HOW TO INCREASE THE AVERAGE TICKET AND THE LTV OF YOUR CUSTOMERS?
The main objective of a hotelier is to get a good economic return from his restaurant and to offer the best possible user experience.
To achieve this, it is important to take into account two key factors: how to increase the average ticket and the LTV (Life Time Value), which refers to the net value of the income that a customer generates for a company during the time that he/she remains linked to it.
The average ticket is, by definition, the average value of what customers who purchase products or services from a restaurant spend. This variable measures the relationship between the sale of dishes and drinks and the amount of cutlery served, i.e. the amount of products sold and the number of customers. LTV (Lifetime Value) refers to a long-term view of the customer’s relationship with the company.
How to increase the average ticket of a restaurant?
As indicated above, the average ticket is a variable that relates the total sale of products and services to the number of customers who consume them.
Once the hotelier has this value in his hand, he can proceed to draw up and execute a specific strategic line to maximise his profits. In this sense, some hospitality entrepreneurs seek long-term profitability by building customer loyalty, while others prefer to focus their efforts on increasing the average ticket immediately and to increase turnover in the short term.
Generally speaking, there are a number of strategies to increase the average ticket:
Good menu presentation.
The menu is the first element that the customer sees. It is the tool through which the consumer decides what to order and what not to order. Therefore, a good presentation of the menu is key when it comes to increasing the average ticket.
It is also advisable for the menu to be varied and to offer the customer different options to choose from.
This is the most classic strategy. It consists of the waiter offering a complementary service to the one ordered by the customer. In other words, the table staff offers the customer an additional product to complete his or her menu. In this way, an increase in the customer’s average ticket is sought.
From the moment the customer enters the premises, a relationship is established with the staff. One of the keys to customer satisfaction is based on the trust given by the table staff. Thus, the restaurant user establishes a position of comfort that pushes him/her to order more products.
Highlighting best-selling products.
This is one of the most effective strategies. It consists of recommending the best-selling and most popular products to the diner. This tool seeks to create curiosity in the consumer to try these products.
Points, rewards and offers
An infallible technique to ensure a good average ticket is the launch of discounts based on purchase volume. The strategy consists of offering the customer a reward for consumption, the more the customer consumes, the more the reward. It is also possible to offer free home delivery if the order reaches the proposed amount. All this makes the customer consume more in order to take advantage of all these coupons, points and offers that are made available to them.
A good way to ensure the permanence of a customer is to launch loyalty campaigns.
For example, advertising events in your premises, offering a digital loyalty coupon, points and rewards as we mentioned before, rewarding their trust by accumulating money for each order, holding competitions or raffles, among others.
Another loyalty strategy consists of sending news, offers and discounts by email, as well as special reminders for their birthdays.
Banzzu, a key tool to increase the average ticket and LTV
Banzzu is becoming a key tool for the hotelier who wants to start or improve his digital business.
With its numerous loyalty tools, apart from the tools to offer commission-free online ordering from the table, home delivery or takeaway, it offers multiple tools designed to increase the average ticket, reduce waiting times and build customer loyalty over time, thus increasing the profitability of that customer, the LTV we are talking about.
In conclusion, the average ticket and LTV are two variables that must be taken into account by the hotelier if he wants to increase the profitability of his business. There are numerous strategies, as we have seen, to increase the average ticket of an establishment, with the help of technology and the staff of the establishment.
Given the digital revolution in the sector and the increase in profitability depends on adapting to the new technological reality, we recommend options such as Banzzu, which through various digital tools that are very easy to use, any hotelier can observe a significant change in the average ticket and the LTV of their restaurant.