Finding ways to drive additional revenue is essential for restaurateurs, particularly as 98% say that they plan to take steps to navigate potential economic headwinds in 2023/24. According to the Square Future of Restaurants report, one potentially beneficial strategy: make the most of your website and online presence to generate additional revenue streams for your restaurant or enhance the revenue streams you’re already prioritising in-store.
1. Optimise your online store
- Link your order page on your website and social channels.
- Optimise your website for search traffic and ordering through Google.
- Keep your menu items and specials up to date.
- Invest time and resources into digital marketing, including content partnerships with influencers.
- Create email, text and social media campaigns (consider offering a special or a discount for first orders or bulk orders).
Also, consider how you can expand the offerings in your online store. Canberra restaurant Fricken has found success with different revenue streams, including selling their best performing sauces as part of take home gift packs. If you’re selling things, such as grocery items, cocktail kits or merchandise, Square Online has the tools to make them readily available for your digital customers.
2. Get creative with digital-friendly subscriptions and loyalty programs
Once you decide on a subscription or loyalty program that fits your business (here are some tips to get started), feature it prominently on your online store and promote it across your social, email and text message channels. This kind of recurring revenue and customer retention can help your business during the natural ebbs and flows of busy and slow times.
3. Offer bundles and online-only deals
Another way to boost interest in your online offerings: push online-only bundles or deals for your customers to drive them to your site more consistently. Below are a few ideas that could fit your restaurant:
- Add a discount to gift card orders over $100 if spent by a certain date during your slower periods.
- Offer online-only bundles, such as a lunch special for pre-order that comes with an appetiser, a main course and a drink.
- Package your merch and retail items at a discount. These can be offered for in-store pickup or delivery using Square partner integrations.
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4. Streamline private bookings
Private events can be a great source of revenue for restaurants. They come with more predictable costs and labour requirements and can often have higher margins. Rather than relying on email to book these kinds of services, you can use tools, such as Square Appointments and Square Invoices to streamline the booking process for potential clients.
Before moving to Square, Dave Rugendyke of Convoy Commune was working with multiple disjointed systems because the business’ offerings required different payment methods. After researching many software systems, Dave chose Square because it was an all-in-one solution.
“We’d previously used a big bank merchant facility and a separate point of sale system. We had constant issues with the merchant facility and there’d been numerous occasions where we weren’t able to accept card payments. I liked that Square offered a card payment facility as well as a POS system in one. Whilst the percentage fee for payments was higher than a merchant facility, once combined with merchant facility fees and fees charged for a separate POS system or software, Square ended up working out cheaper. I liked the easy availability of hardware, easy setup and also really love the various integrations available.”
This article is for informational purposes only and does not constitute professional advice. For specific advice applicable to your business, please contact a professional.