Are You the Plus One?

It's rare anymore to see someone dining alone. In the face of the economy, it's more common to see groups of people going out, conscientious of  sharing a meal. In America, going out has become a luxury for most, and many of them want the best "bang for their buck." From families, friends, and even business meetings, it's easy to bring a "plus one" so everyone can pitch in $5 for lunch. Sometimes more difficult to contribute more than that. After all, there's still bills to be paid, and now eating out has become somewhat of an extra expense for many.

Enter the $5 Dollar Special

As a business, it's hard to think about offering something like this. With McDonalds charging over $8 for their BigMac meal (wow, who else remembers when it was less than $4?!), a lot of local places have trouble offering such a low price for a meal. After all... as a business owner, there's hard costs to consider. Why would you let a meal that costs you $10 to make go for only $5? That's a waste of $5! Too much waste can kill a business, faster than you can say, "high five!" But the $5 Special doesn't have to be a drain on your business. When done right, it can actually not only bring in a profit, but also keep your customer coming back.

Adding on A Plus One

It's unlikely that most people go out with only $5 in their pocket. The average consumer thinks about other costs as well, such a tip, or an activity to do before or after the meal. And it's pretty common to say that $5 specials, no matter where you are, don't come with a drink. So as a consumer, if you want your coffee or Diet Coke with that, you're going to bring an extra couple bucks (at least, with most places now charging $2.99 for a fountain drink). 

Most customers carry a couple extra dollars for their 

favorite soda or dessert

This is where you, as the business, can recoup from the loss of the special. But drinks aren't the only way to add plus one's to the bill - you can also suggest side dishes and dessert. Are they having a salad and need extra dressing? Would they like bread with that? Have a sample of your dessert on your display, so they can't resist a side of cheesecake or pumpkin pie. 

Let's do some simple math:

$5 (special)

+

$3 (drink)

+

$4 (dessert)

---------------------

$12 (total bill)

Looks like you just made a $2 profit from you original hard (production) cost of $10!

Of course, there will be days when customers only have $5; they are are simply drawn by the special. But these customers can be beneficial to your businesses. Don't forget that the $5 special got them in the door - now WOW then with your awesome selection of foods and goods. This will keep them coming back for more. You never know, that $5 customer may turn into the $50 customer for dinner service. And with any luck, they will be the Plus One that your business needs to survive.

Don't forget that customers are 
the heart and soul of a business!

Part III: CONCEPTS - Branding & Product

It's been a while since we have brought you a new installment of the Elevator Diaries, so let's take a moment to review. We are working through the 3 C's of Business, and this week our focus is on CONCEPTS. Let's take a moment to look over this principle:

...Remember to utilize concepts. Branding (such as logos), mottos, and a stellar product that stands out above the competitor makes all the difference between an "okay" business and one that truly Shines. For example, so you have an eggs and hashbrown special, but so does everyone else. Make it pop, makes it unique. Cover the hashbrowns in brown gravy and mushrooms, make the eggs benedict-style. So you have a computer store. What do you sell? What services do you offer? Encourage your customers to get discounts for mentioning your Facebook status or ad.

So, the CONCEPT of a business should make your business truly unique. This is two-fold: branding (the motto and logo), and special products.  First, we will look at branding and then an overview of products. 

Branding

Logos are more than just a picture that represent a business. Many logos gives us imagines, tastes, and even visions. What do you think of when you see the logos on the left? Does your mouth water for a cup of coffee, feel the pride of the olympians, or desire to use the new Ipad? These are nor more than simple symbols. An apple, a check mark, and some circles usually doesn't mean much. But when they are combined with a business, their entire meaning changes.

It's important to consider your logo. A bad logo, like the pharmacy pictured here, can change the concept of the business, and create a negative image. Likewise, the lack of a logo or one that is too simplistic, doesn't attrat customers. It's important that the logo be centered around the business idea, or an abstract logo that stands for an important motto. Much like Nike's "Just do it" motto, the "swoosh" represents more than just a check mark shape - it calls to mind their motto, and the myriad of products that Nike produces and stands behind. A logo is an essential part of any business, and should be one the defines the company. 

Products

A unique special, advertisement, or meal can make all the difference to a business. It doesn't matter if you are just starting out, or have been at it a while with years of experience. Consider national chains, for just a moment. Applebees and Denny's are both eat-in resturants, but have different menus that set themselves apart from each other. Applebees has made it's name searving steaks, pastas and drinks, while Denny's has mad a name as a down-home diner that serves a little of everything. Their products are different, and each caters to a different crowd. But what makes them different in their unique product.

 Now consider the concept of products from a local perspective. Klamath Falls has been blessed with many different bakeries. Bakeries, from home or from a shop, turn out the same type of products: cupcakes, cakes, scones, muffins, and other delectable pastries. But there is a local baker (of sorts) that takes his baking to a whole new level. Garret Stewart started his chocolate teir business, It's a Chocolate Thing, just a few months ago, but has been active ever since. Known for pushing the limit of unique chocolate-covered berries, coffee, peppers, and yes, even potato chips, he has made his business stand out from others with similar products!

So let your business defined by it's branding, it's logo, it's product. These concepts are the ones that keep your customers coming back for more. Create your logo so that your clientel recognize what you represent right away. Using our consistency principle we discussed, your customers should see your logo and it represent good things. Stay connected with your customers through placing your logo everywhere - yes, we mean everywhere! - is also a beneficial tool for your business. And make sure that you logo has an absolutely amazing product to back it up. Don't just make chocolate. Make chocolate SPECIAL. Don't just sell cars, or create furniture, or build websites, do it with style. Utilizing these two concepts will change the very face of your business.