This is the 5th step in 5 steps to getting success in a changing restaurant industry.
Forecasting is a powerful way in restaurant business planning to make better and informed business decisions. Restaurant forecasting is an expectation derived from analyzing historical sales or guest-count data and drawing a conclusion about the future to save on food and labor costs using advanced mathematical algorithms.
In the introduction of this series, we discussed all the 5 steps in brief. It’s now time to actually start digging deep into each of these steps.
As a restaurant owner, you should do homework and attract the right customers and see if you are targeting the right demographics. Customers are one of the most important elements to take into consideration to run a successful restaurant. The success of a restaurant is determined by the revenue it brings, revenue depends on the business and restaurant business depends on the number of customers you have.
This is an introduction to 5 steps to getting success in a changing restaurant industry.
It hardly matters if your aim is to get capital investment, expand your restaurant franchises or optimize your restaurant territories. Deep Customer Analytics and insights play a key role in differentiating the restaurant players who are growing from the ones that aren’t.
This is the 2nd step in 5 steps to getting success in a changing restaurant industry.
How can you tell if a market is completely saturated or if there’s still room for you to grow there?
You, as a restaurant owner, should have a deeper knowledge of the present restaurant market scenario to discover the feasibility of expanding or continuing a restaurant in a preferred region. This depends on various factors:
This is the 4th step in 5 steps to getting success in a changing restaurant industry.
Define an exact trade area around each site to forecast revenue and make more effective marketing campaigns, and to show where you are underserving areas or where you are cannibalizing sales from another site.
Consumers are not willing to travel longer distances and you have to understand where your customers are located in your trade area. Trade area for your restaurant is a combination of the total number of people matching your customer profile, their behaviors, and their spending potential.
This is the 3rd step in 5 steps to getting success in a changing restaurant industry.
Enter new markets carefully and prioritize expansion efforts based on factors that are relevant to the success of your restaurant brand, such as the level of competitive pressure.
After identifying most potential markets based on where the greatest number of potential customers live, start prioritizing which metro areas to focus on first.
A 2016 survey by the National Restaurant Association says four out of five restaurant owners believe technology will be the secret sauce to reviving their business fortune.
Your customer is uncompromising, is well informed and is equipped to glorify or ruin your brand’s reputation. Well, hoteliers and restaurants have an ace up their sleeves: restaurant analytics.
One of the world’s most recognized industries is overhauling itself for a future that is brighter and will become more targeted to niche customer groups, thanks to decisions being taken on cold, hard data insights like menu analytics for restaurants.
Let’s see what customer metrics will help accelerate your growth:
Retailers of varying size and scale are experimenting with the all-pervasive domain called ecommerce.
A survey by UNCTAD predicts around 80% of web users will purchase atleast one items during 2019.
That’s atleast a couple of billion transactions, to even presume a ballpark figure. On the other hand, pure-play etailers like the Amazons of the world have become some of the world’s most coveted companies.
If you have a business that has found a market, having an ecommerce play with ecommerce analytics or engagement analytics for ecommerce is almost like shooting yourself in the foot. You can’t falter, as customer engagement takes on increasing importance today.
Here are key metrics to help your sales grow:
There was a recent study table that caught my attention on a leading furniture e-retailer, and I eventually bought it. A couple of days later, as I was passing by their ‘furniture studio’, I noticed a pop-up alert asking me to rate and review my purchase, so they could understand how to improve their selling experience.
I couldn’t help but wonder at the power of big data, location tagging, survey analytics for ecommerce, and a lot more working in tandem to create a connected experience. This was a pipe dream a few years back.
Ecommerce businesses are drowning in data, but wise ones are harnessing that data for good use. What if we went beyond the machine-generated data, and got real feedback that no technology system could share?Continue Reading…
Although big data analytics is one of the most hyped words used in the tech town today, what they are really talking about are more focused elements, like predictive analytics. Predictive analytics, to skip the definition, are those series of neural networks and machine learning algorithms that are always at work resulting in a Cox & Kings offering you that travel package, exactly the way you had envisioned it all year.
The result of years of heightened computational power, strengthened cognitive networks and increased capturing of data from offline and online assets into data analytics systems, have shot the momentum of predictive analytics adoption through the roof.
According to Mike Gualtieri from Forrester Research, statistics show that from the pre-2013 levels of adoption, which hovered around 20%, the growth today has reached “mid- to high-30%” this year.