For premium suite managers looking for ways to boost their F&B revenue, this article is for you.
(It’s not our term, but we’re coining it for this article: revenue optimization)
At the premium suites level, revenue optimization refers to aligning your specific meal packages, their price points, and how customers make their purchases, all towards maximizing total F&B revenue. The practice relies on making changes to variables in your control (i.e., what items are included in meal package A) and how you respond to what’s not always in your control (i.e., inventory changes and demand).
It should be no surprise that teams are ditching their PDF suites menus in favor of easier, more customizable online-based booking & ordering experiences. In light of nationwide labor shortages and efforts to improve operational efficiencies, teams from the minor leagues to professional levels are embracing online and mobile ordering technology to deliver faster and more convenient experiences for customers.
So, how are teams breathing new life into their premium suites F&B services? How can managers capitalize on these practices for their own unique operations? Well, read on to explore some trending approaches to execution!
Cross-selling High-margin Packages
By average order value, your suites pre-ordering menu is probably your venue’s most important menu. After all, these customers are willing to spend more on food and drinks if it means catering to their guests’ individual tastes and preferences.
On a suites menu, pointing customers in the direction of specific items, like “fan favorite drink packages,” or “most popular snack add-on,” can help you move more of your highest-margin meal packages, faster.
The act of cross-selling can be attempted on a static PDF pre-order menu, though this doesn’t enable the iteration and testing necessary to support tangible sales growth. What changes actually bring impact? To account for this, teams have recently begun hosting their full pre-ordering menus online, utilizing tools like FanFood’s self-service pre-order portal:
When menus are configured so that certain items are suggested as add-ons, teams have seen their sales lift by 20-30%. For example, you can add your most popular drinks and dessert packages as suggested complements to an entree package in an instant:
Enabling Additional Purchases During the Event
Beyond pre-event ordering, how do you increase customer value while at the game? For some teams, day-of service for suites F&B ordering has emerged as an entirely new amenity. Other teams have seen 2021 as an opportunity to expand their lineup of ready-to-order game day food and beverage items.
For 2021, the Rocket City Trash Pandas in Alabama introduced an expansive menu lineup for day-of premium suite F&B options, supported by an easier and more efficient self-service model. With a menu that was previously limited to a small selection of alcoholic drinks, the Trash Pandas day-of menu now includes high-value item packages for food and beverages.
The Trash Pandas adopted a solution to fulfill any guest’s on-demand needs, such as a sudden craving or if beers are running low. No longer do their suite guests have to flag down a server from the hallway. Now, requesting additional bottle service or an extra tray of brownies is simply a QR code scan away. Guests can order and pay for more items straight from their device:
The results? By building on their new game day F&B service, the Trash Panda’s average premium suites F&B order value has grown by 8.5% from their first to fourth home stand.
Creating an End-to-end Digital Suites Experience
While it’s the focus of this article, we must point out that F&B ordering isn’t the only area where this trend towards self-service has a presence.
Recently, the Chicago Cubs (a FanFood partner) launched their official Cubs Suites website, a self-service platform for groups looking to book single game suites from the team. The site allows customers to filter Wrigley Field’s rental suites by event day to see what’s available, adding convenience and clarity to the suite booking process.
Premium suite operators should test and iterate to make data-driven decisions around their F&B package lineups. Technology makes this faster and easier than ever for managers. By mapping the average suite holder’s journey, from before the game to during the event, teams can uncover new ways to generate revenue through foodservice and other amenities from this high-value audience.
If you’re now wondering, where should I start, this is the point where you should definitely get in touch with us today! Our team would be happy to discuss your operational needs, and uncover how we can help you supercharge your revenue growth with a simpler, easier solution for premium suites F&B.