Pubs are a type of business like any other, which means that they need to make enough revenue in order for them to keep going. Yet, sometimes pubs struggle to make enough money due to world events, poor management, or supply issues.
With all these issues, what are some ways that pubs can increase their revenue? Keep reading to find out.
Get pub protection
One way to increase revenue is to decrease losses. These often take the form of paying for risks, accidents or compensation claims made by employees or members of the public. Pub owners need to have the right pub insurance to protect their investments and prevent any accidents from eating up revenue.
Create the right work environment
The staff work environment influences pub performance. This should be such that even the lowest in rank can suggest ideas to management. Since they are the ones on the floor night after night, it’s likely that they will see the most critical areas that need improvement.
Offer a loyalty program
Offering rewards for customer loyalty is a great way to promote repeat business. The successes of customer loyalty cards that offer benefits to customers in other sectors can be easily replicated by the hospitality industry.
Depending on the spending habits of their customers, pubs can offer rewards for fixed numbers of visits or purchases. This is also great for word-of-mouth marketing, as customers who enjoy these perks will tell their family, friends, and colleagues.
Develop an upselling strategy
It’s crucial that your team develops a robust upselling strategy. Since it’s safe to assume that every person that enters a pub intends to buy at least one drink, your team should have an effective set of tactics to turn that into two drinks or a more expensive drink.
There are many different ways that they can do this, for example by:
- Giving suggestions
- Recommending pairings
- Suggesting similar brands
- Encouraging customers to try something new
Host events
Pub events, such as themed nights or days with special deals, are a brilliant way for pubs to market themselves, keep things fresh for regular customers and draw in customers who might not have otherwise come.
They also represent one of the most important things that pubs need to do to increase revenue in the long run: be creative! Find new ways to give value to customers, old and new.