Today businesses have started using tools that capture critical data to gather deep insights into who their customers are and how they behave. Data can help you understand who your best customers are and what they like. Not every customer is created equal, and if you focus on your best customers, and personalize engagement based on their behavior, you can drastically improve your ROI.
Restaurants are looking for ways to get robust customer data to grow their businesses and increase revenue and ROI. Everyday POS collects enormous volume of data gathered during customer checkout. However, it is just RAW data. The data then needs analyzing, after which it can show the customer the way to track and forecast business and give deep insights into their ideal customer and much more. This analyzing takes a lot of time and effort and in many cases data experts to make the data customer friendly. This is why POS systems are no longer cutting it when it comes to staying relevant and knowing your customers.
Data-based customer engagement platforms can not only capture data but also simplify the data for advanced analysis and actionable insights which is more detailed, deeper and fits your business
Let us look into some of the data you should be capturing and what it can tell you about each of your customers.
Identify VIP customers by measuring average spend and visit frequency
Your best customers are the ones who spend and visit the most – they are also usually your advocates and the ones who feel the deepest connection with your brand. While having the right staff in place, a great product, and a positive atmosphere are important, there is so much more you can do to connect with your customers and motivate them to visit and spend more.
Data-based customer engagement platforms enable you to measure how often each customer visits, what they buy and how much they spend including lifetime value. Once you know this information, you can encourage them to visit more or refer their friends.
The more data you have about your customers, the more personalized you can be in your approach. It’s important to identify who your best customers are and make sure they feel heard and appreciated. When you improve their experience, you not only increase customer loyalty, you also improve your ROI. Research shows that it’s 7 times more expensive to acquire a new customer than it is to retain one. Placing your focus on your best customers through personalized engagement will increase your revenue.
Use data to increase traffic
Once you determine who your VIP customers are and understand their average spend and visit frequency, you can use this data to incentivize them to visit and spend more.
For example, let’s say that one of your best customers, Susan, visits your coffee shop every morning, but never comes on the weekends. You can send her a targeted and personalized offer for a free coffee and pastry on a Saturday. This will not only make Susan feel appreciated and loyal, it will also encourage her to visit more often than she usually does, and possibly spend more and bring friends.
You can also create more traffic during slow times. Let’s say most of your customers visit for lunch and your evenings are slow. You can send personalized offers to some of your best customers and encourage them to visit for dinner. Using robust customer data will help you incentivize your customers and encourage them to take the actions you want them to take. These efforts can actually help you change customer behavior and result in increased revenue for your business.
Bring back lost customers before it’s too late
Sometimes, your best customers stop visiting or begin spending less than usual. This can happen for a variety of reasons. Some reasons you have no control over, like someone moving to a different city, however, other reasons provide opportunities to win back lost customers, like if a customer had a negative experience at your location, or they decided to go to a competitor.
A data based customer engagement platform will alert you when a customer’s behavior has changed and you can take action before it’s too late.
Collect and address customer feedback
You can drive incremental revenue by responding to all customer feedback. How? Prompt and encourage each customer to leave feedback after they visit your business and make a purchase. If you respond, you can make an unhappy customer not only feel happier but also feel more loyal and appreciated. This helps to make sure that negative feedback doesn’t make it to social media or sites like Yelp/Zomato/Google, and you also increase loyalty and revenue.
Collecting personal data around feedback helps you measure customer experiences and bridges the gap between technology and the in-person interactions your customers have at your business. Understanding how your customers feel is important to the growth of your business.
How can you capture data?
Businesses should capture data around customer behaviour, feedback, and referrals. The more information you have about your customers across all of your locations, the more strategic you can be when engaging them.
A data-based platform like Mobikon allows you to capture critical customer data that will help you increase your ROI and focus on what matters most. POS systems don’t offer that.The data-based platforms allow to effortlessly capture customer behavior and feedback while also creating a seamless experience for consumers. Using an intelligent platform that focuses on customer behavior can help you break free from your dependence on your POS system
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