According to Forbes, the cost of starting a restaurant is estimated to be $100,000 to $300,000, including renovation and equipment. Restaurants often fail because they do not have enough capital to keep things rolling. So when it comes to spending on promotions and advertising, you'll want to minimize your costs while getting significant results from your efforts. Add this to my Recipe Box.
Meal Packages
If you run a diner or a family-style or mid-scale restaurant, offer bundled pricing as a promotion. Set one price for two entrees plus an appetizer and dessert. Even if the promotion offers only a small discount, the customers will perceive it as a deal and appreciate knowing exactly what to expect on the bill.
Coupon Flyers
Some restaurants hire promoters to pass out flyers with information about the restaurant. This can create instant customers if it's done correctly. The key is to include an appealing coupon on the flyer (such as a free drink with dinner or $20 off the bill) and to position the flyers at local attractions after shows and other special events.
Direct Mail
Potential customers likely have seen your restaurant while driving or walking and might have thought about going in for a bite. When you send a direct-mail ad to members of your community, with a coupon or special offer, it could be the motivation they need to give your restaurant a try. Instead of setting up your own direct-mail campaign, go with a company such as Valpak, which can design and send your coupon ad in the blue package that is immediately recognized by the public. Valpak estimates that more than 88 percent of the people who receive their blue envelopes open them to flip through the coupons.
Co-op Promotions
If you are located near another attraction, such as a movie theater, a museum or even an amusement park, talk to the managers at those locations to set up a co-op promotion. For example, your co-op promotion might read "Catch a movie and then dinner for two at Stacy's Restaurant around the corner for just $60."
Tags: co-op promotion, your restaurant