While “If it isn’t broken, don’t fix it” might strike us as reasonable advice, it doesn’t account for the fact that people change. And with change comes the desire for new guest experiences and the need to make adjustments.
There’s no mistaking the changes occurring within the restaurant industry and thus why there’s never been a better time to get closer to your customers. Only by truly knowing your guests’ preferences and expectations can you enhance their experience and satiate their desire for something new and different. (Or, conversely, understand why they want things to remain just as they are. Think comfort food.)
Data has to play a featured role in today’s efforts. Data helps reveal strategies that lead to higher revenue and the continued viability of restaurants in good financial health, while also suggesting quick-hit survival techniques for restaurants that are currently struggling.
The incentives to taking a data-driven approach to marketing are plentiful, including:
- Improved guest experience and product optimization
- Higher guest engagement through mobile and tableside engagement
- Increased traffic through relevant, real-time mobile marketing
- Higher flow-through on price increases by using demand-based menu engineering in place of traditional cost-based methodologies
- Better site selection models
- More efficient and effective media buying
- Advanced, granular ROI tracking of marketing efforts
Restaurants that were early adopters of data-driven marketing are already reaping the rewards. A Forrester Research report identified that 77 percent of restaurants with an integrated data platform reported they beat revenue goals over the previous 12 months, compared with only 47 percent of restaurants without a platform—a +30 percent differential.
Along with accommodating change, data insights act as insurance to ward off — or be well prepared for — surprises. Restaurants filled to capacity today have no guarantees that one or more competitors won’t poach their customers tomorrow. It’s precisely when something isn’t broken that you’re given the opportunity to take measured steps towards strengthening your relationship with your guests and bolstering your marketing arsenal and data-driven marketing will help you achieve just that.
Download Data-Driven Marketing for Restaurants: The Playbook to learn why data-driven marketing belongs on your menu and the first steps you should take on your path to get there.