If food and beverages are your main money makers, competitive pricing is imperative. You want to make the price appealing to customers so that they are enticed to give your products a try. In addition to attractive price points, you can take advantage of happy hours and special events to get more customers. That being said, it is important to keep your bottom line in mind. You don't want to price your food and beverages at a point where you are not making money. There are a few things to consider when creating a price structure.
One of the most important parts of running a business, be it a bar or restaurant, is getting people in the door. To attract potential customers, you'll need to spend some money on marketing. Marketing helps to expose your business to a larger audience, ultimately enticing them to spend money. That being said, it is important to understand the effectiveness of marketing efforts to determine what to spend. Ultimately, you'll want to look at your return on investment, or ROI. You'll want to look at the amount of customers you are getting and the revenue you are earning, among other things, to better understand how your marketing campaign is working. There are a number of ways to track your ROI on marketing.