NFTs are becoming more mainstream by the day, but what does this mean for small business? Everything. Today we’ll focus on restaurants (but really any small business).
Everyone in the restaurant business understands the LTO – the “Limited Time Offer”. As a former Chief Marketing Officer of a restaurant group I will say, I loved LTO’s because they had the ability to ‘goose’ the foot traffic and the bottom line, all while bringing more general awareness to the overall brand. Especially if you got the marketing and position in the market right.
And now, thanks to NFTs, you can ‘super-size’ your LTO to bring in even more traffic – and REVENUE!
I’ll explain in a second, but first, what are some of the “big guys” / chains doing with NFTs right now?
Burger King, Pizza Hut and Taco Bell
Burger has released a pretty impressive NFT based around both celebrity and collectibles.
They are placing a QR code on their packaging, that when scanned, allows a person to collect a special NFT. The more a person collects, the better their chances or getting even more free NFTs. In addition, a person could be eligible to talk to one of the celebrity endorsers of the campaign. These include star artists like Nelly and Anitta.
Taco Bell released artists renderings of their food menu items, and Pizza Hut released a similar NFT using slices of its pizza. Both did very well – with reportedly one Taco Bell NFT selling at 10 ETH (about $46,000 in today’s terms) on the secondary market. No offense to Burger King, but that’s a real whopper!
Many other ‘chains’ and larger sized restaurants are getting into the NFT game as well. So why can’t you? More to the point, why aren’t you?
Your Restaurant and NFTs
If your budget doesn’t allow for a Nelly, surely there are talented people in your own community who would be willing to work with you to create something amazing.
And of course, with NFTs, both you and the artists/local celeb could be paid for the rest of your lives from the royalties from future secondary sales.
In another post in this series I discussed small business and charities.
Your restaurant is a small business – and the same rules apply.
Restaurants often work with charities – so why not use some of the proceeds of the NFT you release to help the food pantry or other worthy cause?
You could. Nothing is stopping you if you chose to do that. NFTs are versatile. You can use them in many different ways.
NFTs and the LTO
Just as there are thousands of ways to craft a great LTO menu item, there are thousands of ways to craft a great NFT as an LTO – or better, partnered with an LTO.
“Buy this LTO meal, get a free NFT which gives you access to”, well, you name it!
- Coupons and discounts on future visits.
- Choose the next LTO privileges. (Including your customer in the future of your business is never bad, it makes them feel important and necessary. A part of the ‘gang’ – which we call ‘community‘ in the NFT space).
- Special swag like clothing and hats. (People wearing your brand around town is never a bad thing.)
- Tickets to special shows. (If you provide entertainment at your venue, let people show up to sound rehearsal or something like that.)
- BOGO only the NFT holder can take advantage of.
The list goes on and on.
So why would your restaurant want to offer your own NFTs? Here’s a few reasons:
- Again, NFTs are versatile.
- They are on the blockchain (meaning you can verify the owner).
- They come with the ability to receive royalties for every secondary sale (these alone have the potential to pay for the entire program and marketing investment over time).
- They create the kind of loyalty you want in a customer.
- They give you yet another reason to ‘stay in touch’.
- They live forever, but they can have a time limit to the ‘utility / benefit’ if you choose.
There are so many things you can do and ways to use your NFT!
And let’s be honest, NFTs sure beats giving your money away to Groupon. Your marketing budget is always better spent giving something of value to your customer.
As always, the main goal of this article is to open your mind to the possibility that your restaurant (coffee shop, juice bar, fruit stand, etc.) or small business can join the NFT revolution too. Everyone in the space wants to cater to the ‘big guys’ – but you can participate as well. Don’t let anyone tell you you can’t. But understand, like all marketing and advertising programs, NFTs take time and planning in order to achieve success. That’s why I always advise to get started soon, like NOW.
The NFT Creative Group is here to help. Contact us at NFTCreativeGroup@gmail.com – The first consultation is always free and we look forward to hearing from you.