Unlocking Revenue Potential: How Restaurants Can Leverage Specialty Products
In today’s competitive restaurant landscape, finding innovative ways to enhance revenue is crucial for success. One effective strategy that many restaurants overlook is the potential of their own specialty products. By promoting and selling these items, establishments can not only create a new revenue stream but also deepen customer loyalty. A prime example of this approach can be seen in Bojangles, renowned for its signature items and seasonings.
The Bojangles Example: A Case Study in Specialty Products
Bojangles, with its impressive 267,000 guests served daily, has capitalized on its unique offerings, particularly Bo's Famous Seasoning. This beloved seasoning has garnered a dedicated following, providing the perfect opportunity for the restaurant to sell it to its customers.
Estimating the Impact: With approximately 8 million guests visiting Bojangles each month, it’s reasonable to project that between 974,550 and 4,872,750 people could purchase this seasoning annually. At a price point of $5.99 for a two-pack, if just 1% of guests choose to buy it, Bojangles could generate about $5.8 million in revenue from seasoning sales alone. This translates to a significant boost in revenue that complements their core business of selling fried chicken and biscuits.
Strategies for Utilizing Specialty Products
Here are some effective strategies that restaurants can adopt to maximize the potential of their specialty products, inspired by Bojangles' successful approach:
Highlight Unique Offerings: Just as Bojangles promotes its seasoning, restaurants should emphasize their unique items on menus, websites, and social media. This could include homemade sauces, dressings, or proprietary spice blends that customers can’t find anywhere else.
Create Attractive Packaging: Packaging is crucial in enticing customers to purchase specialty products. Consider stylish, eye-catching designs that reflect the restaurant's branding and message. Bojangles has succeeded in packaging their seasoning in a way that makes it appealing for customers to buy and take home.
Incorporate Products into Meal Deals: Restaurants can encourage the purchase of specialty products by incorporating them into meal deals. For instance, Bojangles could offer a discount on their seasoning with the purchase of a family meal. This not only increases sales but also introduces customers to products they may not have otherwise considered.
Engage Customers through Promotions: Implementing promotions, such as "Buy One, Get One Free" or seasonal discounts, can drive sales. Engaging social media campaigns can also raise awareness of the specialty products, as seen with Bojangles' updates on menu innovations that resonate with younger consumers.
Leverage Customer Feedback: Utilize feedback to improve and promote specialty items. If customers rave about a particular seasoning or sauce, highlight it in marketing materials. Bojangles has adeptly responded to consumer preferences by expanding their menu to include hand-breaded chicken tenders and milkshakes, showing the importance of listening to guests.
Expand Distribution Channels: Restaurants can consider selling their specialty products through local grocery stores or online platforms. This not only increases exposure but also taps into a new customer base. Bojangles is exploring new markets with its seasoning, showing that the brand’s reach can extend far beyond its restaurants.
Conclusion
By effectively promoting and selling their own specialty products, restaurants can create additional revenue streams while enhancing customer loyalty. Bojangles serves as an excellent case study in leveraging unique offerings like Bo's Famous Seasoning to engage guests and drive sales. With creativity and strategic marketing, any restaurant can follow suit and unlock the revenue potential of their specialty products.
