The stock market is down, the price of gas is up, the cost of food is up, and customers are not going out anymore. The bad news keeps on coming and there does not seem to be an end to this gloom and doom anytime soon. What is an owner or operator to do in times like these? The first thing to do is to treat every customer like gold. Every customer is a rare commodity and the value is going higher and higher.
The second thing you should do is follow the money. Focus your sales and marketing efforts on where you can lessen the impact of a recession. Companies are looking for ways to maximize their dollars by looking at alternatives. One alternative is to have important client meetings and events at restaurants. A recent article from Restaurant & Institution Magazine says:
“There is no evidence that the upcoming recession will drastically impact the private dining and catering business. Yet restaurants will fill the pinch in 2008. Even in a trying financial climate, no trend suggests that people will choose to entertain more at home for important corporate or personal occasions. Private events benefit restaurateurs by generating goodwill and increasing profits. The key to repeat business is working efficiently to create remarkable events… Making private events profitable for the operator and economical for the client is an important way to maintain strong private-dining business regardless of the economic climate.”
Now is the time to leverage your investment in Customer Relationship Management (CRM) software. Software like Tripleseat will enable you to mine your corporate customer base, understand their buying patterns, and have a clear view into their booking histories. Be proactive and reach out to them and let them know that you are willing and able to be their private event partner. By going to where the business is, you will be able to weather the storm and come out better than ever.