You’d be forgiven for thinking that the world was about to fall off it’s axis, that civilization as we know it is facing extinction and that there is no hope for any small business owner trying to make a buck because of the “recession”.
This fear is instilled into us every day from the headlines on the front pages of newspapers, the opening headlines on the evening news and the dismal economic statistics we were being fed daily.
But here’s the real story: This is the story that doesn’t sell newspapers and won’t make the news, but could change the way you look at your business.
There are customers today in your restaurant paying $20 for a meal that could and would pay $80. There are customers today who would buy a $100 gift card instead of a $25 gift card to your restaurant. All you have to do to convince them to do this is to prove to them the value that the higher price brings.
All that the recession has done to customer spending habits is that it has stopped them spending money and not getting value in return. Why else do you think, prices are dropping left, right and center in car dealerships, clothing stores and grocery stores? To give value.
Don’t make the mistake of adopting this discounting practice with your restaurant or bar, but instead consider what can you give that is additional value and charge slightly more or even a lot more.
The best value meal I ever had wasn’t a value meal at a fast food chain, but a $2o0 meal in a 5 Star Castle Resort in Ireland. Where was the value, you might ask? It was in the exemplary service, the sumptuous surroundings, the impeccable food and the amazing memories.
Looking at these points, you don’t need a castle to be able to provide most of them.
Your customers crave value. By not looking around your business and finding ways to add value AND add revenue, you are doing both you and your customers a disservice.
Remember, value has no price limit.