Introduction
The global sandwich industry is expected to grow at a healthy rate of 5% in the coming years and sees an expected market size of 4.4 billion in 2025. A delicious and healthy option, Jersey Mike’s Subs have become a top choice for customers across the US for a fresh sandwich experience. With a view to helping franchisees increase their store’s profitability and sales, this piece looks at several strategies that franchisees can use in their store.
The global sandwich market spans many different types of sandwiches including traditional subs, custom sandwiches, cast irons, wraps and clubs served in various restaurants. With so many options available to consumers, it’s essential to keep your offering fresh and always find ways to innovate and stand out from the competition.
Throughout this article, we’ll cover strategies like embracing the franchise model, leveraging technology, and taking a user-friendly approach that your Jersey Mike’s franchise can use to increase sales and profitability.
Developing an ever-changing menu of innovative subs to keep customers interested
Creating an ever-changing menu of innovative subs is an effective way to increase sales and profitability for a franchise like Jersey Mike. Customers love trying new foods, and the regular introduction of exciting new options will keep them coming back for more. Additionally, a rotating menu has the potential to encourage customers to try more than one type of sub, thereby increasing your unit sales.
Benefits of a rotating menu: A rotating menu has several advantages for your franchise. First, it allows you to keep your customers interested in the food; By constantly introducing new flavors and recipes, you can provide ever-changing selections. Additionally, there are a variety of textures and flavors that can be used to broaden the appeal of limited menu items. Finally, with a rotating menu, you can adjust the availability of items to accommodate peak times of the day and different seasons!
Reduced inventory costs: With a rotating menu, you can reduce your inventory costs. By limiting the ingredients purchased for a limited number of items, you can reduce your overhead for food purchases. This means that you can buy high quality ingredients in smaller quantities and therefore reduce your costs. Plus, by removing some of the expensive ingredients from the menu, you can reduce those costs.
An example calculation: Say you own a Jersey Mike franchise with five menu items: a sub, a turkey sub, a sub, a BLT, and a chicken sub. If you were to introduce two additional subs to your menu (one vegetarian sub and one spicy sub) each month, you would need to purchase 10 pounds less meat compared to five menu items. Assuming you buy per pound on average, you would save 0 per month. It could add up to a big ROI if you can attract more customers and transactions with a rotating menu.
Tips for success:
- Make sure new items are high quality and align with your existing brand.
- Collect customer feedback on new items to better understand what works and what doesn’t.
- Make sure your staff are informed about new items and associated recipes.
- Promote the rotation of your items to customers.
- Consider seasonal items to take advantage of special occasions.
Introducing an ever-changing menu of innovative subs can be a great way to enhance your Jersey Mike’s subs franchise, bringing in additional sales and profits. Taking the time to create engaging, high quality, and interesting items will ensure customers come back looking for more.
Use online ordering and delivery services to extend customer reach
Online ordering and delivery services can be a great asset to your Jersey Mike’s Sub franchise. As the restaurant industry continues to dive deeper and deeper into the online ordering and delivery market, it’s important to stay up to date with the latest trends.
In order to take advantage of this new revenue stream, you need to set up an online ordering system and integrate a delivery company. There are a number of advantages to doing so. For example, online ordering and delivery services provide customers with an easier, faster and more convenient ordering and delivery experience. Plus, these services can expand your restaurant’s reach beyond your immediate physical location, potentially increasing sales and profitability.
Tips for taking advantage of online ordering and delivery services:
- Make sure your website or app is easy and intuitive to use, so customers don’t have to jump through hoops to place their orders.
- Use competitive pricing to encourage customers to order online, compared to other restaurants which may have higher prices.
- Make sure you have a reliable delivery company that can get orders out quickly and accurately.
- Focus on marketing the fact that you offer online ordering and delivery services to drive customers to your website or app.
- Provide online ordering incentives and delivery services.
The tips above will help you maximize the potential of online ordering and delivery services. By executing a well-thought-out strategy, you can increase sales, customer loyalty, and ultimately your profits. With an effective strategy, you can expect a 10-15% increase in sales and a 3-5% increase in profits due to the use of online ordering and delivery services.
For example, say you are making a ,000 incremental increase in sales from online ordering and delivery services. With an average profit per sale of 15%, you can expect to see a profit increase of at least ,750.
The key to success is creating a comprehensive framework that effectively and efficiently captures your customers’ needs. Using online ordering and delivery services can be invaluable to your Jersey Mike’s Subs franchise, and this strategy can help you stand out from the competition and increase sales and profitability.
Launch a loyalty program encouraging customers to buy more subs
Loyalty programs are a great way to boost Jersey Mike’s Sub Store sales and profits. When customers join a loyalty program, they become engaged and more likely to buy more subs than the average customer. Not only does this lead to increased sales, but it also leads to increased profitability.
In order to launch a successful loyalty program, it is essential that you provide attractive rewards that are relevant to what your customers want. If you offer subs and drinks, consider a tiered loyalty program that rewards customers for purchasing a certain number of items. For example, customers can earn 1 point for every sub-sub-purchase and get a free drink after 5 points. Likewise, customers can get a free combo after 10 points etc.
