4 Ways How Restaurant Analytics Can Make Your Business More Profitable

As a restaurateur, you probably know that you are in a highly competitive industry. Hundreds of restaurants open every year, but not many succeed in remaining open. According to Modern Restaurant Management, a leading US-based magazine that covers restaurant industry news, 50,000 restaurants shut down their business every year in the U.S. The situation is not significantly different in India. So what can you do to ensure that your restaurant not only remains open but grows profitable too? The answer is simple – embrace restaurant data analytics solutions.  

Restaurant analytics will analyze your restaurant’s data and decipher what ticks your customers off and what makes them happy to help you understand and fulfill their expectations, so that they prefer your restaurant to your competitor’s establishment. Here are four ways how restaurant data analytics can help you run a profitable restaurant business.

1.    Creates customer segments

Different kinds of customers are motivated by different factors. Restaurant analytics analyzes customer behavior to classify them into different segments and help you create special offers to attract them. For instance, a family of four visits your establishment every weekend, and orders items within a particular price range. Data analytics can identify customers with similar attributes and create a separate segment of such customers. You can now devise engagement strategies like special discounts on some items or a separate menu to earn their loyalty.

2.    Enhances menu offerings

Nothing attracts customers more than a meticulously designed and strategically priced menu. By analyzing consumption data, restaurant analytics can identify the best sellers and the dishes that have a few takers. This will help you adjust the pricing according to the demand, execute a well-planned menu, and also modify it according to the seasonal availability of ingredients. 

3.    Helps you overcome shortcomings

To run a successful restaurant, you must always strive to improve the customer experience. By analyzing data, restaurant analytics can uncover the gaps in the dining experience and help you rectify the shortcomings. For instance, if data analysis  reveals that the long order waiting time is putting your customers off, you can hire more staff to resolve the issue.

4.    Identifies new opportunities

Restaurant predictive analytics can identify new opportunities and help you act on them. Let’s say, with the help of data analytics you discover that the number of customers ordering food online through your website has increased significantly. You can give your online patrons a smoother online ordering experience by tying up with food delivery companies that have become quite popular these days. It will also improve your digital presence which means more customers and increased profits.

In short, from helping you read the pulse of your customers to improving operational efficiencies, restaurant analytics solutions go a long way in transforming your restaurant business to a more profitable one. If you are looking for such a solution, get in touch with Manthan . We specialize in designing AI-powered analytics applications for customer-facing businesses.