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Thursday, September 10, 2015

16 MILLION MORE HOUSEHOLDS BY 2024 MEANS OPPORTUNITY!

The Mortgage Bankers Association estimate that up to 16 million more households will be formed by 2024. The driving force behind the prediction is population growth (the report also breaks this down by race), and stages of life (age based.)

A link to the short version of the report can be found here: https://goo.gl/GwcRqk

A link to the full report can be found here: https://goo.gl/GwcRqk


Friday, February 20, 2015

How MLS Leadership can improve the industry


Amazing how local MLS has made aggregators the leaders in the real estate industry. 

It's two years later and the MLS that I belong to has come out with a great website which should help take back authority from aggregators. See: State27Homes.com
From my perspective the leadership of all the participating MLS "services", (basically all of them) are not putting their members first. They should be providing local search in a more user friendly way and be the main and only source for buyers. By doing so, they would be justifying the fees they charge members and the information would be timely for buyers. Everyone wins. Instead the management of the local MLS office makes the aggregators the authority in the industry. 

Many brokers do well with the aggregators so they may say this is wrong, but if so, why do most sellers and buyers reference Zillow or the like as the authority? It's bad business. Doesn't effect me personally, but those that run the local MLS office in your area and elsewhere should consider the benefit of being the authority source for buyers. 

http://realtormag.realtor.org/daily-news/2015/02/20/listhub-cuts-trulia#.VOfB7wz9FF4.twitter

Monday, February 9, 2015

5 WAYS TO INCREASE RESTAURANT PROFITS - A 4 PART SERIES (part 2)

Part 2 of a 4 part series   www.SnagABiz.com  Part 1

REPEAT BUSINESS - THE KEY TO GROWING WEALTH!

Increase customer visits to your restaurant:

    Once you gain those new customers, keep them and your existing 

customers coming back. This might seem obvious, but what are you doing to make this happen?


A great experience is expected if you want repeat patronage, but you can also influence return visits.

If you create specials, they should be the most profitable items on your menu
(on a % basis), and should be changed regularly. Some specialty winners can become part of your regular menu. If you change your specials weekly or
bi-weekly, create a quality handout to hand out to your customers with their dining check letting them know the schedule of your specials. Handouts should also be given for special holiday dishes or events, and for limited-time plates.

Collect e-mail address for the same purpose of the handouts and create an e-mail campaign schedule around your specials. By the way, specials don’t mean discounts. It means something different from your normal menu.

I’m not a believer in coupons or “two for one” specials unless you’re a fast food joint. If you want to buy a customer a drink or give the table something extra AFTER they’ve come back, that’s great.  In my opinion, if you offer a coupon, you’re devaluing your menu and you’re training many people to wait for the next coupon before they will return again. Improve your customer’s experience and coupons won’t be necessary.

Part 3 of 4 will appear next week: 3. Increase the average bill per table.  End Part 2
                  


YouTube Video of the Riverview Restaurant:

Saturday, January 31, 2015

5 WAYS TO INCREASE RESTAURANT PROFITS - A 4 PART SERIES

Part 1 of a 4 part series   www.SnagABiz.com

The reason so many people (just like you) are in the restaurant business is because of the great wealth and lifestyle it offers a successful restaurateur.

Every business has a 10-to-20% ability to improve profits and efficiency. When you buy your restaurant, you will have the opportunity to make your footprint toward increasing profits. If you already own a restaurant, choose some or all of the methods listed below to help you increase your profits.

Increase New Customer Traffic:

Attracting new customers is how you fuel growth.


How do you attract new customers?
Marketing, marketing, and more marketing!



Marketing covers many areas of customer acquisition. It’s like an umbrella with sub-activities underneath. Branding and advertising are examples of two functions that fall under the marketing umbrella.

If you already advertise using older traditional methods, cut away
10-to-20% of your budget for online methods which should include Facebook for local targeting, Google, and Youtube. If your budget allows it, several other social media sites should be tested.

Best Method: Hire a marketing pro who uses current media methods. A pro can set-up an actual program –vs- simply running ads. If you want to do it yourself, create your own program and experiment with different online ads until you find what works best for your restaurant.

Branding is also important. Branding isn’t advertising. Without writing in detail, the simplest way to explain branding is that your brand is what people think of your company. You create the brand message (fine dining with xyz atmosphere /family friendly pizza restaurant, etc.). Your customers’ opinions and relationship with your operation forms your brand.

Numerous marketing methods exist depending on whom you’re targeting. Mobile applications are becoming easily available. They may be right for your operation. It’s worth looking into.

A social media business page presence for each channel, along with an easy to use website which includes your menu and directions to your location, will help to draw new customers into your restaurant.

In today’s world, your website should be responsive. It means that if someone is viewing your site on a mobile phone or other device, the user doesn’t need to pinch the screen in or out to read your content. Instead, your page should adjust your content to fit comfortably into the device displayed (cell phone, tablet etc.), so that the user’s experience flows.

Customers won’t notice a good functioning site, but a
non-responsive site may frustrate them. They may go to your competitor’s website, which may then lead some of your customers to dine elsewhere.

Online reviews are important. They can help create new customer traffic or keep diners away. Part of your marketing effort can include encouraging customers to go online and give you a great review. Methods exist to help this along. Feel free to call us to discuss what you can do in this area.

In the beginning of a customer review program, unless you are 100% confident that the vast majority of your customers enjoy your restaurant, you should only ask for a review from people with whom you are familiar and friendly. I don’t mean that they’re just satisfied. I mean that they really enjoy dining at your restaurant!

If you ask for a review, also ask if there is any reason why they can’t give you a 5 star review. If they can’t, discourage them from giving any review because it can make a negative effect in how you are viewed by someone who hasn’t been to your restaurant.

When you get a positive review, on the reviewer’s next visit, thank him/her with an appetizer for the table or whatever you’re comfortable offering.

If you’re 100% sure that your restaurant is viewed really great by diners, you can create a program to encourage reviews which will:
A) get the 5 star requirement clear in their minds, and
B) thank them for doing so, even if you don’t know them personally. 
    Feel free to call us for information about that type of program.

Part 2 of 4 will appear next week:2. Increase customer visits to your restaurant:
End Part 1 
YouTube Video of the Riverview Restaurant:
Riverview Restaurant Video