It came as a piece of good news for the market as American spending rose in September. People spent money on things from clothes to sporting goods. Even though the expenditure has increased, struggling supply chains are still under strain. They failed to fulfill the orders even when people spent less in prior months.
The October report released by The U.S. Census Bureau said that people’s spending on merchandise increased by 2% compared to the last month. The expenditure on food and drinking increased only by 0.3%. Overall, consumer spending has increased against all odds.
According to Gregory Daco, chief US economist from the famous forecasting firm Oxford Economics, the increase in September retail sales could be due to higher inflation. But the surprising factor in the report was the 0.5% increase in spending on cars even when most economists expected that vehicle unit sales would show a sharp decrease in September.
The Shift In American Consumer Spending Habits
Whenever there is a downward trend in consumer spending, most consumers postpone the purchase of durable goods. They start spending more on services. But this equation got reversed during the pandemic as people were staying more in their homes. Daco said that U.S. consumers did not stop the purchases even during the spread of the Delta variant of Coronavirus. Still, the September figures show that the spending pattern of the consumers is now offering a mix of changes. Most consumers postponed the purchase of goods like home appliances and electronics, which have become expensive nowadays because of supply chain problems.
This year many consumers started their holiday shopping earlier than before. They spent most on purchasing sporting goods, books, and general household items even after signs of a downward trend for the economy. Even though customers are spending more for the holiday season, shipping delays can still create obstacles in the shopping process for Thanksgiving and Christmas.
The pandemic has been rough on many businesses. Quick Service Restaurants (QSRs) and fast-food chains have also suffered greatly because of the pandemic. Covid-19 made it impossible for diners to have a dine-in experience. Restaurants had to come up with engaging ways to keep their businesses alive in this highly competitive market.
Covid-19 gave rise to the popularity of the curbside pickup. It was a lifeline for the restaurant owners to save their business from the pandemic. From the customer’s side, it was a safe, quick, and hassle-free way to get their orders. Seemingly the perfect win-win situation for both restaurant owners and customers.
The technology that made curbside pickup work so well is digital signage. QSRs and fast-food chains relied heavily on digital signage to inform customers about their orders. This signage made it easier for customers to understand the delivery time of their order. Digital signage saved many QSRs and fast-food restaurants from going out of business due to the pandemic.
What Makes Digital Signage So Great?
Because of the popularity of drive-thrus, digital signage was already on the rise before the pandemic hit. More and more restaurants incorporated digital signage and menu boards as using them had a great positive impact on the business. When the pandemic hit, the investment in digital signage went down as restaurants began to operate with losses initially. After the initial shock of the pandemic had surpassed, restaurant owners were quick to realize that digital signage was essential to attract customers and ensure great customer service. Investment in digital signage started increase dramatically.
Modern technology has revolutionized many businesses. Digital signage is something that has resulted in happier customers and ensured more revenue for restaurant owners. Digital signage is great for a number of reasons. Let’s take a look at some of them:
Attract and Inform Customers
Digital signage is great for restaurants to advertise their specials. Restaurants can promote their menus and special offers using digital signage. Digital menu boards do a great job of attracting customers. They are loaded with high-definition graphics and the menu is presented in the best way possible. The menu is made appealing to the customers by using vibrant colors.
It’s also easier for the customers to sort through the menu quickly. In terms of curbside pickup and drive-thru services, it is easier for customers to know about their waiting time. Digital signage takes a lot of guesswork out of the way for both employees and customers.
Quick Flexibility
If you need to make any changes to the menu, you can do so easily by using digital signage. Compare this with the traditional menus. You would have to make the changes and print several copies of it. But with digital signage, all you need to do is change the graphic and load it on the system.
As digital signage is basically a screen, you have a wide variety of options in what you want to show the customers. You can show your menu, specials, or wish a customer happy birthday. Whatever you want to load on that screen, you can do that with digital signage.
For example, there is a restaurant called Matt’s Chicago Dog that uses signage to switch the daytime menu and the evening menu. The signage is programmed to change the menu every day at 4.00 p.m. Isn’t that awesome? That is the power of digital signage.
Saves Money
Digital signage is a surefire way for you to save money in the long run. We have all seen the popularity of tabletop tablets and kiosks. They are a great way for customers to navigate the menu and make an order themselves without the intervention of any live server.
This eliminates your need of having an employee. Another cool thing about kiosks is that customers tend to spend more money when they are ordering by self-service. Kiosks are likely to bring you more revenue and it saves you the cost of an employee at the same time.
Efficiency
Delivery speed is highly important when it comes to QSRs. If you can ensure faster delivery time, you have a clear competitive edge over your competitors. Digital signage is highly efficient. This is the main reason why they are so popular and widely used. It eliminates the need for any human intervention and also results in a better customer experience.
Digital signage plays a great role in guiding the customers to the right counters. They are great for maintaining a steady workstream in restaurants. Customers have a clear idea of where to collect the food and where to pay because of this signage.
Customers love kiosks as it makes the process of ordering easier for them. It reduces the waiting time and it also doesn’t require the customers to stand in the back of a long queue to get their order.
If we go back to our Matt’s Chicago Dog example, we can see that the staff doesn’t need to change the daytime menu to the evening menu. Once the program has been enabled, it will be changed on its own. Changing the menu is one less thing for the staff to worry about.
