4 ways Restaurants can benefit from Advanced Analytics
If you own or manage a restaurant, you know that understanding your customer and competition are key factors to your success as a business.
In the past, restaurants have had to rely on guesswork, instincts and past sales to predict what the future can bring for business.
Today, analytics technology is taking that guesswork away from understanding and predicting your target customer’s behavior.
Through artificial intelligence and machine learning, this technology allows restaurants to upload their sales and location data and receive key insights about their customers, potential customers and competition that can facilitate decision-making.
Here are the top four key insights that advanced analytics can provide for restaurants:
- Customer Conversion
Thousands of people might be passing by outside of your restaurant daily. But out those people, who actually came inside?
Using advanced analytics technology, a restaurant owner can see the exact number of people who passed by their restaurant and the exact number that went inside at that specific time and day.
Knowing your restaurant conversion rate can be an extremely useful metric to better understand what is driving your sales. Are people aware of your business and its location? Is your restaurant’s location busy or are people usually walking around it? Does your business fit in with local community?
Data analytics for restaurants can provide these key actionable insights in a matter of seconds. Insert CTA.
2. Customer Retention
It can cost up to 10 times more to acquire a new customer compared to retaining an existing one.
Your repeat customers are your most valuable asset! Knowing who they are and where they come from are vital to make sure you are engaging with them and keeping them coming through the door.
Data analytics software can analyze this information without you needing to worry about counting each time a specific customer walks in your shop.
Gyana’s analytics platform, for example, uses AI to calculate the exact number of repeat customers you have and how many times they’ve come back to your restaurant.
3. Competitive intelligence
That place on the other side of the street. How are they doing compared to you?
Now this is one of the most exciting parts of this analytics technology — you can see who’s dominating the neighborhood and make important decisions based on this information.
Not all analytics platforms can provide this intelligence — but in ours, you can see how your restaurant ranks against a competitor’s in terms of people passing by and how they are converting compared to you.
Yes. You can basically spy on them. This is existing stuff, isn’t it?
4. Strategic hiring
Usually, restaurant owners are forced to estimate the required staff they need to hire to meet demand.
Hire too much staff, and you’ll lose money. Hire too few, and your operations will be ineffective, slow, and worst of all, you might lose customers.
Through intelligent analytics, you can strategically calculate how much staff you’ll need to hire based on traffic, and at which popular or unpopular days and times you’ll need to rotate to more or less staff respectively.
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These are just four of the many reasons restaurant owners might consider using advanced analytics for their business.
We promise, there’s a lot more!
Wanna know the rest? Reach out to us or comment with your questions below!
