. Customers recognise the value of green practices and locally sourced ingredients and are prepared to pay for that perceived value. Advertising the locality and sustainability of your produce will persuade your customers that they are receiving good value.
Reduced portion sizes allow customers to spend less or to pick and choose more than one dish. The perceived value to the customer here is that they have options in their ordering, and not all of them require a lot of money.
Offering free birthday cake to customers who are celebrating an event is a great way to add definite value to their experience. Likewise, a free round of shots for younger customers will no doubt give the perception of value and encourage a heavier spend.
The truth is, the value customers find in restaurants they choose to patronise has to do with much more than just prices. Prices just happen to be the most obvious factor.
Putting together a complete value package that combines a great atmosphere, top notch service, good prices, a quality menu with good choices and a green operation that sources locally whenever it can takes a lot of work and even more smart marketing.
But those restaurants that have a complete package are the ones who win the value competition. Those that focus on price alone are bound to fail.