Speculation hovered around for about a year or so before inflation actually hit the US. Many everyday items have increased in cost in a significant way over the nine months or so. In June, the inflation rate hit 9.1% according to the consumer price index. That’s the highest rate we’ve seen since 1981 and the cost of living in the US is climbing with it.
Many restaurants are feeling the heat of higher food costs, a belt-tightening customer base and a thin roster of talent to hire. This year has been challenging but at Big Whiskey’s, we love a good challenge. For us, it’s all come down to one thing when we try to combat the issues that come with inflation: great marketing.
It’s been imperative to drive incremental visits this year and capture as much of the available diners as possible through offers, exciting new items and techniques that put us at the forefront of where diners look for their next night out.
Through loyalty, limited time offers and digital advertising, we’ve found ways to stay ahead of inflation and actually increase our sales during the past 12 months. Let’s take a closer look at three ways we used marketing to dodge the effect of inflation on the restaurant industry in 2022.
Loyalty Loyalty Loyalty
A good loyalty program is absolutely essential to running an effective restaurant in 2022. The key. to creating something people actually want to sign up for is including a solid hook from the get go. We offer a free appetizer to anyone who joins, which kickstarted our user base and got us off the ground. The technology is simple because it has to be. If the sign up process or points are confusing, people will not spend their time trying to figure it out and who can blame them? The last thing we need is another thing to keep up with! Our loyalty program focuses on creating a mode of consistent communication that focuses on creating value by rewarding our customer base.
Our results have been fantastic. The program has lifted sales by well over six figures in the past twelve months as of this writing. That’s tens of thousands of dollars per location added to the bottom line. To beat economic factors you can’t control, you have to get creative and marketing is the place to do it.
L.T.OH Yeah!
Limited Time Offers (LTOs) are a great way to build excitement with trending flavors to energize existing fans and gain ground with a new clientele. We’ve hit a stride with our LTO menus, focusing on a stylized menu with the latest flavor profiles and drink specials. Our customers loved our Latin-inspired Cantina menu so much they made it our highest performing LTO ever in the second and third quarters of 2022.
Overall, LTOs have attributed to 3% lift above inflation in sales this year! That win is especially sweet, because we not only kept pace with a difficult market, we beat it across the board with a well-executed, exciting new offering that fed the masses.
It’s a Digital World
It’s 2022 man. People check their phones an average of 58 times per day. They spend more time on mobile devices than the run time of Lord of the Rings movie. Everyone has one foot in the digital world and one in the real world. To communicate effectively off campus, we have to be there. If we want to show a specific ad that speaks to a 38-year-old mom in the car line at school, we can do that. If we want to create a special offer for employees of the largest employer in one of our communities, we can do that too. It’s about knowing your customer and providing value in the places they spend their time online. It’s about providing a solution to a busy family or a fun night out for folks who had a tough week, grinding it out at their job. We pride ourselves on creating an environment where life happens and our digital marketing echoes these values at the right place and the right time to reach the right people.
Our pay-per-click advertising alone has generated a return of more than 850% this year and it allows us the precision to boost sales in each market with custom messaging that resonates.
Ready to Get Started?
Inflation is tough for any business, but we’ve found ways to stay ahead of the curve and create legendary loyalty, exciting new menus and a digital plan that puts us exactly where we need to be online. Curious about learning more about the Big Whiskey’s Franchise? Check out our Investment Deck & contact us here!
