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Participating in a From Your Friends promotion provides instant advertising awareness. It drives traffic through your doors and creates repeat customers. But can you profit while offering a discount? Definitely.
Enrico's Cantina is known for affordable Mexican food and great margaritas. They have an average spend per table of $36 including food and drinks but excluding tax and tip (about $12 per person, with an average of 3 per table). For their From Your Friends promotion they offer a discount of $10 off a minimum purchase of $20 and we will send their postcards to 5,000 local households. In this case, we will assume their food costs are 32% of the menu price (based on published industry averages). We have calculated the profit based on a scenario where every customer ONLY purchases the minimum required to receive the discount. However, it's very likely that many of our recipients will arrive with more than two people, and spend more than the minimum amount, so we'll base our expectations on the restaurant's average table.
Enrico's Cantina spent $320 in actual food costs to generate revenue of $2600 after discounts and before tips. For every dollar spent giving away food, they generated $8.13 in revenue.
The Pier Steakhouse offers choice steaks and an outstanding wine list. They have an average spend per table of $96 including food and drinks but excluding tax and tip ($32 per person and an average of 3 diners per table). For their From Your Friends promotion they offer a discount of $20 off a minimum purchase of $40 and we will send their postcards to 10,000 local households. We will assume their food costs are 32% of the menu price (based on published industry averages). We can calculate the profit based on a scenario where every customer ONLY purchases the minimum required to receive the discount. However, it's very likely that many of our recipients will arrive with more than two people, and spend more than the minimum amount, so we'll base our expectations on the restaurant's average table.
The Pier spent $1,280 in actual food costs to generate revenue of $15,200 after discounts and before tips. For every dollar spent giving away food, they generated $11.88 in revenue.
Seaside Aquarium features over 5,000 aquatic animals and fun for the whole family. For their From Your Friends promotion they offer one free admission, with the purchase of another, maximum one per group. We will send their postcards to 10,000 local households. We will assume their hard costs per customer are 30% of the ticket price (based on published industry averages). Their average group size is 3.5 people and the average customer spends an additional $9 on food and gift shop items. We can calculate the profit based on a scenario where every customer ONLY purchases the minimum required to receive the discount. However, it's very likely that many of our recipients will arrive with more than two people, and spend more than the minimum amount, so we'll base our expectations on Seaside's customer averages.
Seaside Aquarium spent $1,200 in actual costs to generate revenue of $15,100 after discounts and with extra purchases. For every dollar spent, they generated $12.58 in revenue.
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