Craft brews have undeniably experienced significant growth in recent years, but along with this expansion comes increased competition. Also,ndustry statistics suggest that beer, in general, is currently on a downward trend. As if running a food/drink establishment wasn't already a challenging business. As a small business owner, you are constantly seeking affordable ways to improve your bottom line. Here's a simple, affordable way of doing this and with the right focus can actually double your establishments revenue!
While many of us may be familiar with beer or shot flights, we are here to explain why incorporating this offering makes financial sense for your business. Adding a flight board to your establishment, if you haven't already done so, is a simple and cost-effective method of increasing your revenue and, more importantly, your profit. Although this article focuses on beer, the concept can be applied to various flight options such as wine, coffee, food combinations, sundaes, etc. Hence, keep this in mind while reading!
1. Transforming Free Samples into Revenue
The time and money you invest in brewing or purchasing and pouring your beer should not be wasted. Every free sample request should generate at least $9-20 of revenue for your business. Occasionally, someone may try a free sample without ultimately becoming a paying customer. By adopting a flight board system, a "free sample" turns into an actual sale, and conversion becomes a crucial Key Performance Indicator (KPI) to monitor consistently.
2. Increasing Average Customer Spending
Providing patrons with the opportunity to "Try before they buy" yields substantial benefits. From personal experience, I have tried flight boards and discovered a few brews that I genuinely enjoy. Consequently, I end up purchasing 1-4 additional servings of each during my visit. Had I simply ordered the first brew that sounded appealing and found out I didn't like it, I might have only spent $10 instead of $30-90 for a single visit. In E-commerce, this is referred to as Average Order Value (AOV), one of three KPIs that can exponentially boost your business. However, implementing this strategy also boosts the overall conversion rate of patrons trying other beers after their initial sample.
3. Enhancing Brand Loyalty
Not every beer enthusiast is a cicerone, but getting the chance to try an entire lineup helps build brand familiarity, which can ultimately foster brand loyalty and social currency. Craft beer enthusiasts, regardless of their level of experience, relish the opportunity to savor the variety and distinctive flavors of beer. Many flight boards, including our own, offer the option for custom branding and the inclusion of each beer variety's specific name.
In E-commerce, this is known as "Frequency" or repeat business. By concentrating on Conversion, Average Order Value, and Frequency, you can significantly increase your total revenue and profit. For example, by focusing on improving each of these metrics by just 30%, you can double your revenue altogether (increasing it by 119%, to be exact)!
Now that we have covered these points, how can we assist you? Wild Cherry Spoon Co provides a comprehensive selection of durable, hardwood flight boards, available in various sizes (ranging from 12" to 22") to accommodate your desired handle length. Typically, these boards feature four 2-1/2" holders, but we also offer custom-made options tailored to your specific needs.
Additionally, we can incorporate custom engravings, brandings, and even create a section of the board that functions as a chalkboard, allowing you to write and modify the available flights. As our boards are handmade, you may assume that they come with a hefty price tag. However, they actually start at just $7 each, and we offer discounts for orders of 10 or more! This allows you to create an affordable yet high-end luxury experience that keeps your patrons coming back for more!
To start a trade order reach out to our team at Customersupport@wildcherryspoonco.com