Even the Wall Street Journal knows a good “party” when it sees one…
Check out today’s WSJ article by Katy McLaughlin, posted on MSN’s home page entitled “Bar Wars: To attract cash-strapped diners, restaurateurs are making dramatic bids to ramp up their bar business…”
It’s a very nice piece (props to Katy and WSJ), but since today is Sunday I’ll save you some quality TV time by summing it up:
- Recession hurts business.
- Business realizes offerings that are more social and event-driven are fun.
- Business realizes consumers will still pay for fun in spite of the recession.
- Business creates fun and makes some money.
If you do read the article, note the following:
- Restaurants are affected nationwide and at “luxury” price points.
- Owners are going so far as to call customers themselves (I think that’s an old marketing practice called building relationships…)
- Bar tabs and tasting “events” actually yield tasty revenues (pun intended…)
- Some operators recognize this “model” will CONTINUE TO WORK after the recession begins to subside…
The “model” is experiential marketing – a long-term solution that restaurants, hotels, and other businesses should consider embracing as a core focus of generating traffic, revenue, and overall brand affinity.
"Throw A Party!" Create and implement experiential marketing solutions (live events and online communications) that are personal and memorable such that you redirect existing and ongoing consumer affinity, participation, revenues, and loyalties to your business or brand.
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