The Objective
To carry out a business assessment of all functional departments to first, determine a baseline, then next identify gaps and finally determine a RoadMap to improve in the company. The gap analysis and priority setting was based on three pillars: cost savings, efficiencies and revenue generation.
The Challenge
Finbar’s is doing well overall, and has a strong and loyal customer base. Sure, there are other places to eat in Bedford, but Finbar’s has a vibe and customers recognize the fun and dynamic Irish experience. The current challenge is twofold: first, to refine internal systems and processes to maintain customer satisfaction, and to increase internal efficiencies (especially internal communication among staff); second, to create a marketing system that generates in-restaurant traffic (since the issue is product marketing and not brand marketing). Addressing both of these challenges will increase the value of Finbar’s as the current owners look to transition to selling the business in the next 2 years.
The Solution
Creating Marketing Pull: Testing Email Marketing Campaigns
We helped Finbar’s structure a customer relationship management system (CRM) and segment the list of current customers. Next we advised on a test email marketing campaign to measure in-restaurant traffic. Finally we assisted on attractive promotions through their current loyalty program to directly engage customers. For Finbar’s, in-restaurant walk-in traffic is the number one priority, so the focus is on general incentives to increase repeat visits.
Working with Teams: Setting new Optimization Standards
As Finbar’s selects and installs a new POS system, it is important to integrate as many automated functions between systems as possible. Integrating inventory management, finances, and ordering systems are a good place to begin. Forecasting and cash flow projections need to be matched with costs/inventory, and marketing and sales systems. This will ensure Finbar’s is on top of weekly progress (a more detailed analysis of P/L reports, as an example, matched to revenue targets).
Results: Bringing Return on Investment
The implementation of these strategies yielded early results for Finbar’s. These included:
- Higher engagement of customers via Loyalty Program offers
- More customers willing to use their Finbar’s Points
- Setting new SOP standards for all employees
