5 Tested Ways to Increase Restaurant Revenue by 200% With Live Music
The first question to ask for restaurants is where are they losing sales? Most of lost opportunity for sales is during the low turnout weekdays like Mondays and Tuesdays, sales during the working hours, sales during the weekends when other venues with entertainment divert a part of the customer base.
Working on strategies to fill up tables and keep the restaurant busy is one of the major focus of every restaurateur and bar owner. In a highly competitive industry like bars and restaurants, keeping sales high not only increases profitability but also ensures survival when competitors always strive for the same customer base.
Bars and restaurants also face the challenge of having a small retainable customer base unlike retail outlets. The offering is mostly food or drinks and even with a frequently changing food and drinks menu it is hard to get customers back to the establishment with little change in offering.
Music and entertainment provide a great way for bars and restaurants to retain customers and get new customers. Most of the bars and restaurants make the mistake of inviting the same musician/band because of the ease of managing schedule, price and other problems which come with live music. Creative Xchange now provides an opportunity to book a different musician for all days and also to have musicians for special occasions.
Promoting a bar or restaurant as a music venue is also difficult, the challenges faced by restaurants involving promoters and PR agencies is that the cost of live music becomes very high and management becomes a full time activity. With high cost for music and entertainment many bars and restaurants give up the pursuit to become a music or entertainment venue within the first few months.
In our experience bars and restaurants go through the following steps:
Hire an agent
Hire a promoter
Hire a PR agency
Audition musicians
Pay the artists using various forms of payments
With all the above overheads it becomes difficult to manage music and live entertainment and bars and restaurants almost end up with an unplanned approach without any control of budget.
With Creative Xchange it becomes easy to plan and schedule, setup a theme for special times of year, pay easily, promote events, get a varied choice of artists and a lot more.
Bars and restaurants can finally transform themselves into music venues and gain upto 200% in sales.
To explore how you can integrate live music as a part of strategy to grow your revenues as a restaurant visit us at https://creativexchangeinc.com/for-event-managers/
