Big data is a buzzphrase that promises to revolutionize the way we sell products and services, help us understand customers better, and optimize marketing campaigns. But have you considered the role of big data in your restaurant's daily operations?
It’s no secret: restaurants that engage in active analysis of their customers and operations perform better than competitors who neglect to do so. Information and communication technology have made great strides in recent years to provide a wealth of useful data and tools in the quest for higher revenue.
Big data comprises traditional and digital information sources collected from inside your business and from external factors. The numbers are gathered, compiled, and analyzed to be used as a basis for a wide variety of business decisions, including your restaurant's marketing strategy.
Big Data is made up of both structured & unstructured data designed to answer two major questions: "what?" and "why?"
The “what?” comes from structured data, which makes up the majority of information a business collects on a daily basis. This includes detailed reports from POS systems on product sales, financial and accountancy data, and product prices and availability. The result is a lot of data that can be used in figuring out how to acquire and keep new customers.
This is where the “why?” comes in. It takes the form of unstructured data. This information is usually comprised of data sets from outside the business, including customer feedback, reviews, feedback from social media, and demographic data gathered from loyalty programs and newsletter signups (i.e. names, emails, and locations). The task is to answer why certain menu items are selling well or not as well as measuring the performance of specific marketing campaigns.