Running a successful restaurant can be challenging, especially in today’s competitive market. Limited time offers (LTOs) can help you boost your business and increase customer loyalty. While implementing LTOs might seem complicated, it’s not nearly as intimidating as it sounds. All it takes is a few simple steps.
Understanding Limited time Offers
Limited time offers, or LTOs, are a great way to create buzz around your restaurant and encourage customers to try new menu items. Offering a deal with a time limit can develop a sense of urgency and excitement, which can increase foot traffic and sales.
LTOs are different from your regular menu items. Marketing should make it clear to your guests that these offers are unique and exciting, not just a discounted version of an existing menu item. Offering exclusive products creates a sense of value for your customers.
Creating new menu items on a limited basis can offer many benefits, but to protect your investment, it’s important to plan and strategise before launching them in your restaurant.
Planning A New Menu Item
Just as you would before making a major menu change, you should understand your target market before launching a limited time offer. Researching and gathering customer insights can help you create LTOs tailored to your customers’ needs and preferences. Conducting surveys or using social media analytics is one of several ways to collect this information.
Once you understand your customers’ preferences, you can start brainstorming offers that align with your restaurant’s brand values. Keep in mind that LTOs should be feasible and profitable for your restaurant; it’s no use offering an LTO that you can’t sustain in the long run.
Keeping it Exclusive
As with any promotional deal, there must be a time limit and set parameters around a limited time offer. Creating a sense of urgency and exclusivity can encourage customers to try new offers before they disappear. You can’t feasibly ask customers to come in soon or act quickly if your offer doesn’t have a hard stop. FOMO (or fear of missing out) is a successful marketing technique that connects your brand with customers eager to stay in the loop.
Marketing Your LTO
The key to launching a new item in your restaurant is to create a buzz and generate excitement and interest. There are many ways to market new offers, such as through social media posts, email newsletters, and store signage. Take advantage of TikTok trends, Instagram hashtags, and your existing pool of customers and followers.
If you’d really like to get the word out, digital marketing campaigns, such as social media ads or Google ads, can reach new, untapped audiences and can be tailored to reach a broad or very specific audience–even down to the neighborhood surrounding your business.
Training Your Staff
Another important aspect of launching a limited time offer is training your staff. Your employees should be knowledgeable about the LTOs and be prepared to upsell them to customers. Educating your team can increase the likelihood of new customers trying your LTOs and potentially becoming repeat customers.
Measuring the Offer’s Success
Especially if you’d like to try another LTO in the future, it’s important to track the success of any changes you make to your restaurant’s menu. Once you have a gauge on the performance of a new menu item or offer, you can identify what worked well and what could be improved for future LTOs.
Measuring success includes tracking sales data, gathering customer feedback, and monitoring social media engagement. Using this data to improve future LTOs and menu offerings is vital.
Ready to Boost Your Business with LTOs?
Limited time offers are a great way to boost your business and increase customer loyalty. Following these best practices can help restaurant owners ensure successful and profitable limited time offers that drive business growth and keep their menus current and exciting.
NCCO offers a wide range of disposable products that can help make any change to your menu a success. If you’re thinking of altering your menu and creating new opportunities for your customers, check out our range of products from NCCO International.