Would your guests subscribe to you?
Consumers are willing to pay a subscription fee for everything from podcasts to vitamins to tech gadgets these days. So why not their favorite restaurant? According to research from the Global Banking and Finance Review, 70 percent of business leaders say subscription-based business models will be central to their future prospects – and yet for many businesses across different industries, subscriptions remain an area of untapped potential. When it comes to restaurants, subscriptions for drinks, food and really anything consumers crave may an emerging way for foodservice businesses to monitor loyalty to their brand and build in some longer-term sales security through recurring revenue. Grub Street reports that Panera, for example, which launched a monthly coffee subscription service for $8.99 last winter, is now considering other ideas including a lunch subscription service focused on kids who are learning from home this fall. It’s easy to see why: A parent who has paid for their child’s lunch subscription is more likely to make a point of coming to Panera for lunch – and perhaps ordering a meal of their own. If you have been offering meal kits or dessert boxes or family-style dinner bundles during lockdown, these items could easily convert to subscription-based services that not only give you some advance warning to source the items you need in your inventory, but also help you secure some recurring revenue for the uncertain months ahead.
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