The holidays are upon us, and with the yuletide spirit in mind, I felt it was appropriate to share some interesting findings from last year’s Season of Giving.
During the 2010 holiday season, Trio Restaurant offered a special promotion for our guests who purchased gift cards. If the guest bought a gift card during the month of December, we added 20% to the value of that card. For example, if they bought a $100 card, we gave them $120 in dining credit, which is a great value in anyone’s book.
Suffice it to say, we practically had a run on these cards!! People bought them as gifts for others and as a special treat for themselves. By the end of the holiday season, we had sold more than $60,000 in gift cards. After witnessing this process firsthand, I truly believe that this provides a golden opportunity to build your existing business, bring in new guests to experience your establishment, create added value to an already terrific experience, and to build your overall income as a restaurant owner.
Here’s where it gets even more interesting. As of December 1, 2011, we still have more than $20,000 dollars in unused gift cards floating around out there. That means a third of those patrons who came into our restaurant and shelled out the expense of a gift card never used it, or at least the person they gave it to has yet to redeem it.
According to a survey by Consumer Reports, more than six in ten shoppers plan to purchase gift cards this season, and a whopping 27% of those gift cards will go unused. Of course, our gift cards don’t have an expiration date, but that’s still a heck of a lot of Yankee Pot Roast and good Cabernet just waiting to be enjoyed.
So for the holidays create great value, build a loyal customer base, and generate some revenue for your establishment. It’s a win-win situation for everyone.
Happy Holidays from all of us at Trio Restaurant. See you in the New Year.