The Bull and Bear Steakhouse at the Waldorf-Astoria in New York is cutting back the prices of its cocktails in line with stock market drops.
We’ve seen many innovative ways to award customers with discounts based on performance, from rewarding social influence to charity work. Now the Bull and Bear Steakhouse at the Waldorf-Astoria in New York is cutting back the prices of its cocktails in line with stock market drops. One of the leaders in the cocktail and mixology scene in the city, the restaurant and bar has introduced a promotion which gives a discount of USD 1 on cocktails for every 1 percent that the markets declined that day – the worse they performed, the larger the discount on the drink. A drop of five percent at the end of the day will result in the maximum value of USD 5 knocked off the price of cocktails on the menu, which includes Strawberry Caipirinhas, Silver Coin Margaritas and the Old “Waldorf” Fashioneds, costing around USD 14 to USD 18. The idea behind the promotion is that investors who have had a bad day at the stock market can be cheered up by the opportunity to save at least a little bit of money. Customers unaware of the state of the stock market are helped by a large ticker detailing the day’s results. The campaign requires patrons to prove that they like the Bull and Bear Steakhouse on Facebook or follow the brand on Twitter in order to redeem the discount. The promotion aims to offer some balance by increasing its discounts when the stock market does badly. Could this concept be applied in other fields? Spotted by: Hemanth Chandrasekar