Here are 6 of the most important issues to bear in mind when developing or refining a pub’s business and marketing plan:
Make sure that your prices are comparable to your competitors in the surrounding area. Do not overprice this may limit your volume as the price sensitive customers will not come to your place. At the same time, do not make your prices too low as it will definitely hurt your gross profit margins and may not result in the necessary increase in volume.
It’s important to identify your regular customers and ensure that they adopt your pub as their chosen watering hole so that you have a consistent flow of customers. These regulars will also help to jump-start the crowd during the earlier hours when you’re trying to get the momentum going.
3) Weekday Evenings
To be a successful pub, you have to make sure that you’re not only packed on weekends and the holiday season. You need to be doing a five to six day a week business, instead of only on Fridays and Saturdays. This means that there must be regular customers on the slower weekday evenings as well as the random walk-ins.
4) Pub Food
A good way to diversify your revenue stream and to widen your pub’s appeal is to provide a tasty and affordably priced food menu. By serving good food, you can generate sales from people who do not drink alcohol and also attract customers that may not otherwise visit your pub. In addition, some of the dinner crowd will inevitably stay on in the pub for a few more drinks. This is extremely useful in getting the ball rolling during the earlier hours of the evening, especially on the slower weekdays.
Most of the sales in a pub are generated on weekends. The way that you manage your pub on Friday and Saturday nights can make all the difference between a profitable and a loss-making business. As such, make sure that you have enough bartenders and floor staff to serve customers at peak hours as this is usually when there are a lot of lost sales due to overcrowding and slow service.
6) Sunday Sales
Sundays can also be a good day depending on your customer base, especially if you serve good food. By attracting a Sunday lunch or afternoon drinking crowd, you can get additional sales from customers who are different to the Saturday late night spenders. This is useful in diversifying your revenue stream and ensuring that you’re not overly dependent on sales from any single source.
Please feel free to contribute any other points and ideas in the comments below. Thank you.