| In these days of doom and gloom I hear many | | | | If people really read his ad and came to his |
| restaurateurs complain about how slow business is | | | | restaurant because of it, they will surely bring with |
| and how the clients are spending less and less | | | | them the discount coupon. In this way, he'll know |
| money dinning out. However, as the saying says, | | | | how many real customers this ad brings him and |
| "Times of crisis are times of opportunity". | | | | we will be able to make the numbers to see if it |
| If your business is slow, perhaps this is a great | | | | breaks even to cover for the expenses of the |
| time to re-evaluate the efficacy of your | | | | advertisement (I sincerely doubt it, but we'll see...) |
| marketing. Eliminate dead wood in your marketing | | | | So after the inventory and cutting down several |
| expenses and start investing your money smartly | | | | of his marketing initiatives, this owner was happy |
| in marketing that really works (and you can prove | | | | to see that he could save $2400 a month! That's |
| that really works). | | | | money in the pocket that he was wasting. But |
| I met recently with the owner of the latest | | | | this is not all. We also started implementing some |
| restaurant that I am consulting with, and we did | | | | inexpensive marketing changes. For example, his |
| precisely this exercise. I asked him to write down | | | | online presence was very underwhelming and yet |
| every single marketing expense that he was | | | | most of the potential and current restaurant |
| making, and then we started evaluating which | | | | customers nowadays (including his, of course) are |
| ones could be tracked. | | | | looking for restaurants online. |
| Amazingly for him (not for me because I was | | | | So I started working with him beefing up his web |
| expecting this), 80% of his marketing expenses | | | | presence. |
| were non trackable. This means that he was | | | | Of course the first step is the restaurant's web |
| expending a substantial amount of money | | | | site. His web site was nicely done but quite |
| advertising in the Yellow Pages, two local weekly | | | | underutilized. I met with his webmaster and we |
| papers and some other local restaurant catalogs, | | | | implemented a signup form in the front page to |
| and yet he had no clue how many customers | | | | capture his visitors information (on exchange for |
| these expenses brought to his restaurant. | | | | getting a welcome to my restaurant discount |
| The first thing that we did was to eliminate any | | | | coupon when they enter it). We also added an |
| marketing expense that couldn't be measured. | | | | online registration, a comments field and some |
| This is just a logical step to really assess the | | | | other useful and interesting information for his |
| return of investment. | | | | customers. |
| Let me ask you. Would you invest money in | | | | He also signed up for Meta Flavor a great (and |
| stocks or a mutual funds if you couldn't measure | | | | free) way to promote your restaurant in the |
| how well (or bad) they were performing? Of | | | | web. |
| course not, and yet many restaurateurs still | | | | Finally, he created a Twitter account and now |
| spend money hoping for the best and without | | | | started twitting whenever he has empty spaces |
| any substantial way to know how many | | | | and wants to bring people (quickly and |
| customers those investments bring to the | | | | inexpensively) in. These are just some examples |
| restaurant. | | | | of things that you can do to improve your |
| Since this particular owner was very attached to | | | | marketing and save money in the process. |
| one specific weekly magazine, and he was | | | | In these days of slow economy, taking control of |
| assuring me that it brought him many customers, | | | | your marketing and operating strategically and |
| I asked him to change the ad to include a | | | | smart is a must, if you want to survive these |
| discount coupon. | | | | challenging times. |