2021 is round the corner, and if your restaurant managed to survive the back-breaking pandemic, chances are that you have already pivoted to off-premises dining. Now 2020 was all about survival, but 2021 would require you to step up your game and gain an edge over your competitors. From the menu to marketing and everything in between would need a new strategic plan and data is, for all that we know, an indispensable part of the off-premises offering.
To succeed in the next normal, restaurateurs should be able to answer questions like:
Such questions and many more like these can be answered by the in-built marketing and analytics tool of your online ordering system. All you need is to understand how to use it to its maximum potential. This article should help you compile your data-driven growth strategy.
The first interaction that your customers have with your restaurant begins with the menu. There are some dishes that get ordered more frequently and then there are some that don’t get picked even once. With the help of sales analytics, you can get a comprehensive list of the most popular items on the menu, their profit margins, and gross revenue.
This information can help you optimize the menu as per the current demand, reduce inventory wastage, as well as readjust price points to maximize the revenue potential.
Do you really get more orders on the weekend than on weekdays? Should you stay close on Monday?
Restaurant analytics can help you get accurate data on the busiest as well as slow days. It also provides visibility into how each weekday performed compared on average to others.
Such information would not only help you organize your marketing campaigns but also the inventory order and staff schedule so you are prepared for any surge or slump in the demand.
For Example: Let's say the sales on Mondays are always slumping. You can either decide to stay close on Mondays or introduce special offers to entice people into buying more on the given day.
You probably feel like you know what customer demographics are, but let's just go back to the drawing board because in 2020 we have seen a tremendous shift in this domain.
A look into the restaurant analytics will provide you details of the “big spenders” as well as “frequent visitors” - the information that you can use to create a personalized experience for all your customers. Personalized offers stand out in a crowded marketing mix and see higher engagement.
If you’re a multi-location restaurant, you no longer need to stay in constant contact with each location manager to get daily sales and performance reports. Restaurant Analytics will do all the hard work for you, and provide an unbiased insight on which location is performing best.
This data will also help you predict the operational requirements of each location. So for example; if your restaurant in Manhattan is experiencing a substantial surge in takeaway and online ordering, then you might need to hire more staff or a lot more delivery drivers to the location in contrast to the Seattle location showing a major slump in the food delivery demand for higher profitability.
Forecasting always helps - all big companies do so to efficiently allocate resources for future growth and manage their cash flow. Since 2021 would require you to create a data-driven strategy, accurate sales forecasting will help you estimate costs and revenue accurately, especially when it comes to scheduling and food orders. To get accurate data on sales, look at your sales report month by month to see what an average period looks like.
For example, you might find that over the past 2 months, which is during the holiday season, the demand for online ordering increased 4% compared to Takeaway and Curbside Pickup on normal days. You can expect sales to follow a similar trajectory.
Restaurant Analytics makes a visible impact on decision-making, which is a far more critical need for any restaurant manager. A data-driven growth plan can save your resources and streamline operations in a way that maximizes revenue and business impact.