Digital Signage is Here to Stay
As the sales of digital signage grew with the pandemic, a lot of people may think that this is only a temporary solution for the restaurants to operate their business in the middle of the pandemic. But that is not the case. For all the reasons stated earlier, it is clear that digital signage plays a huge role in improving customer experience and generating more revenue.
Digital signage is going to stay for sure and we will see more and more businesses incorporating them in the future. There are about 235,000 fast-food chains in the United States alone and only a small percentage of them are digital. That goes to show that it is an underserved market and it will be growing in the future.
Digital signage will serve as a great way to gain a competitive advantage over your customers as you can use them to attract more customers, make the ordering process efficient and save money at the same time.
Any company that wants to provide a better customer experience needs to focus on CRM. CRM software is a great tool to collect and organize all customer data in a single platform. CRM will not only save you a ton of administrative costs but also make it easier for your team members to collaborate and achieve better results.
Any company that serves customers needs an organized CRM system. Without CRM software, it’s going to be next to impossible to access customer data when you need it. Not to mention that collecting and organizing customer data is a difficult task on its own. But when you have a CRM system in place, all your team members have access to the same customer information and they can access the customer data in real-time. CRM is not only great for tracking customer information but it’s also useful in the sales process. Your sales team will be able to figure out who the hot leads are and can spend their valuable time and energy to go after them.
Which Industries Use CRM?
CRM is a must-have tool for any business that deals with customers. Whether you are in a B2B or B2C industry, having a CRM system will be useful for you. CRM benefits all industries. Different industries benefit from CRM software in different ways. We will jot down some of the industries which rely heavily on CRM software as an integral part of their workflow. We will also look at how each of these industries differs in the way they use CRM software.
Finance and Banking Industry
The demand for CRM software is huge in the finance and banking industry. Whether it’s an internet bank, commercial bank, or an international bank, they are all using sophisticated CRM software.
There is stifling competition in the finance industry. If you don’t provide excellent customer service, your customers will have no problems jumping ships. CRM software helps in the finance industry by streamlining daily activities, tracking sales, and improving security.
Decision-making is highly important in the finance industry. To make a decision quickly, you need quick access to the relevant data. Good CRM software has reporting systems that will aid decision-makers in making data-driven decisions.
Healthcare Industry
The use of CRM software was always there in the healthcare industry but it increased during the pandemic. The front-liners were under immense pressure to cater to numerous patients in very little time.
Hospitals used CRM software to facilitate collaboration between the nurses, doctors, and hospital staff. CRM software was used to collect and organize patient data, track how the patients progressed and how they responded to different medications.
The patients were able to reach out to the hospitals quicker because of CRM. Patients that didn’t have severe health problems could book online sessions because of CRM. The CRM brings all the patient data to an integrated platform. Even if the doctor or nurse is changed, they will know what to do by looking at the patient data.
Sales and Marketing Industry
This is surely the industry that is most positively impacted by the use of CRM software. Sales and marketing agencies get countless benefits by using and integrating CRM software into their workflow.
CRM software aids sales agents in exploring, monitoring, and closing potential customers. CRM software provides them with information regarding who the most valuable leads are. The most valuable leads can be determined by the metrics you set. For example, the most valuable leads for you can be the people who spend more than two minutes on your website. If you find that those leads are way more likely to convert into customers, they are valuable leads for you.
CRM software also raises the productivity of the sales agents. CRM software comes with great collaboration tools and the tasks can be assigned easily to the right sales agent. All agents will know exactly what is expected of them. It will be easy for the team leader to identify the agents that perform the best as there are reporting tools within any CRM software.
Tourism Industry
If there is one thing that millennials like to do, it is traveling. The tourism industry had been growing rapidly before the pandemic hit. Thankfully, it seems like we have passed the worst of the pandemic and things are getting back to normal.
CRM software comes in handy in the travel and tourism industry. There is always a huge number of customers to cater to in the tourism and hospitality industry. It is difficult to keep track of all the customer requests, customer complaints, etc. Without proper CRM software, conducting day-to-day operations will be difficult in this industry.
All the customer data can be put together in an organized manner using CRM software. The tour agents can access that data anytime. They can easily recognize what customer problem needs to be solved by taking a look at the data. You can make notes of common customer complaints and issues using CRM software.
There are a lot of moving pieces in the traveling industry. There are customers, hotel bookings, air tickets, bus tickets, etc. involved in any tour company. Managing all this information without a proper system in place will drive anyone crazy. If you are in the tourism industry, you should invest in CRM software without any doubt. It will make the lives of both your employees and customers easier. Using CRM software will surely lead to a better customer experience and it will improve your customer retention rate.
Non-Profit Organization
A large number of people believe that CRM isn’t useful for non-profit organizations. But nothing could be further from the truth. Non-profit organizations benefit from CRM software just as much as any other business out there.
CRM helps non-profit organizations collect and manage the information about the donations and the donors. It helps them send personalized messages to each of the donors thanking them for their contributions. Non-profit organizations use CRM software to boost their fundraising process and coordinate different projects.
Final Thoughts
Modern CRM software is capable of doing a wide variety of complicated tasks. We have looked at how the different industries take advantage of CRM software to manage their workflow and provide exceptional customer service. All companies can benefit from CRM software but if you are working in any of the industries we must, investing in CRM software is a non-negotiable for you.
