The importance of alcohol in social bonding has always been there and will continue to be. People are more inclined to get together on weekends, due to changing lifestyles. Many young people go to bars for a few drinks and have a great time with their friends. This is why bars and pubs are so popular with today’s youth.
You will be able to maximize your profits by having a deep understanding of your bar’s operations, liquor, and ability to keep customers coming back.
How to Increase Profits of Your Bar Set up
It can be not easy to maximize bar profits and maintain high service standards. This article will show you how to maximize your profits in your bar setup.
Keep your customers happy
Restaurants are dependent on their customers. Retaining customers is the first thing that a bar should do. They are your brand ambassadors. They promote your brand and help you get more customers through word-of-mouth or social media posts. You must retain loyal customers. You could lose customers if you don’t do so.
According to Statista, most binge drinking in America is concentrated among young people aged 18-24. This is why happy hours at bars are geared towards this age group. Bar owners should be familiar with the preferences and tastes of this age group. They are always looking for affordable and cheap places to drink, eat and have fun. This is why happy hour is such an asset. This is also an asset to you.
Although a bar is primarily focused on alcoholic drinks, it’s incomplete without the accompaniments. People enjoy starters and ‘chakna’ as a filler while drinking. It is also popular among young people who drink it to counter the strong taste of alcohol.
Utilize Upselling Techniques
As the name implies, upselling encourages customers to try new premium drinks. You must also train your staff to sell your items. You will see more sales if you do a better job of upselling. It would be best if you thought of your servers not only as order takers but as salespeople who can play a crucial role in increasing sales at your bar. They must be knowledgeable, have a good understanding of high-end beverages, and present a compelling sales pitch.
Marketing for your Ace Your Bar Set-Up
Good marketing is an important aspect of any bar’s sales strategy. By creating brand awareness, a great marketing strategy can open more customers. A separate marketing department is a good idea for setting weekly and monthly marketing goals. To expand your reach and customer base, you can use online and offline marketing channels. These are some strategies that you can use:
- Social media marketing. Leverage social platforms such as Facebook, Twitter, and Instagram to promote your business. Because they are associated with a large population, they offer tremendous potential.
- SEO optimization. Most people search for a restaurant or bar online before visiting it. Your website content should be optimized to appear at the top of search results when a customer searches for it.
- You can host events to increase your profits and attract more customers. An event will draw more people. This is because your most sought-after items will be priced lower than usual, and more people will buy them. Offering complimentary or discounted drinks is a great way to draw more customers. This is a better investment in the future as customers who visit often will spend more and return. Starbucks, for example, celebrated opening its 100th Indian outlet by offering its coffee at INR 100. This was affordable to everyone. The brand built better relationships with customers and increased revenue through this event.
Lower Operating Costs
Bars’ overall operating costs include food and liquor costs. Both must be managed well. Inventory wastage, spilt food, reprinting KOTs, leftovers and inventory theft from the kitchen are all factors that can increase food costs. Theft, spillage, and breakage can all lead to high alcohol costs. You need to keep an eye on your inventory and prevent thefts.
Utilize Tactics Like Mixology
People will pay more for something that is not in the ordinary. Mixologists are the ones who make cocktails and add their flair. Mixology refers to the art of creating new cocktails or mixing liquor in glassware. Mixologists are bartenders who take great pride in their job. They continue to explore and bring innovation to the drinks.
Offer free tasting
Free tasting sessions are a great way to experiment, market and increase revenue. People are more likely to give generously when they receive complimentary drinks to taste as they walk into a bar. They will buy drinks from your bar in return for the generosity.
Keep Your Bar Setup Healthy
Customers’ perceptions of a bar can profoundly impact their minds. Customers will spend hours in your bar if the environment is inviting. Check out the atmosphere in your bar and see if it appeals to them. It would be best to make some changes to ensure that your customers have a memorable experience.
Management of a bar-restaurant is both a difficult and vital task. You could lose your investment if you don’t optimize it. Customers today want new experiences. To catch up, your strategies must be updated regularly. These tricks will keep your customers loyal to your bar while increasing your profits.