No one denies that daily deal companies can help drive customers through a restaurant's doors. The problem with most group coupon sites, however, is the clientele they bring in. Well-heeled diners can be turned off by the idea of handing over a paper coupon, and patrons paying full price for expensive meals can get annoyed when they discover that other customers are getting a significant discount. Savored is a discreet deal service that high-end restaurants are now using to attract quality customers during off-peak times.
How It Works
Foodies in 10 major cities can sign up for Savored to receive "insider" pricing at premier restaurants in their local areas. Signing up for the service is free, and members can elect to receive immediate alerts each time new discounts become available in their cities. Members who choose not to receive daily or weekly emails can instead opt to browse through Savored's listings of restaurants offering special pricing deals that vary based on the level of consumer demand. Savored invites its members to make their dinner reservations for free through its site or mobile applications–which are available for both Android and iPhone users.
In exchange for making their reservations online, customers can take advantage of Savored's dynamic discounting structure, which offers greater discounts during slower periods of the evening. Customers making dinner reservations on the mobile application, for example, can see that a particular restaurant is offering 20 percent discounts for 7 p.m. reservations, 30 percent discounts for 8:30 p.m. reservations, and 40 percent discounts for 9 p.m. reservations. These discounts are automatically taken off customers' bills without the need for any cumbersome coupons or deal codes.
Savored In Action
Diners aren't the only ones who can benefit from Savored's dynamic discounting structure. More than 380 top-tier restaurants in New York City alone have already partnered with Savored as a way to fill seats with quality clientele. Restaurateurs who've partnered with Savored can dictate when and how many tables they want to make available to Savored members, ensuring they never get flooded with deal-seeking customers during busy times of the day. Restaurants are notified when diners have made reservations through the Savored platform, making it easy to apply the appropriate discounts to their customers' final bills in a discreet manner. At the end of each month, Savored provides its merchants with customized reports that provide insight into their customers' behavior. In exchange for its services, Savored charges a monthly fee to its partner restaurants.
Why It Works
By positioning itself as an upscale alternative to deal companies like Groupon and LivingSocial, Savored has been able to cultivate an attractive membership base. Sixty-two percent of Savored members say they dine out more than six times per month, and 24% earn more than $200,000 a year. Premier restaurants are much more eager to attach themselves to a marketing platform with these types of members, which helps to explain how Savored has been able to partner with highly-acclaimed restaurants like Le Cirque, David Burke Kitchen, Saison and The Capital Grille.
Savored has also been able to expand its reach by strategically partnering with well-known brands like Zagat and OpenTable, as well as deal providers like Google Offers, publishers like New York magazine and companies like Goldman Sachs and JP Morgan. These distribution partnerships help Savored ensure that empty tables always get filled.
Maximizing the Benefits
In addition to its discounts on ongoing reservations, Savored also offers a service known as Savored Signatures for restaurateurs who are hesitant to give discounts on their existing menu items. Each month, the platform promotes a handful of unique experiences available from its partner restaurants, including mixology classes, kitchen tours, cooking lessons and take-home dinners. By offering these special experiences to customers, restaurants can take advantage of the Savored marketing platform without necessarily discounting the price on any of their menu items.
Read more "How It Works."
Stephanie Miles is an associate editor at Street Fight. She is based in Portland, Ore.
Photo credit: Savored