Cryptocurrencies are virtual currencies, which rely on blockchain technologies to secure and track transactions. Several app development companies also have started using innovative blockchain technology. Blockchain and crypto have become one of modern technologies with a bright future.
As a rising technology, it has also caused the growth of the cryptocurrency market. Cryptography ensures the security of blockchain. The network participants also get private keys to deal with transactions. There is no failure risk to the network, as the information has no chance of disappearance at any time. However, read below to learn about Blockchain and Crypto trends of 2022.
Top Blockchain and Crypto Trends For 2022
National cryptocurrencies- One of the noticeable trends
Governments of several countries have recognized that blockchain-derived currencies are highly advantageous. While there is increasing use of Bitcoin, some governments are skeptical about the particular use of cryptocurrencies.
However, according to the latest prediction, the blockchain market in 2022 will accumulate very high revenue. In China and a few other countries, there are restrictions on blockchain transactions with bitcoins. Still, several other countries will embrace cryptocurrency in the coming years.
Helping with the distribution and control of vaccines
According to 2022 predictions, blockchain technology will be capable of tracking and controlling vaccine delivery from manufacturers and vendors to patients. An open-source and permission data exchange platform unites localized and diverse vaccine management strategies to create an integrated view. Participants will be able to use the systems of interaction.
By providing real-time visibility of the chain of custody and distribution of vaccines, blockchain eliminates blind spots across private and public entities. Due to the proactive identification of supply chain issues, spoilage, adverse reactions, and fraudulence, vaccines will be easy to deliver.
Higher acceptance of Bitcoin and altcoins
Market analysts have predicted that there will be an increasing use of altcoins. However, bitcoins will not lose considerable value. In fact, in recent rallies, bitcoin has outpaced the gains of most altcoins, particularly in terms of market capitalization. Rallies in Bitcoin tend to spark rallies in altcoins and a “rising tide lifts all boats.”
Since the introduction of Bitcoin, several universities and global academic institutions have shown interest in accepting Bitcoin payments. In 2022, there will be a continuation of this trend. It will reduce the problem of international students facing issues with fiat currency transactions.
Integration of blockchain into governmental agencies
Several government authorities have thought of accepting the concept of a distributed ledger. That is why they may adopt blockchain facilities in the future. Today every government agency has a unique database. Sometimes it can be difficult to maintain and manage information across multiple organizations. Using blockchain technology, it is easy to manage data effectively.
The decentralized ledgers are capable of holding the residents’ information. Moreover, the system uses modern encryption technology with 2-factor authentication for higher security standards.
Blockchain for political and social goals
Blockchain technology will find its application in political and social activities. The latest trends indicate that virtual currency has developed a good solution to ensure digital rights management and transformation. It will also reduce identity theft risks and supply chain management problems.
Using blockchain in retail sectors
In 2021, blockchain has already entered the retail sector. However, in 2022, it will see several other advancements. Blockchain is useful in the retail sector for managing inventory capabilities and the supply chain. Organizations like Walmart and IBM have contracted to create blockchain-based solutions. Technology will simplify the tracking of products.
The global market value of blockchain technology was about $3.67 billion in 2020. By 2028, it will have an increase of 82.4% fueling an increase in the number of blockchain apps.
The trend of crypto brokers and bitcoin ATMs
It will be easy to buy and sell cryptocurrencies. Cryptocurrency market researchers predict the Bitcoin ATM installation in different countries. As cryptocurrencies enter the real world, consumers will embrace these virtual assets.
The increasing use of cryptocurrencies will also cause the emergence of crypto brokers. These brokers will gear up the game by leveraging innovative features. They offer several options on bitcoin, dogecoin, and Ethereum.
The crypto market is focusing on environmental concerns
The crypto market will assign high levels of importance to the potential environmental effects of cryptocurrency mining. Bitcoin mining and the resulting energy consumption will have a big effect on the virtual digital token. That is why the coming generations will need to create innovative solutions to reduce the adverse effects on the Bitcoin mining process.
Transforming the economy with blockchain
According to some recent predictions, blockchain wallets will have several applications. It will result in economic growth in 2022 driven by cryptocurrency and blockchain technologies. International organizations and their representatives think that blockchain will benefit their business. They will be able to operate more efficiently and securely, especially for conducting financial transactions.
Cryptocurrency will bring new opportunities for investments
Cryptocurrency will turn out to be one of the hottest investment opportunities. You may have noticed volatility and inconsistency in traditional investments like stocks and bonds. They are here to stay, but there is a place for crypto in the portfolios of individuals and companies. Corporations will start investing in cryptocurrencies. In the coming years, investments in Bitcoin will become a standard.
Higher importance to crypto education
Recently, cryptocurrency education has gained attention. Several people have understood the potential value of blockchain technologies. It is anticipated that there will be a trend of learning the way of trading and selling cryptocurrencies. It will be easier to trade cryptocurrencies because of the constant upgrades of the trading platforms. Moreover, you may find the chance to invest fiat currencies into crypto.
Governments accept cryptocurrencies with some regulation
Governments condemn the decentralized nature of cryptocurrencies. Global leaders think of the risk of misusing digital tokens for illegal purposes. However, governments have started imposing regulations against it and eventually will have to find a way to work with these technologies.
