Earn More with Restaurant Analytics
Answer the following questions about your business:
Which revenue streams are pulling in the most profit overall?
Which demographic makes up your core base?
Where are you overspending? Where should you invest more attention?
If you can’t do it, you need to develop a clearer understanding of your restaurant’s biggest profit drivers. Effectively measuring costs, sales and other data affects every business decision moving forward.
Restaurant analytics gleaned from advanced Point of Sale systems can answer all these questions.
How to Track Restaurant Analytics
Measure the health of your business via KPIs, or key performance indicators, that track important metrics like net profit, online engagement, and conversion rates. The more you know, the better you can address areas that need attention.
1. Reduce labor costs
Self-service devices are a cost-effective alternative to hiring extra workers. By diverting some customers away from the cashier’s line, table turns improve and you gain bigger average checks. Additionally, eatOS technology has workforce management features that track servers’ performance so you can identify your hardest workers.
Turnover is a serious cost to restaurants. Along with offering competitive benefits to reduce this expense, you can also streamline scheduling. eatOS integration with 7Shifts provides you with simplified software so you can spend less time making shifts every week. Employees can trade online to make their lives easier as well, another perk of using smart technology.
2. Menu optimization
While your marketing and customer service draws in the guests, the menu tells them what to choose once they’ve sat down. Yes, it comes down to something as simple as page placement and where their eyes naturally fall on the page. When equipped with forced modification prompts, your menu is your most powerful sales tool for generating loyalty and cutting down on food waste too.
3. Sales forecasting
In the restaurant industry, trends come on fast and they don’t necessarily last long. They also strongly factor into consumer behavior. To see what will work in the future, it’s often beneficial to look at the past. For example, did the Fourth of July promotion drum up as much business as you hoped last year or should you adjust it for the upcoming season? Maybe you’re looking to bring back a Wednesday night dinner special. With eatOS reporting and analytics, you’ll look back on past data to find that sales soared when you served a seasonal pasta seafood dish, and know it’s time to bring that out.
This also informs your schedule. Assessing the likelihood you’ll be busy on a particular night determines how many servers and line cooks to put on shift. Overtime and under-or overstaffing is such a pointless waste of finances. Why not eliminate them with restaurant analytics?
Integrating loyalty programs doesn’t just increase guest retention. They also gather important customer data thanks to guest profiles created when customers register for online ordering services. These tell you what they order, how often, and how much they spend on average so you can develop targeted marketing campaigns that cater directly to their preferences. If you see their reservation coming up, have a bottle of their favorite wine ready on the table and greet them by name at the door. Find little ways to make your loyal customers feel appreciated with the help of smart technology, and they’re sure to return again and again for the same great experience.
How to Use Restaurant Analytics
Keep an eye on your data to create accurate budgets and make more effective business decisions. Knowing when sales stagnate lets you take preventative action to change the course; monitoring expenses tells you if you need to reduce food waste or maybe cut down on labor. When you see the full scope of how all these factors interact on your sales reports, you get a better understanding of the overall business while also gaining you a look into what changes will foster future growth.
For better business decisions long-term, get eatOS technology. We track restaurant analytics so you can focus on maximizing your potential.