We are always looking at ways to increase bar business and sales revenue for hospitality clients. With that in mind we’ve teamed up with The Exchange to offer our clients a new fun and simple way of driving sales, promoting products and increasing bar business.
Last week we had a play and was impressed by how easy it is to use and how much control it gives the user when creating an event.
What is it?
The exchange turns a bar into a stock market with drink prices rising and falling throughout the night.
How does it work?
A customer goes to the bar and looks at the TV screens to get an idea of how the market is looking (i.e. drinks prices). They make their selection and order at the bar, paying the price displayed on the TV. The bar tender rings it through and the price automatically matches the price on the screen. Now, because a specific item has sold, it will rise in price so the next customer pays a little more. If over time a product is not sold it will begin to drop in price – working in exactly the same way as the global stock markets do – but a lot more fun and you’re unlikely to lose your house on a bad investment!
It may already work with your existing PoS software – we can advise of suitability
How does it help your business?
Customers are constantly looking at the screens for market movements generating a lot of activity and a real buzz around the bar. It’s Friday night fever…and a real talking point!
You can select the products that you want to appear on the stock market, this gives you chance to sell some of the surplus stock you’ve been trying to shift. You can also choose minimum and maximum prices for each product to make sure you’re never selling for less than you want to – even when the market crashes!
You can schedule the market crashes to coincide with quiet periods or traditional exodus times. So instead of customers leaving to another venue they will stay around to ‘cash in’ on the market slumps. You will find that approximately 90% of sales on the night will generally be made up of featured products and that GP will be unaffected. But the most important thing is that bar revenue will massively increase, customers are attracted to the bar over competitors and once in stay longer – and more importantly spending more with your business!
100% pay as you go, no commitment, no monthly contract!!!
Every time you want to run The Exchange you use PayPal to buy an event code. This costs just £50 +VAT every time you want to run an event (no it’s not a typo, it really is just £50).
So what have you got to lose? Just give it a go! Give us a call now on 01527 514191 or email sales@business-reply.co.uk
Don’t just take our word for it, you can check out some case studies on The Exchange’s website
If you do contact them direct, don’t forget to mention where you heard about it… Business Reply 😀