These are some of the latest trends found in the world of cryptocurrency and blockchain technologies. Blockchain has become acceptable to several industries, including automotive, aerospace, and finance. Cryptocurrency usage and investment is already exploding globally, and this trend should only intensify in 2022, even if there might be some setbacks along the way.
The race to provide POS-centric solutions to restaurants’ digital needs is accelerating. Getting ahead in this race, Fiserv came out with the announcement that it acquired a growing restaurant marketing and commerce platform called BentoBox. Fiserv has already signed an agreement and it aims to integrate BentoBox technology into its Clover restaurant technology solutions. This acquisition will enable Fiserv access to BentoBox’s restaurant website-building technology, marketing tools, and digital ordering solutions.
BentoBox – The Growth Story
Since its inception in the year 2013, BentoBox has grown drastically. Within a short span of 8 years, it now powers more than 7500 restaurant concepts across 14000 different locations.
BentoBox was known for its robust platform that offered website design, online marketing, and ordering tools to help restaurants grow. It gave restaurants an interface for a unique dining experience for their customers. BentoBox platform converted restaurant visitors into loyal customers and helped generate new avenues for revenue.
In a statement, Frank Bisignano said that customers are looking for a seamless and consistent experience when they engage with a restaurant online or offline. He added that with the addition of BentoBox’s website building capabilities, the business management solution of Fiserv will become more robust, and can cater to all kinds of restaurants.
Clover Expansion
Clover can expand its dining and business management solutions to nearly 200,000 restaurants with this transaction coming into force. These restaurants also include those delivering unique dining experiences like casual and complete dining services.
They will be able to offer an integrated platform to deliver a customized customer experience.
Due to the pandemic, restaurant technology has grown at a slower pace. There were many incompatible solutions that restaurant owners had, making it difficult to find a perfect solution. There has been a massive shift for restaurants as they now need a significant digital presence. Tech providers are racing to capture this vast market to cater to the restaurant’s digital needs with a connected and comprehensive system. And the fight will become more intense as the pandemic enters its final stages.
POS providers already had an advantage. They were at the forefront of this race and looking for solutions for connecting their payment systems with separate ordering software. Fiserv has been trying to capture this market has launched their updated Clover Station Solo. This device helps to connect the restaurant’s front and back-end operations and can be integrated with Grubhub, a food delivery marketplace, to track order delivery.
What After Finserv Acquires BentoBox?
After Finserv acquires BantoBox, they can quickly grab a more significant share of the market. It will now provide a seamless experience to customers and cater to merchants with a vast range of digital products.
According to Nandan Sheth, Fiserv’s Digital Commerce business head, the company is now taking care of restaurant categories, which had many inefficiencies. Also, they are looking to speed up the areas where people pay their checks. Look for a future shift to payments via digital wallets. With this, the company can provide a better customer experience, and the merchants can choose from a vast range of products.
BentoBox has been aggressively working to identify places where the digital needs of the restaurants have not been improved. In its effort to fill the gap, BentoBox launched its product for the pre-order and catering needs of the restaurants.
In an interview, Brian Lee, BentoBox vice president, said that they talked to many restaurants offering catering and other pre-order services, and they all faced similar problems. He also noticed there were no tools available in the digital markets to manage the catering and pre-orders. BentoBox noticed these deficiencies, which got more noticeable due to COVID problems and shortage of staff.
Clover’s move to integrate the digital ordering feature with their payment solution has been widely reported. Reports said that 58% of the consumers are now ordering more food from restaurants than prior to March 2020. It also said that now about 61% of the consumers are ordering food online from restaurants.
Did you notice how drastically Binance Coin’s (BNB) Price surged a few days ago while the rest of the altcoins were bleeding badly? It was hard to miss such a dramatic increase but the question is whether it was a manipulative move or there was a solid reason behind it.
On Oct 12, 2021, Changpeng Zhao, Binance’s CEO) announced that Binance has decided to double down on its position on the Binance Smart Chain to boost the adoption of digital assets globally. The company has launched $1 billion funds to push the adoption of Binance Smart Chain and the entire blockchain industry.
It was such a massive move that investors pulled out their investments from other crypto coins and started investing in Binance Coin aggressively. Similarly, the technical analysts started following the herd based on their technical indicators.
So, it was the major reason due to which we observed a huge pump in Binance coin’s price. Some of you may be thinking about whether this news was actually worth it or was it just hype created by market manipulators.
Today we’ll be answering this question in detail. So, let’s get started.
What is Binance SmartChain?
Many of those in the cryptocurrency space are still trying to figure out the exact reasons for the spike in the price of Binance Coin. So, it’s important to shed some light on what Binance SmartChain is.
Binance Smart chain isn’t the only blockchain launched by the company but the company had already a blockchain called Binance Chain that was running well. However, the company was failing to keep up with the other bigger blockchains.
The main purpose of the Binance Smart chain was to reduce the transaction costs because developers and investors weren’t comfortable with the original Binance Chain. Moreover, this new blockchain has enabled developers to launch Dapps (decentralized apps) and other Defi Products.
Binance smart chain works in parallel with the Binance chain but it’s a standalone blockchain which means it can continue running its operations even if the Binance chain stops working for some reason.
