Seven out of 10 consumers purchase beverages away from home twice a week or more, according to Technomic.
This set of stats from Bevstat state:
“Pour cost is the cost of a drink’s ingredients divided by its sale price. It’s a powerful metric for understanding the profitability of your bar, and identifying inefficiencies in your business. This allows you to adopt the strategies to improve it—whether that’s reducing product costs, effective drink pricing, or minimizing product loss.
Average Pour Costs (Bar Industry)
We found that the typical bars, have total average pour costs of around 18–24%. The median bar sits at a pour cost of just above 20%. That is, the “average” bar has a pour cost of 20%. When broken down, median pour costs are 24% for beer, 15% for spirits, and 28% for wine. The lowest 25% of pour costs are at or below 20% for beer, 14% for spirits, and 22% for wine.”
What is your average pour cost?
You can calculate your total or per-category pour cost by dividing inventory usage by sales.
So with these tools you know you have margins in your drink program. You may know in your gut that a certain group of guests account for far greater margins when they come into your establishment. They spend more, tip more and move with large groups of friends and connections.
I was at a spirits/wine trade show in October and in conversation with one crew from a well established Nashville, TN area restaurant discovered they had informally tracked a specific customer’s annual spend through the year. Through the end of October, that spend? $22,000.00 dollars on wine and cocktails alone entertaining clients, his wife, friends, and more.
You have big spenders as well. Keeping them happy and loyal to you may seem easy but the reality is you can’t take it for granted. You need to take care of them and allow them to take care of their friends. How to do so?
Shared Spirits recently launched a sampling platform for spirits, wine and beer brands. The customer facing piece is a really cool mobile app called Shared Spirits. Consider it like a Venmo for Cocktails. Users can find a bar in the app, pick a drink, buy it in app, and deploy it to friends, prospects, colleagues, etc. Brands pay us dollars to compliantly run sampling campaigns that deliver metrics and data they’ve never had in their sampling programs up to now.
Restaurants use is it to initiate campaigns allowing a drink from their menu to be deployed out to a great patron and even to go so far as to allow that patron to share his favorite drink with others.
Keep these two things in mind. What Influencers want are tools to make them more influential. The second thing we know is that influencers find it almost impossible to share with people different than themselves. It’s called homophily in social science. “Birds of a feather flock together.” Why is this vital? Imagine the power of equipping some of your key patrons with their favorite cocktails, wines or beers for the sole purpose of sharing with their equally influential friends and acquaintances. How powerful that would be.
The technology exists. We have it and we’re ready to provide it to you as a venue, bar, or restaurant free of charge. It’s an easy set up and training your staff takes five minutes tops. You control the drink menu in the app and all the pricing, features and time frames.
We’re ready to help you grow your beverage program through the leverage of your own loyal customers. Call us for more details today!
Sherman Mohr, CEO and Co-Founder