KPIs to Set Your Restaurant Straight
When assessing a restaurant’s success, different businesses have varying focuses depending on their customers, what’s relevant to operations and how it will affect their goals. KPIs, or key performance indicators, refer to the metrics you use to determine how well sales are going, what marketing efforts need revitalization and more. KPIs show your restaurant its full potential.
How do you know which KPIs to track? It varies from business to business, but establishing your goals early will inform which KPIs to watch. With cutting-edge technology like Point of Sales powered by eatOS, you can track your sales data, and more to get an accurate picture of how close you are to seeing these plans come to fruition.
When deciding which KPIs to track, think SMART
Specific. What exactly do you want to come out of these new efforts? What will you do on a day-to-day basis to further your success?
Measurable. Pick objectives that you can track with actual numbers or standards so you can recognize progress.
Achievable. Choose only what’s within your power to do and track given your current capabilities and technological investments.
Relevant. Don’t set goals for the sake of it; invest your energy into what really matters.
Time-bound. Check-in with regularity. It’s much more reasonable and actionable to do something within the year than by the next decade, making it easier to enact meaningful change.
Setting your SMART goals first informs what KPIs you’ll need to watch and manipulate to achieve them. Putting too many key performance indicators will result in far too much data to process, though, so slim down to only what goals you need to maximize success and work backward.
Use every tool you’ve got to your advantage. For example, modern businesses need to be online to reach most of their key demographics, particularly with the rise of contactless ordering and mobile payment technology. Use your social media channels to connect with guests, and track your followers and engagement rates to see whether you’re successfully drawing in new customers or if your marketing campaigns need work. Some sites will automatically follow your shares, likes, and comments so you can see whether it’s healthy in relation to your follower count.
Utilize your website too. Track traffic on various landing pages like the menu or homepage to see your click-through rates and assess whether views are turning into business; if not, you might need to revitalize your website or otherwise increase online orders. For example, send out targeted promotions to your most loyal customers by combining guest profiles with email newsletters. All the sales data you’ve collected from your Point of Sales and rewards programs tell you precisely what dishes sell best, what promotions people respond to, and when and how your most loyal patrons spend their money.
Track clicks and impressions on your advertisements, too. Google Ads analyzes and improves SEO for your business; this or similar services help determine which advertisements genuinely resonate and increase profit. These KPIs are great jumping-off points for restaurants that are eager but unsure where to start.
With the right Point of Sale system, you can automatically track all this data to make better budgeting decisions. Get reports that detail your KPIs’ effectiveness so you know where to improve your next marketing efforts. To best reach, your goals, choose smarter key performance indicators. To do that, rely on the best restaurant technology on the market: Rely on eatOS.
Schedule a demo with eatOS to learn how we’re ushering in the future of food service, today.