The beauty of the Binance Smart Chain is that EVM (Ethereum Virtual Machine) is Compatible. So, the decentralized apps or Defi products built on Ethereum’s smart contract can be migrated to the Binance Smart Chain without any disruption.
It’s one of the major reasons why BSC became so popular right after its launch because Ethereum’s smart contract is a bit congested and its fees are also higher than BSC.
How the Company is planning to use this $1 Billion Funding?
Binance had dedicated around $100m to BSC almost a year ago to support decentralized finance (Defi) projects. After receiving an amazing response from the consumers, the company has finally decided to inject another $1 Billion for further growth. Here’s an overview of how the company is planning to use this $1 billion in different categories.
Incubation Program for Industrial Development
The company is planning to use a major part of this investment for industrial development. They’ve decided to use around $500 million for this program. The program is mainly focused on reducing the gap between crypto blockchain and current technical financial sectors.
Obviously, they can’t do it alone and they need the support of several industry-leading organizations to achieve success. Therefore, the company is collaborating with leading bodies of this industry to ensure the growth of decentralized computing, artificial intelligence, virtual reality, gaming, and blockchain-based financial services.
The company has planned to spread the basic vision of financial inclusion and healthy sovereignty with the help of global blockchain researchers, crypto advisors, fintech companies, and influencers.
It may take some time to achieve this goal but BSC has taken a great step towards a better future. And they deserve some appreciation and recognition for such a great vision.
Builder Program
The company has dedicated around $300 million to the builder program. This program will provide essential support to technological startups facing problems with launching their projects in the crypto world.
The primary purpose of this program is to incubate at least 100 innovative decentralized apps on Binance Smart Chain (BSC). The company is planning to use around $200 for this particular setup.
The remaining $100 million will be used to conduct developer conferences, joint bug bounty programs, and hackathons locally and globally. Furthermore, this funding will also be used to support existing development programs.
Talent Development
We can’t expect continuous growth in the blockchain industry unless we have some brilliant minds on board. The company has designated around $100 million for talent development. This funding will be used to provide academic scholarships to institutions while educating new crypto investors about how this industry works and how they can take advantage of it.
Under this program, the company will also launch a mentorship program for developer communities. Most importantly, these funds will be used to strengthen research & development around Cryptography. The company is expecting to extract fruitful results from this particular program.
Liquidity Incentive Program
There is a little known reason some investors aren’t interested in investing more in the digital asset market. Yes, trust is a major concern but there is another reason. They don’t get the perks they usually get in traditional financial markets. This liquidity incentive program is going to attract more professional traders and institutes towards the digital asset market.
This liquidity incentive program is going to streamline yield farming in vaults, borrowing and lending in money markets, arbitrage gains, and more. The company is going to use $100 million for this program as well.
What is the Invesment Outlook for Binance Coin Now?
We aren’t financial advisors and we are here to educate our readers about financial markets, so we don’t make recommendations, let alone suggest investing in Binance coin solely based on this news. Ethereum Smart Chain is still leading the industry. And Binance may still need more upgrades to win the race.
However, this $1 billion investment is an amazing initiative. And the expectations are that the Binance coin will become stronger if these plans are implemented properly.
Conclusion
A sudden price hike in Binance Coin’s price surprised many crypto investors. We believe this $1B investment news was the trigger behind this run and it appears to be a genuine gain so far. It is exciting news that the company is planning to use this $1 Billion fund for the Binance Smart chain and advancing other blockchain technology in general.
Loyalty programs through mobile messaging are an effective way to increase your restaurant’s customer retention rate. The increasing use of mobile in placing orders is unlikely to change. That trend is here to stay. SMS marketing is the best possible way to utilize this opportunity to get your customer’s attention.
However, SMS marketing is only effective when done correctly. If your promotional messages annoy your customers rather than help them, they can unsubscribe, wasting a perfect opportunity.
You don’t have to worry about going wrong if you carefully follow our guidelines to build loyalty with mobile messaging and the rules we discuss.
What is Text Message Marketing?
SMS marketing or text message marketing means communicating with your customers through text messages on various deals, updates, offers, or reward programs.
Build Loyalty with Mobile Messaging – Strategies to Follow for an Effective Marketing Program
There are a few strategies at the heart of successful text message marketing campaigns. Let me discuss them here and, you too can drive sales and reap the benefits of this marketing tool.
Reach Out at The Right Time
The first thing to keep in mind is that there is a window of time when your customers decide where to dine. If you are visible to them during their time of decision-making, there’s a good chance they’ll pick you.
83% of consumers decide where they’ll dine within three hours of having their next meal. That is why timing is crucial. If you are offering a combo meal of soup, salad, and sandwiches at a discount rate, your chances of getting your customers to eat at your restaurant are higher if you send them a promotional text before lunchtime.
On the other hand, a 2 a.m. text about the same deal is likely to annoy your customer and hit unsubscribe.
Analyze Data for Personalized Marketing
The great thing about the increasing use of mobile for ordering food is that you can easily track your customers’ preferences. If a customer tends to order food at a specific time, make use of that information and send them eye-catching deals and offers around that time.
If your customer always orders two items together, maybe add a discount on that combo. Your customer is much more likely to purchase if you are responsive to their consumption patterns.
