“Group Dining is “found money” for restaurants! How hard is that to understand?”
That was a recent quote from an e-mail exchange that I had earlier with someone in the restaurant and software business. It made me chuckle at first, then, when I thought about it, I felt frustrated.
Let me explain. Group Dining, Private Dining, catering, whatever you want to call it is more than “found money” it represents over 30% to 40% of a restaurants entire revenue. If a restaurant is generating $1M a year, then the Group Dining business is $300K. That is more than found money, that is real money.
So, can anyone explain to me why restaurants will not invest less than 1% of gross private dining/catering revenue on group dining business to improve sales and increase leads? It strikes me as odd that restaurants will spend more than 1% on overall gross revenue on their cable and entertainment bill which has zero return but when it comes to improving the top line it becomes a paralyzing fear of change.
Now to be fair, not all restaurants are afraid. Take our customers for example. They were willing to spend less than 1% of their private dining gross revenue to put themselves in a position to win. And win they have. Tripleseat has generated over $600K in leads to our customers in less than 60 days. Talk about real money.
The business is out there. Tripleseat customers are booking business and capturing leads like crazy. Don’t make private dining “found money” make it real money.