A Highly Personalized & Professional Restaurant Coupon Listing Page for $50.00 a Year! Reliable & Effective Restaurant Coupon Marketing! |
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As a restaurant owner, you face ongoing and even daily challenges to keeping your head above the financial waters. Challenges that come in the form of rising fuel costs, rising commodity prices and mandatory labor cost increases are among those external influences that tend to remain out of your control for the most part. The ability to anticipate and foresee obstacles in your path of business in the way of external challenges is the best hedge at potentially negotiating those influences to your advantage. In some unfortunate cases, however, the only proposition that can be assumed from the accurate forecast of changing external economic and demographic conditions is that the proverbial sky is falling on top of your business. Internal conditions affecting the immediate and ongoing operation of your business are those that you should always be able to effectively control: Examples of internal factors include workplace conditions in the form of employee expectations, quality control standards and working to minimize or eliminate waste. Internal business ideals can become serious external influences if left uncorrected, or where a lack of foresight exists enough to correct such ideals before serious consequences take place. A loss of customer confidence and satisfaction caused by a failure to correct poor quality standards is an example of an internal problem that manifests an external consequence when customers stop visiting a restaurant establishment and take their business elsewhere. Internal business practices taking the form of advertising initiatives are among those where adequate controls made to eliminate the potential of arising external issues are typically very easy to accomplish through discretionary, common-sense business decisions: For instance, a responsible restaurant owner would never knowingly offer 50% off the full menu price for the next 30 days if a reasonable forecast was given that 1,000 people a day would be coming through the door at a time when the average patronage was historically only 100 people a day. At the same time, the foregone conclusion is precisely what can and does happen when restaurant owners contract out upwards of 50% of their gross revenues to some high-powered, online social media brokerage operation (e.g., GROUPON.com) that ends up leaving a maximum 50% in receipts to cover operating expenses. In this case, there simply cannot be any expectation of turning a reasonable profit, including where an actual loss is often realized, simply because the available profit margin for the average restaurant business is very nominal at an estimated 4% to 7% ratio. (SOURCE: 2004 Restaurant Industry Operations Report (RIOR) published by Deloitte and Touche, LLP.) The typical savvy restaurant business owner who is publishing printed matter discount coupons (e.g., newspapers and flyer distribution) easily knows how to contain the profit-to-loss ratio by both limiting the incentive value of coupons and also limiting the distribution of those coupons through various means; and thus where it is not possible for the internal advertising practice to become an uncontrollable external event. However, the ability to exercise exigent controls on brokered coupon delivery systems over the Internet is not possible in view of websites like GROUPON.com that are fielding millions of visitors per day. There is simply no reliable method, mathematical or otherwise, for making a broad accurate prediction of how any particular coupon offering campaign will be received by the public; and the risk of realizing overly broad market saturation for any given coupon offering is apparently great. It is conversely true where more recently contemporary forms of coupon advertising (i.e., printed matter) remain the sole property of the business owner and do not require the sharing of ANY revenue with a third-party brokerage outlet. Don’t get me wrong, because mass media distribution and brokering of coupons is a great way to promote the identity of a business, albeit if only briefly, and therefore drive new customer traffic through the door. To the best of my knowledge, it is for the most part where business subscribers of GROUPON.com, for instance, enjoy a positive experience, or at least where most such experiences are not highly negative. It is predictable, though, where many highly negative experiences are never publicized, simply because the affected business owners choose to never go public with their grievances due either to personal or professional concerns regarding negative publicity, or due to a combination of both concerns. On the other hand, it is safe to assume that profit expectations are all but non-existent for restaurant owners who are mortgaging off 50% of their revenue on a coupon consideration where half the value is being paid out to a broker. Again, the typical profit margin is not there enough to support a full 50% diversion of available revenue. As a restaurant owner, the last thing you need is to run the risk of mortgaging – or even losing – your business on an uncontrollable and runaway coupon promotional binge. Beyond that, statistical analysis shows where the large majority of new customers participating in any given coupon binge will stop returning following the end of the event; and those people simply move on to take advantage of the next big deal at another location. As a business person, you always want to be in control of your financial picture to the broadest extent possible; and your best bet to achieving that is to limit – or completely eliminate – any compromising surprises from coming your way. This is where RestaurantsPDX.com comes into play, and where we act as a benefactor – rather than a detriment – to your coupon advertising and marketing agenda:
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Learn the Three CME's of Responsible Coupon Promotions...
Among the single greatest risks associated with starting a modern business is with opening a new restaurant. According to a 2005 study published by Cornell University (DOI: 10.1177/0010880405275598 Volume 46, Number 3, 304-332), an estimated 30% of new restaurants ultimately fail within the first year of operation to conclude a year-over-year analysis. While internal factors affecting any business may readily be outlined and controlled through various responsible remedies, it is certain external factors that tend to more adversely affect a business, for which the business owner either cannot anticipate and/or negotiate external influences, or where a business owner may be naïve to any changes in external influences until it is simply too late. With the tendency for restaurants to be particularly sensitive to a wide variety of external influences, many end up failing each year due to an inability of owners to understand, adapt to, or anticipate critical market trends; and whereas many such trends can and do fade away from popularity just as quickly as they come into vogue. Regardless of any immutable risks affecting the restaurant industry, the underlying cause and effect relationship surrounding the three basic principles of operating a restaurant are not removed from that of any other ordinary business: Namely, those three principles amount to effectively negotiating – Profit, Loss and Accountability. With the advent of modern technology has apparently come the advent of newer and more exotic risks being afforded to the consideration of the restaurant owner, who unfortunately is often times more busy running the day-to-day operations of the business than to be researching the external environment that actually supports his or her business: In a short, two-word phrase, these high-tech risks amount to "SOCIAL MEDIA" conglomerates taking the form of coupon marketing and distribution giants such as the GROUPON Corporation. These new-fangled media marketing frenzies are highly positive experiences for some business owners, while proving markedly disastrous for others. The latter observation is one for which brief - but very relevant - historical data have concluded with serious adverse affects being brought onto unwitting restaurant owners, who discover all too late that they apparently have little or no control over the sheer force and power of this form of media marketing that invariably can and does immediately bankrupt some restaurant owners. However, it is in the truest definition of the word where these social media marketing companies actually do qualify as an internal factor, or risk, for any business that chooses to hire such services. They only become an external and sometimes uncontrollable adverse factor in the aftermath of signing an advertising contract to take on any and all coupon holders coming through the door, to which the business owner effectively has no control over the flood of cut-rate coupon redemptions. This ideal is therefore a case whereby the business owner has failed to make a reasonable assumption of risk accountability in relation to a minimum profit and loss margin and a maximum affordable loss ratio. The short rule is that YOU, the restaurant business owner, need to hold and maintain reasonable control over your coupon marketing efforts – and the only way you can do that is to decide upon the maximum value and maximum distribution of all coupons being offered to the public. Restaurant owners do this everyday at least when it has come to those past contemporary forms of coupon creation and distribution given in the form of print media, but such is really not the case involving the advent of the modern online media marketing frenzy. This is where RestaurantsPDX.com provides you with an invaluable service: We offer you a simple, responsible and highly affordable solution to effectively promoting your restaurant business through online media with coupon offerings. You and you alone will ultimately maintain the controls necessary to safeguard your business from the prospect of serious financial compromise or even financial ruin.
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