5 Ways to Steal Your Competition’s Customers
There’s an expression in poker that says that if you sit down at a table and can’t spot the sucker in the first half hour, it means you are probably the sucker. It is an expression quite relevant to the restaurant and bar industry.
Like it or not, your competition is doing things that will take away your customers if you’re not careful. Being proactive is the only way to maintain current clientele while potentially growing your bottom line with new streams of revenue (i.e. stealing their customers).
According to the Food Service Warehouse, any restaurant within a 5-15 mile radius is in competition with your business. Establishments with similar menus are going to be direct competition and therefore should be watched even more closely.
Here are five ways that you can keep an eye on your competition and, ultimately, steal their customers:
1) Accept Their Coupons
Simply putting up a sign reading “We Accept Competitor’s Coupons” allows you to take advantage of the time and money other businesses have spent on advertising. And think of it this way – every coupon you accept is one less customer for the competition.
2) Like Them on Facebook
This should give you a pretty immediate sense of what’s going on with your competition. What promotions are they offering? What special events are coming up? What do they feel is most important to pass along over social media’s most popular platform?
3) Subscribe to Their Newsletter
It’s less immediate than Facebook, of course, but being on a restaurant’s newsletter will provide a sense of their marketing strategy. You’ll be reading what they are writing for a group of people they consider the core of their customer base. And that’s not insignificant.
4) Monitor Them on Twitter
Like Facebook, this will be part of your social media “spying” effort. The difference with Twitter is that you are also able to track the most up-to-date conversation taking place about your competition.
By searching certain keywords you’ll know where other businesses are making a good impression with the public. Conversely you’ll also be able to spot areas where they are failing and be able to avoid those pitfalls.
5) Dine at Their Restaurant
Don’t be afraid to march into enemy territory and have a meal. A first-hand experience is the best way to see what you are up against.
There really isn’t a valid excuse for not keeping tabs on what your competition is doing. You should always be aware of what customers are able to get elsewhere to make certain your restaurant isn’t lagging behind. Inactivity and ignorance makes you the sucker at the poker table.
What are some other ways that you keep an eye on your competition?