http://redrope.social/redropesocial2/wp-content/uploads/2015/08/logoHeader-300x134.png 0 0 Bill http://redrope.social/redropesocial2/wp-content/uploads/2015/08/logoHeader-300x134.png Bill2017-06-10 18:04:262017-06-10 18:08:45Restaurants - its NOT about the food
Customer lifetime value is the game of the best restaurants
Good restaurants serve delectable food.
Great restaurants – they take amazing care of the customer.
Not enough restauranteurs grasp this intuitively.
( the ones who do are grateful for their apprenticeship )
Some restauranteurs believe their good food is the whole game.
They completely miss the value of building many long-term relationships.
A friend of mine (Fred) has a regular Friday dinner with his wife.
They always go to one of the same 3 restaurants.
They always go – because of how the staff treats them.
They’ve been doing this for years, buy wine and specials, and tip 20%+.
He regularly brings friends for – $500-$1,000 tabs.
The restaurants check on Fred when he doesn’t come in.
And have invited him to major family events.
That’s serious relationship building.
Fred can eat anywhere he wants – but those 3 restaurants get 95%+ of his dinning spend – for a decade.
Those three restaurants have very smart management.
They 100% understand customer lifetime value.
How do you approach customer lifetime value?