5 Ways Big Data Drives Restaurant Revenue

 

Big data capabilities are everywhere in the food and beverage industry, proving far more than just the innovation buzzword du jour. Huge shifts in point-of-sale (POS) technology not only make captured intelligence highly actionable, but also make it highly accessible. New transactional systems are fast, convenient, and gather customer service information while it’s still fresh in patron’s minds. With just a few simple commands, restaurateurs can quickly analyze a digital wealth of knowledge into consumers’ dining preferences, habits, patterns, and trends.

 

Big Data Is Transforming The Food And Beverage Industry

 

Previous restaurant owners relied heavily on intuitive operational choices (or their chef’s daily whim). However, today’s entrepreneurs depend on data-driven decisions to amplify business outcomes. When accessed, translated, and wielded appropriately, quantified information can actually translate into higher sales. Here are five ways big data can make a big impact on your restaurant’s revenues and profit margins:

 

Automated Customer Service Survey

This is not your grandfather’s customer experience survey. No pencil stubs and scraps of paper left on the tables here. Instead, you’ll collect customer feedback digitally for an automated report that outlines the good, the bad, and the unsavory. You’ll instantly be able to see and analyze your percentage of happy patrons vs. disappointed patrons in virtual real time so you and your crew can adjust as needed to boost both satisfaction and sales.

 

Personalized Guest Engagement

In order to compete in today’s market, it’s not enough to simply meet customer demands; today’s restaurateurs must be ready to predict them. Mobile ordering apps create user profiles that link individual patrons with their purchases for a deeper understanding of tastes, behaviors, and routines. You can use your newfound insight to develop personalized services, targeted specials, and customized email campaigns for enhanced guest engagement that evolves into repeat visits.

 

Improve Promotion Success

Everyone loves meal promotions and service discounts – they can play a key role in any restaurant’s marketing mix. How are your diners responding to your current promotional approach? Your POS system can break it all down for you on a granular level, allowing leadership to identify what’s working…and what isn’t. You can use this technology to innovate and test new promotions and customer rewards for an upswing in overall purchases.

 

Increased Operational Agility

Restaurants move (and change) at the speed of light. In the blink of an eye, a quiet dining area can quickly morph into a room full of frustrated, hungry customers. Team leaders and managers can use automated, real-time data to deliver a dynamic, situational service approach. Even McDonald’s is tapping into metric analysis to improve its operational agility. A recent report outlined how the worldwide fast food giant is using curated information to optimize its drive-thru experience. McDonald’s isn’t only evaluating the habits and trends of customers ordering; it’s also assessing the experience of those waiting to order. For example, an SUV carrying multiple people with a complicated order can have a negative impact on a single patron waiting to order a single small fry. Analyzing gathered intelligence helps McDonald’s identify potential drive-thru bottlenecks (large vehicles, busiest daily times, etc.) before they occur, allowing staff members to adjust accordingly for faster, more convenient transactions.

 

Recognize And Leverage External Factors

Many restaurateurs have their finger planted firmly on the pulse of in-store data, but they completely overlook the value of near-store data. Amidst the dizzying, breakneck pace inside your restaurant, it’s easy to forget there’s a whole big world of vital information happening right outside your waiting area. Curated intelligence allows restaurant owners the invaluable opportunity to tap into the power of relevant external factors such as recent Yelp reviews, brand sentiment on social media, traffic conditions, weather reports, and even special events happening nearby. Connecting in-store and near-store information provides comprehensive insight on how to best serve those in your establishment now as well as efficiently plan for the masses about to get out of the ball game up the street.

 

Perhaps the most value external data for restaurant owners? Information about other restaurants. Digging into data sets on the competition can help you conceptualize new service offerings, reveal key standard industry measurements, and improve internal best practices for sustainable diner impact.