Big data is the cumulative datasets that a company acquires which can be analyzed to reveal associations and trends that benefits the business. Data refers to customer information, relevant business information or statistics that a company acquires over the years. Often Big Data is vast and it can’t be analyzed manually. So the company has to depend on computational processes.
Big data can be utilized in many ways. It can point out the average demographic information of the primary customers. It can identify the trends among the shopping habits of the customers. It can also highlight the inefficiencies in the workflow. If you have any question about the current business processed or the state of business, all these can be answered by analyzing big data. Here are the primary ways the companies are utilizing big data are:
- Identify poor performing advertisements in order to eliminate useless aspects of marketing.
- Identify shopping trends. Businesses can spot its top selling products and also remove the underperforming product lines.
- Segment customer data to make customized marketing campaigns which can cater to particular group of shoppers.
- Identify demographic trends. Businesses can cater specific age groups, ethnicities, income levels and locations probably to patronize the company.
Smaller businesses as well as large chain restaurants have applied analysis of big data in order to aid in vast variety of operational challenges like customer service, menu creation, location planning and food production and demand with positive results. Though the percentage of using big data and analytical solutions in restaurants is not so much. But it is just a matter of time that there will a big shift that how data can be used to influence and make business decisions.
Big data has lots of applications in a restaurant. The one main area where it has become very interesting is the marketing area. Here are some big ways the big data can help to create the marketing strategy for a restaurant.
Big data is invaluable to keep engaging and interacting with the customers. The real time feedback helps to resolve customer complaints and to provide relevant content. Analysis of sales data will allow for quick iteration of advertising and menus to fulfill customers’ preferences. It will also help you to cut out the poor performing options.
Understand the target audience
By analyzing big data you can get to know your target audience. Identify the average ages, geographical locations, income brackets and ethnicities that impact the sales, so that you can cater specifically to these markets. Try to understand the major factors that influence sales like the accessibility of store locations, the impact of social media, ease of online shopping and etc.
Analyzing big data in order to understand the behavior is relevant to the customer loyalty. If you can anticipate the actions like non returning customers or repeat purchases, it will make it easier to react accordingly to attract customers to come back or reward loyalty with relevant offer or promotion. If the restaurant operates a solid customer loyalty program, this information is readable and accessible easily. It doesn’t only encourage the customer to visit your restaurant frequently, but it also helps to track the customers purchasing pattern. It can give you an idea for restaurant’s marketing strategy.