Possibilities are endless when you can clearly see and understand what is going on in your restaurant. Yet, running a well-organized and lucrative restaurant requires a great deal of time, commitment, trusted staff, and marketing analytics.
On the other hand, many food businesses are still in the dark when it comes to using systematic data gathering and analysis for business growth purposes.
The truth of the matter is that your restaurant cannot survive on gut-feel and intuition alone. Even though you have a load of data at your fingertips, it is absolutely necessary to interpret what you have to optimize your business’ performance.
According to an article published in Statista “…responding marketers from the United States said that 39.3 percent of their projects used marketing analytics to help in making an informed decision.”
Think of marketing analytics as a roadmap that tells you EXACTLY what, when, where, and how much you need to invest to keep your restaurant going.
What is Marketing Analytics?
Marketing analytics is the process of measuring, managing, and analyzing marketing efforts. It is used to check the efficiency and productivity of your business operations and employees.
Effective marketing analytics systematically gathers information from various sources and combines everything. It is a big-picture approach wherein you can clearly gauge the overall performance of your business.
It is a constant metric that shows you how much and IF your marketing activities are paying off… or not.
How can marketing analytics help your business?
1. Measures food costing
Food costs make up a huge chunk of your restaurant expenses. It is very important to keep an inventory and keep track of every ingredient on the plate. Marketing analytics allows you to be in control of recipe costs and margins.
It shows which menu items are keeping your guests coming back for more and which ones are being ignored.
With automatic tracking and reporting, you can stay on top of your budget and tailor your food products to suit the tastes of your customers.
2. Keeps you updated on digital marketing trends
If your business efforts do not ride the ever-changing digital marketing trends, your company cannot grow. Over time, daily analytics will help you plan ahead and engineer your marketing campaigns by showing you what’s “in” and what’s not.
As new technologies and business management software turn up, marketing continues to evolve as well. Digital marketers utilize up-to-date tools to measure the effectiveness of their marketing activities.
They understand it is crucial to keep pace with marketing trends to succeed in a highly competitive restaurant environment. Marketing analytics helps you in coming up with effective and up-to-date digital marketing strategies for your restaurant.
3. Keeps track of employee performance
Regular restaurant analytics shed light on how your employees are performing. It gives you a clear view of who needs more training, where problems are coming from, and what can possibly motivate your staff. Being able to go deeper into the minds of employees greatly increases your restaurant’s image and profitability.
Restaurant analytics serves as your guide in making decisions related to your employees’ performance. Scheduling, training, promotion, and even termination are handled easier with automatic and constant data gathering.
4. Creates detailed customer profiles
A smart marketing analytics software lets you delve into the minds of customers. What do they prefer? Which aspect of your restaurant do they like most? What keeps them coming back for more? Is there an aspect of your restaurant management that drives them away?
An updated customer list helps you gain in-depth insight into customer behavior, preferences, and menu items that bring them back to your restaurant.
By learning what your patrons want and DON’T wants, you also get to see what works and what doesn’t in your marketing efforts. In effect, you generate more loyal customers over a period of time by utilizing strategies that actually pay off.
5. Maximizes Return On Investment (ROI)
Sales and revenue is the end goal of every business. Surprisingly, many online businesses are not yet aware of the full potential of marketing analytics. There are entrepreneurs and managers that are not yet in the know of the power of data gathering in relation to an increase in ROI.
When you fine-tune your marketing campaigns based on reliable sources and market research, your efforts most often lead to the results you want.
Since analytics help, you size up your marketing activities and their outcomes, you can address key points that are crucial to the success of your campaigns. In turn, your marketing efforts go hand-in-hand with your financial goals.
Marketing Analytics is Important
An intelligent and reliable analytics platform is key to the success of your restaurant. Marketing analytics is changing how the food industry works and thrives. Your days of trying to run through and analyze every little detail on your own are over.
With data-driven results, you get to focus on what matters most for your business. Marketing analytics empowers you to make better decisions for your restaurant, from budget planning, employee management, guest satisfaction, all the way to sales and profits.
Do you want to gain more insights into your marketing campaigns? Get in touch with Tulumi Digital Marketing. Our team helps business owners and budding entrepreneurs grow their restaurants by giving professional advice on different marketing solutions.