The restaurant industry has experienced massive growth over the last decade plus. With total revenues increasing by over 50% since 2007. This has lead to greater market competition as operators compete with each other in given geographies. Furthermore technological and economic factors are placing even more pressure on operators to maintain profitable operations as conditions change. How can they keep up with the pace of change in the industry?
Restaurant owners will need to be more educated in their marketing and site selection. In the years to come if they are going to be able to compete in a continuously more crowded market. Those that are the most successful will leverage predictive analytics. To define their marketplace, competition, and how to win marketshare in a competitive environment. By utilizing who visits a location or a client’s first party data, restaurants are able to define their current customer base and where they live. But what if a restaurant wanted to get a better sense of the total marketplace by leveraging who is visiting their competitors? By using GPS data sources and predictive analytics, restaruants can now know who should be visiting their locations over the competition.
This knowledge allows for more informed decisions around marketing analytics, marketing ROI, and new site selection. Traditionally this sort of data analysis has been contain within the fortune 1,000 company group. However, increased competition in the industry and expanded access to predictive analytics. Will allow restaurants to make more informed decisions in the future.
Vado is a pioneer in this space for restaurants, we help local operators determine where and who to market to, how to win their competition, and where expansion locations should be opened. Let’s schedule a demo and get start! The Factors of Business analytics Ranking, US