Focus on Providing Value
You can introduce different loyalty programs to increase customer loyalty. Promoting these programs through text messages is a good way to go. It is important to be clear about the benefits your customers will receive. Customers don’t want to know about your business if there isn’t something in it for them. Keeping all your promotional content customer-oriented and relevant is necessary.
Rewarding customers on their birthdays, giving special discounts on repeat purchases, and, other such tactics are good ways to retain customers.
You can also give them special discounts if they place an order through your restaurant’s app. Incentivizing your customers to download your app like this is a clever strategy that many businesses follow.
Have a Clear Call To Action
A call to action is a message that induces a customer to perform a specific task. Make it clear in your promotional texts what you want your customers to do and reward them for that behavior. To make this even more effective, create a sense of urgency. It is an age-old trick in marketing but, it still works.
People have a fear of missing out on incredible opportunities. Creating that sense of urgency will drive in that fear and make your customers respond. The end date to an offer makes that offer far more tempting. Use this strategy and, you’ll surely see some results.
How To Create Restaurant Text Coupons
Here are some guidelines that will help you compose the perfect test coupons.
Say More with Fewer Words
A text message is limited to 160 characters. This can be restricting if you’re not making sure to cut down on unnecessary words. Stick to the point as much as you can and get creative to come up with captivating taglines.
Proofread
A spelling mistake can be disastrous as customers may see your messages as spammy and unsubscribe to your text message marketing campaign.
Include Opt-Out Option
If you are not required to add an opt-out option to your promotional text messages by-law, I’ll still recommend you to do it. Having an opt-out option makes your customers feel secure as they are in control. Nobody likes feeling trapped and hassled. Your customers will probably disengage from your brand completely if you give them that feeling.
I once had an entrepreneur send me an email about how I wasn’t interacting with his emails as I used to. He even sent me a link to unsubscribe if I wanted to do that. It made me feel that he aimed to provide value to his subscribers. I found myself paying more attention to his content. This reverse psychology gimmick worked on me. You could give it a try as well if you see your customers not interacting with your campaign at all.
For Higher Engagement- Send MMS Instead of SMS
Visual messages are more effective than text messages. There is a whole science on making MMS more impactful. Through MMS you can send attention-grabbing bold headlines, short videos or, colorful pictures to hold your customer’s attention.
Some services help businesses connect to their customers through text messages and MMS. They make your work much easier and know what needs to be done to help your business grow.
Conclusion
Mobile marketing is a must to grow a business in today’s fast-paced world. Starting from text message marketing to launching apps and partnering up with third-party delivery apps, businesses now have to tackle a lot just to stay relevant and thrive. Without doing these, your restaurant may find it hard to grow.
Businesses that adapt fast to the shifting trends are the ones that stay strong. Following these tricks will help you start a successful text message marketing campaign and keep you in the game.
The success of a restaurant depends on a wide variety of factors. These factors are delicious food, great location, superior customer service, and a steady supply of funding. There are a lot of expenses involved in running a restaurant. Without financial backing, it is impossible to run a restaurant business.
In the first six months of the pandemic, one out of six restaurant businesses had to close. This fact alone will make anyone think twice before opening a restaurant. Fortunately, the worst of the pandemic seems to be beyond us as we are moving on to a better world. There is increased demand among people to have a dine-in experience in restaurants. If you have been passionate about starting or expanding your restaurant, now is a good time to follow your dream.
To run your dream restaurant effectively, you need to have a steady supply of capital. There are a lot of costs involved in running a restaurant. You need money to rent or buy space, hire staff, manage inventory, marketing, etc. It’s hard for any individual to have that kind of money on his own. If it is difficult or impossible for you to manage thousands of dollars on your own, you need to turn to restaurant financing.
You need funding to get your business up and running. It takes businesses ample time to become profitable. Funding helps you cover the expenses until your business becomes profitable. The process of securing funding is a great learning experience for any aspiring restaurateur. It forces the restaurant owner to think about the financial implications of the business and come up with a solid plan on how to be profitable.
We will be looking at some of the best options to secure financing for your business. Whether you are looking to start or expand your business, these will be helpful for you. We will discuss the pros and cons of each of these options.
Merchant Cash Advance (MCA)
Merchant Cash Advance is a way of securing a lump sum of money in return for a percentage of profit on future sales. These advances are offered by merchant payment systems and they act as a loan against your future credit and debit card receipts. Institutions that provide merchant cash advances provide capital to businesses. In return, they will get a fixed percentage of the sales until their loan is repaid. The amount to be repaid will be set beforehand and it will be greater than the original amount. It will make sense if we look at an example.
Let’s say your restaurant receives an advance of $30000 for a 10% markup. Now, you will have to pay the advance provider $33000 from your future sales. The payment to them will be automatically made from your credit and debit card sales.
Pros
MCAs are great for you if you have a steady flow of regular credit and debit card sales.
It’s a simple and unrestricted way to secure funding. If you have steady credit and debit card transactions, it will be easy for you to get an advance.
You can get funding really quickly. In some cases, it takes as little as 2-3 days.
Cons
You can’t pay it back early to save interest rates. The payback amount is already set and you will have to pay it in full.
This option is not ideal for new businesses as some business history is required to get these loans.
It is not ideal for businesses that do most of their transactions in cash.
