Want your bar or restaurant to live up to its true potential? You could do a lot worse than to take a page out of the marketing book of Lululemon Athletica, which has managed to grow its brand into an impressive $10 billion empire.
Sure, the Vancouver-based company isn’t in the hospitality business, but I believe there is much bar and restaurant owners can learn from their aggressive marketing strategy.
The women’s athletic clothing company went from selling for $2 a share to a whopping $76 a share in the span of only 12 months. Today, they enjoy a quarterly profit of $74 million!
Here’s how they managed to do it, and I’ve included some great takeaways for bar and restaurant owners who want to expand their brands to reach the same stellar heights.
Scarcity: Walk into any store selling Lululemon clothing and you won’t find racks and racks of their offerings. That’s because they purposefully keep a limited supply of stock on hand. This creates fervent buyers who find themselves clamoring to discover when supplies will be restocked. How does a bar or restaurant practice scarcity? By offering food and drink items that can’t be found anywhere else. Customers must know that they can only get what you offer by walking through your doors. This means pairing exceptional food items with signature drinks that elicit a reactionout of every customer who sits down and orders.
Check out more the rest of this article at http://jontaffer.com/marketing-strategies-from-lululemon-a-billion-dollar-empire/ and make sure to check out more information on Jon Taffer speaking at Mobile Beat Las Vegas at http://www.mobilebeatlasvegas.com
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