Restaurant and pub businesses have long suffered under a year-long pandemic that seems to be commencing a second wave. The business environment has revolutionized so much that failure to notice the ongoing changes is almost bottom-line threatening.
Now, brands in these sectors must make a complete transition from where they seek commercial funding to how they search, attract, and serve customers.
According to a July poll by UK’s Food Standards Agency, 31 percent of consumers admitted they wouldn’t eat at a restaurant “for the foreseeable future.” That result marks a significant increase from June’s 25 percent.
Consumers are gradually switching to the next normal causing an impact on restaurant and bar business that rely on behaviors that defy COVID restrictions. The entire business model has changed and surviving in the post-pandemic calls for a new strategy.
Two of the most apparent changes are;
- People are no longer willing to go out, so you need a change in approach.
- At the same time, funding is getting more and more difficult to acquire
Follow these Tips to Survive Amid a Pandemic.
- Solve Your Business Funding Problems With an MCA
Most government relief funding programs have ended, and banks are more reluctant to offer loans making alternative sources like MCA your best option.
All pub and restaurant businesses that take credit card payments can apply for a merchant cash advance from a reliable alternative lender.
An MCA provider gives your business a lump sum which they take away automatically from your day-to-day credit card sales.
Application happens in minutes with high approval rates. Also, they involve a hassle-free underwriting process with no credit checks or collateral demands.
Tips To Transition with Changing Customer Needs
- Launch Discount & Loyalty Schemes
YouGov’s study on Eat Out to Help Out, a UK government discount scheme that ran throughout August found 54 percent of people want the scheme extended. This included an entire 77 percent who utilized the discount. The program was built specifically to offer customers a 50 percent discount on food and drinks.
Amid and beyond a pandemic, customers will appreciate Discount and loyalty schemes, and businesses must be ready to adjust.
- Try Home Deliveries
If customers won’t come to you then perhaps it’s time to deliver to their doorsteps. Many brands are considering different delivery options like ready-to-cook recipe boxes to ease at-home cooking.
Bar owners can also deliver drink boxes or pre-made cocktails to offer customers a new and livelier experience.
- Make the Most of Online Opportunities
The heavy dependence on online platforms like social media sites, live chat tools, and video-meeting platforms like zoom as the primary marketing platforms make the internet an invaluable tool to survive post-pandemic.
Follow these tips to make the most of online marketing;
- Add your brand to Google My Business.
- Work with delivery services like Deliveroo, UberEats, or Just Eats.
- Gather and store customer data for future business.
- Teach cooking on Instagram and Facebook
- Host internet quizzes and throw in prizes & gifts.
- Write an ebook of home cocktails.
- Provide food vouchers & meal discounts without expiry times.
- Make the most of Social Media and Influencer marketing.
To survive in today’s and tomorrow’s market, it’s important to study the changes and prepare to win customers who’ve naturally adapted to the next normal.