There are four levers
you can pull in your restaurant at any given time
to increase sales and profits.
I'll tell you what those four are in just one second.
Hey, everybody. Ryan Gromfin here – author, speaker, chef,restaurateur,
and the founder of the Restaurantboss.com,
as well as clickBACON.com.
And that's right, there are four levers,
literally levers that you could pull in your restaurant
to increase sales and increase profits at any given time.
Do you know what those four are? I'm going to tell you what they are right now.
Now, you've heard me say in the past that there's three ways
to increase revenue in your restaurant.
And in fact, that statement is still true.
In business there are only three ways to increase revenue -
more customers,
more customers coming in more often,
and your current customers spending more per visit.
In any business no matter how you break it down,
those are the only three ways to increase revenue in a business,
but I like to call these levers.
These are slightly different but very similar,
and we're going to skip around a little bit.
Those for growth levers are acquisition,
activation, retention, and monetization.
Acquisition, activation,
retention, and monetization.
So, let's go through those really quickly. So the first 1)Acquisition.
That's getting more new customers, right? We already talked about that.
More new customers coming into your restaurant.
We're going to skip activation right now and we're going to go to Retention.
That's getting your current customers to come back more often.
So that's another lever that you can pull,
and then the last one that I had mentioned – Monetization,
that's getting your current customers to spend more money per visit.
So at any moment in time,
you could pull on any these levers
to increase your sales,
to increase your revenue, and therefore hopefully increase your profits
but what about the second one that we skipped? Activation.
That's a lever that I could make an argument,
could work in any of those three areas,
and that's why I call these something different,
that's why I call these the four growth levers.
So what exactly is activation? Well,
activation is taking
people who are in your database, are in your ethos,
they're in your sphere of influence, they know who you are,
maybe they've been there, but haven't been there in a while,
maybe they've never been to your restaurant but they know who you are,
maybe they're sitting on an email list and you haven't
communicated with them in months.
So that's what activation is,
it's turning those people that kind of know who you are into customers,
and then once you turn them into customers,
then we can start pulling the other levers of
getting them to spend more money per visit,
increasing your per person average, right?
And getting them to come back more often.
And so at any moment in time if your restaurant feels stuck,
instead of thinking about some new marketing campaign
or instead of thinking about some new idea
or instead of trying to figure out what the solution is to your problems,
ask yourself these questions first or ask yourself this question first -
what growth lever should I be pulling right now?
Should it be the acquisition growth lever?
Should it be the activation growth lever?
Should it be the retention growth lever?
Or should it be monetization?
Now, the last thing I want to have here is when we think about a campaign,
see the difference between a promotion in a campaign –
a promotion is a one-time event,
a campaign pulls all of these different levers at different points.
A campaign works to acquire new customers,
keep them active,retain them by coming back more often,
and then fully monetize them,
getting them to go through your whole cycle of products,
not just coming into the restaurant once in a for lunch,
but also coming back for dinner, for breakfast, maybe doing some catering with you.
So when we think about a full marketing campaign,
it's a series of promotions that are designed to pull all four of these levers.
I hope you enjoyed today's video
and I look forward to bringing you another one just like this next week.
Have a wonderful day.
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