News Flask! News On Booze:
Profiting from Parades and Festivals
Every January here in Tampa Bay we batten down the hatches, grab our captain’s hats, and stock up on rum to prepare for our favorite season – Gasparilla. It’s a 115-year annual tradition that lasts for about two months, attracts over a million pirate-clad participants from all over the world, and brings an estimated $40 million into Tampa Bay every year. As I prepared to hang the Calico Jack flag that signals the start of the season, I wondered about other booze-fueled parades and festivals that impact the hospitality industry across the country. Furthermore, what are the best ways to maximize business profits with the influx of tourists and visitors who want to celebrate the local holidays?
Know Your History
If you want to to get involved in the event, it’s crucial to get to know the history. And not just a quick glance at the Wikipedia page – read folklore, talk to the locals, and get to know the story behind the festivities. Once you understand the history you can form a business plan that allows you to maximize the profits you’ll see from the season. Custom shirts that promote your business are great for staff to wear during the event, and they hold value as souvenirs for your customers. Special signage or decorations can also create a great backdrop for the perfect Instagram photo, equaling free advertising for you. Subtle changes will let customers know you’re embracing the spirit of the festival, and that you’re a participant in your community.
Offer Specials or Featured Drinks
By far, the very best way to attract crowds and get in the spirit of your community’s event is to attract consumers with booze. Fintech’s InfoSource™ data shows that alcohol sales spike around national holidays, and it’s no wonder why. For Cinco de Mayo restaurants feature beer-garitas, for Halloween they put a special twist on cocktails with names like “Vampire Blood” or “Living Dead,” and for every holiday they prosper. Why not take advantage of the boost in sales during your local holidays too? Profit from the occasion by featuring an on-theme drink or special pricing to parade-goers, and get creative with the drink name or ingredients list. Setting yourself apart from competition in the area can be the difference between success or failure during the invasion of visitors.
Perfect Business Operations to Handle the Crowds
If you’re going to put your business in a position to profit from local holidays, it’s important to run a tight ship when it comes to operations. Plan and schedule with your staff long before the event takes place so that they’re involved in celebrating with your guests. Also, knowing what alcoholic beverages sell best and getting them in stock is key. Fintech’s Top Products Report included with PaymentSource® can pinpoint your most purchased items for a 30-day window, and can identify your locations’ biggest buys for the previous year’s event. Once you place your alcohol orders, you have to ensure that deliveries won’t disrupt your busy front-of-house operations, and the best way to reduce interruptions is with Fintech! By eliminating the manual exchange of payment, Fintech reduces each delivery or payment collection by an average of 15 minutes – meaning you won’t waste time away from your customers and the delivery truck won’t take up valuable space in your parking lot for too long.
What’s your city’s next big celebration, and how are you going to use it to maximize your beverage alcohol business? No matter what your plan is, have fun with it, and create an experience that entices your customers to return year after year!
Good luck, me hearties, yo ho!
Interested in learning more about how Fintech can help you get ready for the biggest holidays? Contact us today!