There are Only 3 Ways you Can Increase your Revenue...
Here they are...
- Get more customers through the door
- Get the customers to spend more
- Charge more for your food and drink
Have a think about this... and we challenge you to come up with any options that don't fit within these categories.
We're going to focus on the second one - Get the Customer to Spend More.
Now this doesn't mean charging more (although this is a valid strategy). What we are interested here is increasing 2 things:
- How much they spend in a single sitting and ways we can encourage them to spend more
- Increasing the average lifetime value of the customer
So... what is the average lifetime value of a customer, and why is it the Single Most Important thing you can focus on? Wikepedia define it as:
"In marketing, customer lifetime value (CLV) (or often CLTV), lifetime customer value (LCV), or life-time value (LTV) is a prediction of the net profit attributed to the entire future relationship with a customer."
In a nutshell it's how much a customer is going to be worth to us over our entire relationship with them. And this part of our site is all about increasing that number.
Introducing The Restaurant Marketer Earning More Money From Your Customers Series
Start increasing your Customer Lifetime Value today with this strategies
We hope you find these articles really useful, and if you'd like some more advanced, easy to action strategies have a look at our video The 4 Steps to Getting New Customer in 15 Minutes or Less a Day.