Many people would say that they key to increasing restaurant profitability is to adjust your prices or change your menu. However, knocking 50 cents off of each item is not enough to give you a competitive edge. It’s not your products or prices that are the problem – it’s the way you’re selling them.
Restaurateurs shy away from state-of-the-art POS technologies because of the upfront costs, but these solutions can revolutionize your business by increasing its selling opportunities and capabilities, providing profits that well outweigh the initial costs.
In fact, modern restaurant businesses can’t afford to NOT implement the following innovative POS technologies in 2014.
Ideal for quick service and fast casual style restaurants, self-service kiosks allow customers to place orders or check themselves out. They can view your restaurant as a one-stop shop where they can make quick purchases in one easy transaction – and they’ll love that they are able to “skip the line.” With kiosks, your restaurant business can not only impress customers by giving them access to the latest technology, it can also streamline the flow of customers.
Save money and increase customer satisfaction – By replacing extra cashiers and POS terminals, self-service kiosks can save restaurants thousands of dollars each year. And by speeding up service, they can help you to increase order turnover during peak times. Customer satisfaction will also increase as a result of the speed and convenience of your restaurant.
A customer loyalty program
It’s extremely important to maintain your existing customer base – perhaps even more important than attracting new customers. Loyal customers are the foundation of your restaurant. After all, not only do they provide you with repeat business, they are the ones who will refer their friends or give testimonials.
Encourage more sales – A customer loyalty can reward them for their repeat business, while also encouraging them to spend more by offering exclusive deals. It also provides new customers with an incentive to keep coming back to your restaurant in hopes that they will receive those deals as well.
Not to mention, a card that they can present each time and reload as needed and will save money on printing paper punch cards or gift certifications.
Social media engagement
Your customers are online constantly – so why aren’t you? In this day and age, it’s imperative for restaurants to have a social media presence. It’s the best way to connect with your customers in 2014. In addition to Facebook and Twitter, is especially useful to create accounts on Yelp and Foursquare so that new customers can see restaurant hours, find directions, read reviews and check-in.
Gain new customers – When you have an active social media presence, customers will be more likely to tag or mention your restaurant in their posts. Even if only one person posts, their hundreds of friends or followers will all have your restaurant on your radar. Social media is also a great way to notify customers about promotion and ask for testimonials.
Mobile POS devices
Replacing your entire system is a huge undertaking that takes a ton of planning. What’s great about mobile POS technology is that a costly new system isn’t necessary – devices can be used in conjunction with your existing system to streamline service and boost sales. These devices allow your wait staff to service customers on handheld devices from anywhere with a Wi-Fi connection, both inside or outside the restaurant.
More selling capabilities – With mobile POS solutions, restaurants can expand their selling capabilities. For example, restaurants can sell food and drinks on outdoor patios, at remote catering events, in tent sales, etc. The more sales opportunities you have, the more you sales you will be able to make. Expanding your restaurant’s reach with mobile POS can also help you to gain new customers in new areas.
Quicker, better service – By integrating mobile POS technologies with your existing system, you can provide quicker, higher quality service to their new and existing customers. By taking orders and making transactions tableside, waiters and waitresses can increase the accuracy of their order entries and provide customers with quicker service.
Which technologies will you leverage to improve your profitability?