Relish the taste of success with Predictive Analysis in Restaurant Industry
With the wide variety of cuisines and restaurants, it is difficult to stay on top of the game. Often restaurants falter because they do not understand what is their hot selling product or when and where they are burning cash.
However, cafes like Starbucks are dominating the restaurant industry for its tailored customer experience and its loyalty program.
So, how did they achieve this?
Starbucks has always been early adopters of technology. With the help of predictive analysis and machine learning, they have optimized their loyalty program to attract and retain customers in the long run.
Similarly, as a restaurant owner, it is crucial for you to adapt to the latest technology as soon as possible. And with Predictive analysis, your restaurant will relish the taste of success in no time.
Predictive Analytics will help you optimize:
- Customer Experience
- Loyalty Programs
- Menu Design
- Labor Costs
When it comes to the customer experience, predictive analysis can help reveal crucial insights about your customers.
Let us take a look at an example. Often restaurants offer free desserts or special discounts on the occasion of birthdays or anniversaries.
Similarly, based on their previous visits, you can also analyze your customer’s order preferences, reservation timings and similar information. This will help you to create a personalized and memorable dining experience.
Starbucks is known for its loyalty programs. Over 14 million people have signed up for its Rewards loyalty program. Through this, Starbucks can see what specific people are ordering and adjust offerings accordingly. This helps them to drive sales and increase customer loyalty.
Similarly, using analytics, you can provide offers across multiple platforms. For example, if a certain group of customers checks-in and tags your restaurant on social media every time they come in for a meal, it’d make sense to send them a reward through a social media platform.
Another tactic would be to send them a digital invite on a social media platform to try your latest dishes at your restaurant. This will not only highlight your new product but also appreciate your favorite customers for their loyalty.
During winters, items like soups and hot beverages on the menu has a lot of re-orders. On the other hand, few items like sandwiches and cold beverages can never meet the target sales during winters.
So, this is where predictive analysis comes into play. Based on the previous order history, you can design a menu that will make it appealing to your customers.
Also, you can design a menu based on the customer’s feedback on certain dishes or you can remove it all together if it is not able to achieve the target sales. With the right insights, you’d be able to achieve the right balance of items across different categories of the menu.
Yes, inventory is a big expense in a restaurant. However, labor is also expensive. So, it is essential that you be on top of your labor costs vs your total sales. Using the right tools, you can identify the slower shifts and shifts that require a lot of manpower.
With the help of predictive analysis, you can optimize the schedules and reduce labor costs during specific seasons. For example, the owner or manager can analyze historical data for the festive period and use it to optimize the workforce by scheduling the right mix of temporary, part-time and part-time labor on a range of schedules.
How will Kato help you?
Kato, with its blend of business intelligence and machine learning features, will help you achieve the optimal costs of running your business successfully. You will no longer need to spend hours drilling down customers’ data.
With its intuitive visualization dashboards, you can set up the required KPIs. Thus capturing insights.
Visit Kato today to relish the taste of success with Predictive Analysis in restaurant industry .