»Looking for a Concept for your Bar?
Multiple times we are stuck with ideas of promoting our Bars to attract a guest for the repetitive visit. As per the surveys, 70 % of the guests do not provide a frequent revisit to the same place. According to our analytics and experience, we could come out with the following reasons for such behavior of the Guests.
1. Guests are always looking for a change. – Eating or Drinking out is a sign of celebration in our society. When we move out, we always lookout for something different to explore. Revisiting the same place frequently is not an option to opt for.
2. Also, they need an environment that provides them a sort of indulgence – It's not only about drinking, but it's also all about the good time spent.
Collaborating both these factors namely change and indulgence we come up with the unique concepts to be implemented in Bars. Bar Stock Exchange The idea was pretty simple when we started – We wanted to provide an indulgence in the concept itself, and the word change or variation was our motivation factor.
How does the Bar Stock Exchange lead to indulgence?
Bar Stock Exchange – The Concept - Imagine a market which works like a real-time stock Exchange where the commodities to be purchased are the Bar products. Every time a certain commodity is sold, which implies that its demand is increasing, it will raise the selling price of that Bar product. And similarly decrease in the demand for any product over a period of time will lead to reduction of the price. The huge display screens in the bar will be used to display this movement of prices for the audience, which is willing to buy as well as keeping an eye on the prices.
To add to the customer excitement of increasing and decreasing liquor prices we create scenarios like Market Crash. Market Crash leads to a complete shut of the prices of the bar items to its lowest selling price . This, again increase involvement towards the Bar Stock Exchange buying patterns.
Not only this, there are certain Additional/Hidden Benefits to it:
1. Avoid giving Different discounts: With the fluctuating price the concept of additional discounts can be avoided totally.
2. Avoid Happy Hour: Eliminate the concept of A happy hour where the bar owners are bound to give multiple offers to attract Guests.
3. Additional Promotional Options: Easily analyze and publicize the products like tagging ”Looser of the Day“ – These tags can be provided to the Item which is getting sold at the minimum Selling prices to boost their sales. Highlight these products with tags on the same display screen to catch multiple eyes.
4. Direct promotions: The promotions can be handled directly from the backend on the display screens without involving the bartenders or the servers.
5. Increase ROI(Return on Investment): Our success stories have proved it multiple times that the same Bar if run on a Bar Exchange Concept gives better ROI than if running on the regular Fixed-priced concept.
6. Special Promotion Messages: The displays can be used to provide special personal messages for the guests(Like Birthday/anniversary wishes)
Some of the Questions regarding implementations of a Bar Stock Exchange be answered below:
Q. How to Display the prices?
There are multiple hardware options available in the market like Display TV screens, Tablets for the tables, Tickers for the bars, Façade Screens readily create an impact on a Stock Exchange.
Q. How this stimulation of the Stock Exchange can be implemented?
Romio Technologies provide a complete solution for the Bar Stock Exchange Software. Our Bar Exchange Software is very analytical and easy to implement. It is completely integrated with POS and ERP, CRM Modules. The product is provided with an option where the owner can fix the lowest circuit of the selling price. The whole Software is developed to run a bar to implement either the Fixed price concept or Variable Price concept depending on the owner's choice.