Small Business Administration Loan
SBA Loans are a great way for small businesses to secure funding. The SBA guarantees to repay a certain percentage of the loan to the bank if the borrower is unable to repay it. The most common SBA loan for restaurants is the SBA 7(a) loan. These loans typically cover expenses to purchase an existing restaurant, purchase equipment for the restaurant, and renting or buying space for the restaurant.
Pros
It is easier to qualify for SBA Loans than traditional bank loans.
The loans are backed by the government and you can get up to a $5 million loan.
If one institution rejects your application, you can still seek approval from other institutions.
Cons
Loan approval can take up to months.
A lot of detailed documentation is required to get approval for the loan.
Business Line of Credit
With a business line of credit, you can secure loans as you need them. You won’t have a lump sum of cash but you will have a line of credit that you can use whenever you need it. You will be able to borrow the amount that your line of credit allows you to.
It’s a flexible option for you to use. You will only pay interest on the amount you borrow. It works similar to a credit card but better. The limit is higher and the interest rate is lower than a credit card.
Pros
It’s a flexible option for you to secure loans as you need them.
You only have to pay interest on the borrowed amount.
Cons
You need to pay administrative costs to keep your line of credit open.
It is not a long-term financing solution.
Friends and Family
If all your efforts to raise capital fail, your friends and family are likely to be your biggest supporters. This may seem like a scrappy option but having people you love and trust to back you in your journey is actually a viable option.
Pros
No paperwork or detailed documentation is required.
You don’t need collateral to get a loan from your family and friends.
Cons
It has the potential to destroy personal relationships if things go south.
The terms and conditions of the deal can end up being confusing and unclear.
Final Thoughts
Finding a way to secure funding is a key ingredient in your restaurant’s recipe for success. You need to prepare well to secure funding for your restaurant. Have a clear and concise business plan that you can be proud of. When pitching your ideas to your potential investors, predict the objections they are likely to raise and provide logical answers to those objections. Securing funding will allow you to make your dreams come true.
Online ordering is growing in popularity every day. More and more customers are starting to order online. Online orders are a great way for restaurants to serve their customers. They can serve more customers now than they could in their limited dining space.
Unfortunately for many restaurants, the level of competition is also very high. Most restaurants are engaged in a fight to encourage more customers to purchase with them. To stand out from this competition, you need to make sure that you are positioned well. One of the best ways you can make your brand differentiate from others is through your online menu.
Your online menu is your silent salesman. Did you know that 77% of diners are likely to visit your website or go through your online menu before they decide to purchase with you? When customers are deciding whether to go with your restaurant or not, your online menu will be their biggest decision-making factor.
Your online menu needs to be well planned and strategically designed. You can’t just make a scanned copy of your existing menu, upload it, and expect great results. The rules of engagement are different when it comes to online ordering. Your online menu needs to be organized well and easy to navigate. Here are the best tips we can give you so that you can use right away to optimize your menu and increase your revenue:
Use Your Brand Story in Your Menu
If you want your brand to stand out from the others, you need to make sure you are telling your brand story through your menu. You can influence a customer’s decision by the simplest of subtle triggers.
If you just incorporate a positive adjective, it will create a positive perception in the customer’s mind. You need to keep that in mind when you are drafting your menu description. For example, if you have a vegan restaurant, make it known to the guests that you only used locally grown vegetables. Whatever it is that you do differently from your competitors, make sure your customers get a chance to know that.
If you are using this strategy, you can justify charging a premium on certain items. For example, the price of the meal that is cooked with organic produce is likely to be higher than the other meals on the menu. Your customers will have full transparency to the menu and it will help them come to a final decision quicker.
Strategic Upselling
Do you want to maximize your revenue from your online menu? Upselling is the best way for you to achieve that. We all know that bringing in new customers is difficult and expensive. It costs four times as much to retain your existing customers than to acquire new ones. Through upselling your customers, you can generate more money from your existing customers and increase your revenue.
One of the ways to upsell your customers is to offer recommendations to them. Once they have added something to their cart, you can show them an option that says “Most customers pair it with this”. You can use your own verbiage but hopefully, you get the idea. It’s all about making a digital version of the “Would you like fries with that” effect that McDonald’s has been executing successfully. If they add the additional item to their cart, it’s more revenue for you. If they don’t, then no harm is done to you.
The other way of doing upselling is more common. You can offer customers options like “Extras, Add Ons” where they can customize their meals and add extra slices of cheese, toppings, sauces, spices, etc. This allows the customers to get creative with their meals while you make money in the process. Customers are much more likely to check a box on the screen than when they are dealing with a live server.
Optimize Menu Categories for Online Order
The attention span of people is getting shorter and shorter every day. Our goal is to make it easier for the customer to make a buying decision as soon as possible. If you don’t get a customer interested in your online menu within three seconds, there is a strong probability that you have lost that customer.
If you look at a traditional menu, the categories in there go like “Appetizers, Entrees, Sides, Desserts, Drinks”. This set of categories works in a dine-in situation as customers are already familiar with this setup. But as we mentioned earlier, the rules of engagement are slightly different in the online world.
We need to capture the attention of our customers as soon as possible. The way to do that is to highlight your most popular items right away. Your customers should know about what most of your customers are ordering from you. Think of it as a digital way to offer your recommendation to a customer. Doing this will make your customer more likely to be interested in your menu and make a purchase.
