Every time a customer places an order at your restaurant, they leave valuables that have a huge potential in redefining your profit-making strategy. No, not just the tips after an extraordinary service but the data which can rejuvenate your profits it is important to understand how restaurants can turn customer data into dollars.
Customer data is not just numbers but powerful information that helps your business run better and reap more profits. Nevertheless, many restaurants ignore this gold mine and do not make optimum utilization of their customer data.
The world-famous coffeehouse chain – Starbucks, with 32,938 stores in 76 countries, serves around 4 billion cups of coffee every year. It uses this big data to generate more orders with data-driven strategies such as loyalty programs, offers, discounts, and much more with a personalized effect. Famous for its loyalty program, customers continue to collect stars to save more bucks.
While the competition in the restaurant industry is getting fiercer, standing out from the crowd is needed to survive in the market. You can achieve with an emphasis on data-driven strategies. Here are a few ways you can use your customer data to multiply your profits.
It’s not always necessary that every item on your menu is considered by your customers. Spending extra effort and money on ingredients of dishes that are not frequently ordered can be replaced with better menu items that hold high chances of being ordered by diners. This can be accomplished with a detailed analysis of previous orders or ordering history. This way, you can save a huge amount on redundant expenses and cut food wastage as well.
According to research, 80% of your future revenue you can derive from 20% of your current customers. This portrays how important a loyalty program is to keep retaining old customers/diners. Moreover, restaurants have begun to generate loyalty programs particularly in the post-pandemic era where customers prefer to order home over dining at the restaurant. With a properly built CRM, you can reward and retain your loyal customers with loyalty programs like scratch cards, points, or coupons.
Marketing without knowing your customers is like driving a car in heavy rainfall without functioning windshield wipers. Modern marketing needs much more than an advertisement, it requires personalization and relevance. You can achieve by accumulating your customer data and analyzing reports based on customer behavior, trends, and preferences. By getting access to reports and analysis, you can make a sophisticated approach that delivers a personalized experience to your customers.
For example, you can understand:
- How frequently a customer/diner orders from your restaurant
- How their buying behavior changes
- Customer preferences and trends
- Seasonal effects on your menu items
- Performance of your marketing and loyalty programs
Also, by addressing these points, your restaurant can create a cross-channel marketing approach. like scheduling a push notification for the customers who order pizzas from your restaurant on Saturday nights.
Data is the new oil for restaurants
The more you know your customers, the higher you scale up your order volume. Besides creating a personalized approach, you can make their experiences more delightful as per their preferences and taste, making it a practical retention model. But the real question is…Analyzing reports and following a data-driven approach is quite complex. While restaurants can hire marketing professionals to achieve these many hyperlocal brands may not find it feasible. The way by which restaurants can turn customer data into dollars is to begin with. YumzyX can help you achieve that seamlessly. Besides building your independent ordering platform, you can receive timely reports and deep analytics of your customer data. With our in-built marketing tools, you can easily reach out to your customers via an omnichannel marketing approach.
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