Table-loids: Why You Should Own Your Crazy, How to Cash in on Cannabis, and More Industry News You Should Know
Wondering how your venue can profit from the explosion of cannabis legalization? Or maybe you’re in the market for some new, crazy marketing techniques. Learn all that and more from this week’s Table-loids!
1. Embrace the experience
At this point, we all know that offering your guests an experience is a great way to keep business booming. Whether that experience “lives” at your venue or is something (or someone) you bring in to entertain your guests, it’s a great investment either way. Another popular restaurant trend of the moment is offering takeout but this trend comes with its downfalls. For instance, if everyone wants takeout, who exactly is enjoying food inside your venue? Wondering what these two trends have to do with each other? According to Skift Table, if you offer your guests an experience, they’ll come for that and stay for the food. In addition, on-premise profits are routinely higher than off-premise because tabs are generally higher and there’s no third party vendor to pay. The rise in takeout popularity is just another reason why offering your guests an experience is a smart decision. Start small — you don’t have to transform your venue into Dave & Buster’s to reap the benefits. Try obtaining an entertainment license that allows you to host open mic nights or bring in local acoustic singers. Your guests will love the reason to leave their homes for dinner and you’ll love the profits.
2. Own your crazy
I’ve talked about a lot of marketing strategies built for restaurant and events industry professionals, but something I’ve never mentioned is getting weird to get business. Modern Restaurant Management online has provided us this week with three weird but successful marketing ideas for restaurants. The examples mainly come from the fast-casual world, but I think they’d work in a myriad of restaurant settings. The first suggestion entails going over-the-top, brand crazy. They use KFC as the example here, highlighting their recent marketing ploy of pushing their product with ridiculous swag like chicken-scented suntan lotion and chicken-flavored truffles. Insane? Yes. But did it work? Also yes. They sold out in record time and sales went up. You certainly don’t have to take it to that extreme level, especially if you’re a more upscale venue. But thinking outside the box is the point here. In this day and age all that matters is one viral photo on Instagram and your venue will have food writers and news channels lining up outside to catch a glimpse.
3. Cash in on cannabis
63% of cannabis enthusiasts use marijuana before going out to eat. According to Restaurant Dive, this herbal pregaming has a significant impact on food and drink consumption, with 63% reporting an increase in food consumption while only 28% admitting to an increase in alcoholic beverage intake. With more and more states moving towards legalizing marijuana, these percentages are bound to rise. So what does all of this mean for the hospitality industry? Well, there’s good and bad behind this cloud of smoke. The good? Restaurants in states where marijuana is legal are likely to see a rise in food sales with opportunity spreading across the entire industry. Now for the bad: Alcohol sales from marijuana consumers will plummet since a lot of users replace drinking with cannabis or drink less when they are using. Since alcohol sales tend to be more lucrative than food sales this could have a negative impact on bottom lines. Either way, this is an interesting article with a lot of tips for venues looking to make a profit off of the new laws.
4. Convenient traditions
Fast food. We all love it or have loved it at some point in our lives, even if we say we won’t go near it. It seems we are creatures of habit because Thrillist reported this week that humans have been loving fast food for thousands of years and the proof is in the ancient ruins. During one of the most extensive archaeological digs in Pompeii since the ’60s, scientists unearthed an ancient food counter where Romans would drop by to pick up food and drinks when they were in a hurry. Allegedly this setup, known as a “thermopolium,” was only one of about 150 of the ancient fast-casual venues that have been found spread across Pompeii. Sounds to me like ancient Romans were as obsessed with convenience and speedy service as we are today. Some things never change.
Interested in more trends?
Check out Tripleseat’s posts on trends and information for the event industry.