Hotels rely more and more on revenue sources outside the rooms themselves, such as activities, spa, restaurant, and bar. With revenue from ancillary sources typically accounting for over 20 percent of total earnings, optimizing every square foot is a financial necessity.
NB: This is an article from WebRezPro
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Your bar may not be the most instaworthy – yet – but that’s no reason to discount its revenue potential. The global bar and cafe industry value is projected to reach $627.19 billion by 2029. Here’s how to curate an experience that keeps guests returning for another round.
Pricing
Maintain competitive, value-based pricing so that satisfaction remains high and reviews stay positive. While you may be able to artificially inflate pricing because of the convenience factor, aligning rates with quality fosters long-term brand loyalty and protects your reputation.
Strategic incentives like happy hour drive foot traffic and boost your bottom line. Special deals encourage guests to consume more, so overall tabs rise even though individual items cost less.
Upsells
Maximize ancillary revenue with premium upsells, such as signature wines or artisanal spirits, ready for purchase both on site and during the booking process.
For in-person upsells, use subtle techniques rather than high-pressure sales tactics. Avoid language that puts the guest on the defensive and focus on highly relevant offers. Do not present an offer more than once.
Non-Alcoholic Alternatives
With non-alcoholic beverage orders surging by over 300 percent since 2018 and 55 percent of Gen Z consumers selecting low-to-no-alcohol options, a sophisticated mocktail program is essential for securing your share of the market.
Elevate your brand’s inclusivity and appeal by promoting these premium alternatives across on-site signage and social media channels to let non-drinkers know that you still have something special to offer.
Menu
Offer specialty cocktails alongside staples like craft beer to distinguish your brand. Colorful cocktails make an impression on social media and enhance your bar’s unique selling proposition. All the better if you add local elements, as guests enjoy tasting new food and drinks from wherever they visit.
Forty-eight percent of bar patrons prefer establishments with food available. A selection of expertly executed staples is more effective than a broad, inconsistent range of dishes. Include options for guests with dietary restrictions (vegetarian, gluten free, etc.) and incorporate local flavors.
Leverage real-time data to monitor top-performing items, ensuring optimal inventory management and strategic sales focus. By utilizing analytical tools in your POS and/or PMS you can track volume sold and profitability.