Another option is to launch a points-based loyalty program. In this case, customers can earn points for a certain amount spent. For example, earn 1 point for every spent or get 1 point per dollar and use those points to redeem items from your store.
Enticing customers to buy more subs with a loyalty program is a great way to increase sales and profitability. This can be done by offering discounts, free items, or exclusive access to promotions. Plus, having a loyalty program in place ensures that customers stay engaged and keep them coming back for more.
Once you’ve launched the loyalty program, it’s important to monitor its effectiveness and make any necessary changes. Track metrics like redemption rate, total points earned, and average points per customer. Using this data will help you determine if the loyalty program is successful and if changes are needed.
Let’s take an example. Let’s say your average customer spends per visit and buys 2 subs. If you have a loyalty program where customers earn 1 point per dollar spent and redeem 5 points for a free small sub, you can expect to see an increase in the number of subs purchased.
Let’s calculate the effect on sales and profitability. You can expect an increase in sales of and an increase in profitability of . This is based on the assumption that a customer who buys 2 subs will now buy 3 subs and enjoy the free sub. This additional sale generates in additional profit.
In summary, launching a loyalty program that encourages customers to buy more subs is a great way to increase sales and profitability for your Jersey Mike location. Not only will this lead to increased sales, but it will also lead to increased profits.
Introduce a catering service to increase sales in the catering market
By introducing a catering service, Jersey Mike’s Sub franchise owners can increase their sales and profitability. A catering service allows customers to order large quantities for special events, such as office lunches and birthday parties. This can create a new revenue stream and expand a business’ customer base.
How to start with the catering service:
- Create a catering menu that complements your existing offerings, such as party platters, boxed lunches, and snack platters.
- Develop a catering catering delivery system, such as a mobile application.
- Train staff on how to accommodate catering customers and their orders.
- Research your local market and set competitive rates.
- Promote your new catering service on social media, website or by admins.
By offering catering services, Jersey Mike’s Underwater Franchisees can take advantage of lucrative opportunities in the catering market. The global foodservice market is expected to reach 4 billion by 2026, according to Grand View Research.
Impact calculation:
Suppose a local business owner presents a restaurant service that generates ,000 in gross sales per month. Suppose the average sale price is , less operating costs and other expenses, such as payroll and taxes. In this case, the estimated gross monthly profit is 85%, or ,700.
With an estimated gross monthly profit of ,700, the owner-operator can better invest in the business and look for other growth opportunities. This can further improve their overall profitability and make their business more competitive in the long run.
Conclusion:
By introducing a catering service, Jersey Mike’s Underwater franchisees can increase their sales and any profitability. With proper promotions, market research, and catering delivery systems, franchisees can tap into lucrative opportunities in the catering market. With an estimated gross profit of ,700 per month, franchisees can invest in their businesses and pursue other growth opportunities.
Increase store visibility through outreach donations and local events
Awareness giving and local events provide a great opportunity to not only increase your visibility, but also engage people at the community level. It’s a win-win situation because your store will get more attention and your community will feel appreciated.
Advice
- The sponsor makes you believe. Supporting a cause can give potential customers a positive feeling about your store which can turn them into loyal customers.
- Donate products or offer discounts on special dates and occasions like Christmas, Mother’s Day, etc.
- Organize events like fundraisers, community celebrations, food drive drives, etc.
- Promote your store at the events by stickers, banners, flyers, shirts, etc.
- Set up a booth at local or school events to showcase your store’s story
Impact on sales and profits
Awareness donations and local events can have a measurable impact on the sales and profitability of your Jersey Mike stores. When your store sponsors, gives away products, or discounts products on special dates, you create a positive image for your store, which helps build loyalty. Additionally, when you set up a booth or promote your store, you engage potential customers and create visibility.
Hosting events not only builds goodwill, but also attracts new customers through word of mouth and community outreach. All of these strategies will result in a better return on investment for your franchise and create praise in the local community that can lead to more customers for your store.
Calculation example
Suppose you donated 0 worth of subs for a charity event. As a result, 20 new customers decided to visit your store to try your subs. If each customer spends an average of on their orders, that would result in an additional 0 in revenue ( x 20 customers). This represents a 200% increase in return on your investment in the same day.
Conclusion
By heeding the strategies outlined in this article, Jersey Mike’s Sub franchise owners can effectively increase their store’s sales and profitability. By developing an ever-changing menu of innovative subs, using online ordering and delivery services, launching a loyalty program, introducing a catering service and stepping in Proactively with customers through online campaigns and promotions, franchise owners can create a successful business that stands out against competition. Additionally, investing in advertising campaigns that span both traditional and digital media, and increasing store visibility through local events can lead to a better customer experience, increased sales and better profitability.
The sandwich market has grown exponentially over the past few years, with a projected market size of 4.4 billion by 2025, making it an ideal business opportunity for those looking to operate a sandwich franchise. With all of these strategies in mind, Jersey Mike’s Sub franchise owners can expect to improve their store’s sales and profitability.