​Rethink value

Enticing guests to splurge or treat themselves can be a tough sell when consumers are pinching pennies. But people still have to eat, so reinforcing the value you provide — not necessarily the low prices but the quality of the overall experience — can make coming to your restaurant a justifiable expense for guests. A recent report from Modern Restaurant Management shared how a range of different brands have been promoting value to guests, including a $5 off dine-in offer for a limited time this summer in an effort to help guests pay for gas, and an “inflation relief” menu that slashed prices by as much as 75 percent for a limited time. Offering discounts can only happen for so long at a time when restaurants themselves are also straining to eke out profits, so whether you’re cutting prices for a limited time or not, it’s just as important to think beyond the monetary value you provide. As you plan your promotions in the months ahead, think of the value you’re providing from different angles. Maybe you can help your guests solve a problem, like the offer above that helps guests pay for gas. Perhaps you can offer social value by bringing people together at a happy hour or other event. Maybe your brand is one that can offer psychological value because of the care you take in offering healthy options or your commitment to sourcing from sustainable suppliers. Weaving several kinds of value into what you offer can strengthen the offers you provide. Your efforts don’t have to be elaborate: Even a simple thank-you message to guests on your website and social media can help boost the good will that brings people back.

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