Highlight Specials and Follow Trends
Nobody can expect what the next big trend will be. But everybody can be prepared to capitalize on it as it happens. For example, a while ago the pictures of rainbow-colored foods were going viral on Instagram. A lot of restaurants joined that trend and started offering these rainbow-colored foods. That trend was short-lived and then the trend of activated charcoal blackness came into action. You will never know what the next big trend is but you can capitalize on it as it happens.
On the more predictable side of things, there are seasonal trends that you can always use to your advantage. For example, you can customize your menu according to seasonal holidays. Also, it will be a great idea if you highlight the different diets you cater to. For example, having a separate category for vegan, keto diet, gluten-free and paleo foods will greatly help your customers. It will help them navigate your menu quicker and they will know exactly where to find what they are looking for.
You can also make the most of your online menu to attract customers by providing discounts, offering “buy 1, get 1” offers, or highlighting a rewards gram. You can offer coupon codes if they order during happy hours. If you leverage these tips, you can make the most of your online menu and generate more profits for your business.
The pandemic has made it necessary for restaurants to limit face-to-face interactions as much as possible. In that effort, restaurants and pubs have set up QR codes for taking orders and digital payment.
We don’t think this change is going to go away as both customers and restaurants are benefiting from the use of QR codes. According to a survey, about eighty percent of pub-goers who have used digital methods to order online want to keep doing it in the future.
If you are wondering how your businesses can reap benefits from using QR codes, we’re here to give you a breakdown of them. We’ll also discuss the process of introducing QR codes to your restaurant.
Benefits of Using QR Code Menus And Payment Portals
There is no shortage of benefits to restaurants when it comes to using QR codes. Here’s a list of them.
Reduce Expense by Eliminating Printing Cost
Printing Physical menus can increase your restaurant’s expense a lot if you frequently need to change it. The upside of having a digital menu is that you’ll save up on the expense of printing physical menus. The only expense will be the graphic designer you hire for this job.
Reduced Staffing Cost
When a customer scans the QR code provided on their table, it redirects them to your restaurant’s website or app where they can have a look at your menu. After that, they can choose the items they want and order directly. Since you won’t need people to take orders, you can reduce the number of your waiting staff and save up.
Your staff can also focus more on the needs of the customer and provide a better service when they don’t have to run back to the kitchen.
Getting Bigger Orders
Customers are likely to place a 30% bigger order when ordering digitally. This is because they don’t feel hassled to make a quick decision. They can take their time to order everything that they want.
Sometimes customers also find it awkward to order too many items at once, thinking they will be judged. Not having to tell another person that they want a second helping of fries, is just what can make the customers order that second helping.
Better Dining Experience
There is nothing that can ruin a customer’s dining experience as much as having to wait for someone to take their order for too long can. As they say, first impressions stick to the mind and if your customer has had such an experience with your restaurant, they are unlikely to return.
QR codes reduce this waiting time as customers themselves are in charge of placing orders. Since the order is sent to the kitchen directly, the food can be prepared faster as well, reducing the time that your customers spend waiting even further.
Reduced Expense on Updates to The Menu
You can update your menu frequently if you are using a digital menu. The process is also less time-consuming as there is only one thing you need to get done, which is updating the design of the menu.
If you just want to change only the prices or lists of items, then you can do that in a matter of minutes. You’ll just need minimal editing and integrating the updated menu into your system.
A digital menu is much less of a hassle.
More Menu Design Options
With a printed menu, you have to worry about fitting things in a limited space. But with a digital menu, you can add as many enticing images as you want as there are no space limitations. Images can be far more lucrative when it comes to food, tempting your customers to try out more dishes. You can also add short videos to make certain items on your menu even more appealing.
Customer Data
Customers have to input their email address and number to place their order. This lets the restaurant enter them into their mailing list or text marketing campaign. These channels of promoting restaurants have proven to be effective when done right.
Restaurants can get more customers to come back by sharing value-adding promotional content with their customers.
How Restaurants Can Use QR Codes?
To set up a QR code payment and ordering system at your restaurant, you have to take care of these steps.
Create QR Codes for Ordering And Payment
You can do this with the help of numerous companies that offer their services to help your business set up QR Code payment and ordering systems. You can set up self-serve ordering with square online, Clover, or any other such company in the market.
Setting Up Your Restaurant With Required Tools
You’ll have to ensure that your waitstaff has access to tablets or smartphones. You’ll need to configure some back-end software to integrate QR code ordering and payment with POS payment solutions.
Place QR Codes in Appropriate Places
Place the created QR codes throughout your restaurant. The entrance, individual tables, near the cashier are places that are more visible to the customers. QR codes to place orders should be placed on individual tables so customers can scan them to order.
When the customers are done eating, your staff can bring them a printed-out QR code that they can scan to pay. Customers will either pay with a mobile wallet or they can manually input their payment information in a form that will load when the QR code is scanned.
Conclusion
Setting up QR code payment and ordering systems is easy and cost-efficient. You don’t have to spend a lot on hardware as your waiting staff most probably have access to smartphones. There are also loads of benefits for you in making this conversion.
People are moving towards mobile ordering and payment. This is becoming the preferred way of doing things. Customers these days expect to be able to pay with a quick scan and order without much face-to-face interaction. Setting up QR codes is a step in the right direction for any restaurant business.
