5 Ways to Increase Your Company’s Food & Beverage Sales
Venues are always looking for ways to increase their food and beverage sales while enhancing the guest experience. Here are some practical ways to help you achieve your goals.
1. Go Mobile
Consumers use their phone to get what they want, when they want - from on-demand car service to their daily coffee. Give your guests the convenience they expect by providing the ability to order food and beverages from their mobile device. By offering a stand alone web ordering solution or integrating directly into your existing mobile app, your guests can easily place orders without having to leave the entertainment or standing in long lines!
2. Fan Friendly Pricing
Some venues have found success by offering fan friendly pricing, the practice of selling a few select menu items at 35-50% below their normal price. This approach has proven to increase total F&B revenue while building customer loyalty and fan satisfaction in the process.
After launching fan friendly pricing, the Atlanta Falcons saw a 16% increase in F&B revenue and ranked among the NFL’s top three in overall game-day experience rankings.
The Charlotte Hornets saw a 10x increase in sales of the menu items used for fan friendly pricing compared to regular pricing last season and saw that 40% of fans also purchased a full priced menu item.
3. Create a Cross Selling Strategy
Cross selling is the art of recommending additional items that would compliment the item a guest intends to purchase. Amazon has historically mastered this practice and attributes nearly 35% of their revenue to cross selling. Your mobile ordering solution should have a recommendation engine that makes it easy for guests to add items to their existing order.
4. Offer Multiple Service Types
All guests are different and their purchasing habits can be as well. Being able to cater to different buyers by providing several convenient ways to purchase can help optimize the buying journey for more customers. Consider those who want to expedite their transactions through:
• Express pickup
• Self-service kiosks
• Cashless stands
• In-seat delivery
By offering multiple service types and purchasing options, you can feel confident that your guests can order F&B in a way that will resonate with their buying behavior.
5. Focus on the Guest Experience
All of these recommendations tie back to the most important goal of creating an amazing guest experience. It is essential to consider how your F&B menu items, mobile ordering technology solutions, and service types come together to make your guest’s time at your venue a memorable one. When you focus on convenience, quality, and creating a F&B ordering experience that exceeds your guests’ expectations -- increased revenues will follow..