As the restaurant and foodservice industry move quickly to embrace digital technology through mobile and online methods for ordering, tracking analytics, and reaching out to new customers, many restaurant owners and operators are looking to evaluate and enhance their account-based analytics programs for a more informed and efficient approach to data-driven decision making. Data is an essential element in this new landscape, aiding restaurants in understanding their customer base, tracking KPIs and metrics, and optimizing operations. However, there are many more aspects to consider when evaluating an account based analytics program for restaurants than simply looking at raw data. In this article, we will explore various aspects of restaurant analytics to consider beyond just sales prospecting, marketing, expanding operations, and data enrichment.
Competitive Edge
The restaurant industry is highly competitive, and that competition requires the deployment of effective strategies and tools to differentiate against the competition. Restaurants need to stay ahead of the curve in all aspects of their operations, from marketing to production, and for that they require access to data and insights to tap into new markets, keep track of costs and sales, and be able to make informed decisions. An account based analytics program provides restaurant owners and operators with the necessary tools to stay competitive in the marketplace by offering information about menu composition, customer preferences, price optimization, profitability tracking, and building customer loyalty.
Expanding Operations
Expanding operations is an important factor when considering an account-based analytics program for restaurants. With the right data, restaurant owners can identify growth opportunities by analyzing various markets to determine which demographics to target and which locations may be the best for expansion. Data-driven decisions are made much easier, as restaurant owners can easily focus on expanding within existing markets with new menus or offerings, or look to new markets with more detailed information. This type of market intelligence allows restaurants to streamline production innovation and target new markets with greater efficiency.
Data Enrichment
In order to make the most informed decisions, restaurant owners need to access more detailed information than just the sales data. An account based analytics program allows for more comprehensive insights, such as menu analysis, price optimization, and customer loyalty tracking. For example, a restaurant might look into their customer preferences, uncover popular trends and new menu items, and then adjust the prices or offerings accordingly. Data enrichment also allows for more comprehensive and targeted market research, so that restaurants can better understand their customers and potential new markets.
Marketing
Having access to more comprehensive data helps restaurant owners understand their customer base better, but it also allows them to attract, convert, and close more leads with data-led insights. With the right account based analytics program, restaurants can track customer loyalty, monitor marketing performance, and gain access to more detailed menu and market research. This information can be used to attract new customers and convert leads into customers more quickly.
Sales Prospecting
For restaurant owners and operators to get the highest possible return on their investments, they need to be able to accurately track and analyze their sales prospects in order to make sure they are properly targeting their ideal customers. An account based analytics program enables restaurants to analyze their customer base, track sales leads, and measure the performance of their sales team. With this data, restaurants can quickly focus their efforts on the most profitable prospecting strategies and quickly target new markets as they become available.
Last reflections
Having access to the right account based analytics program can make a huge difference for restaurant owners and operators. By evaluating different analytics programs, restaurant owners can equip their sales teams with data-driven insights, market more effectively to their target customers, expand their operations, and refine their data in order to make better, more informed decisions. With the right analytics program, restaurants can gain the competitive edge and make sure they are staying ahead of the curve.
