Every restaurant wants to stand out in front of their clients and bring in the best possible food to their clients. However, it can be very difficult to understand what preferences some customers have and what they expect. That’s where benchmarking data comes into play. The right benchmarking data can help bring in a lot of information for every restaurant owner. All that data is crucial when it comes to adapting to customer requirements, improving your food and services, while also surpassing any other competitors. Here are some of the benefits that benchmarking data offers to restaurants.
Accessing crucial market data
As a restaurant, your focus is always on understanding the market and what’s in demand. With benchmarking data, you can do that. It allows you to focus on what customers want, how much people spend on a meal on average and so on. All this market data is challenging to access on your own, and as you can see it delivers a whole lot of value, especially for someone that’s newer to the industry as a whole.
Identifying market opportunities
Another thing that benchmarking data can do for you is it helps you identify new market opportunities. You can assess the grow occupancy and spend. It’s also a great way to lower costs since you can find ways to optimize your space based on specific hours people come to your business. Benchmarking data can be very helpful here since it makes it a lot easier for your business to understand the process and ensure it all works exactly the way you want.
Understanding the revenue per seat
Your main focus is to try and generate as much money as possible from every client, while also keeping them happy. Once you access the benchmarking data, you will know how much you generate per seat within the restaurant. This is a very important metric because it shows how well your restaurant is doing and if you can make some improvements. After you identify this metric, you can experiment with various upsells and ways to increase your profits per seat. Increase this number, and your business is definitely going to be a lot more profitable.
Improving the speed of service
Another important metric found in benchmarking data is definitely the speed of service. It’s imperative to ensure that all your clients receive their meals in time, and that’s why you want to have an excellent, fast speed of service. The benchmarking data shows you how fast customers receive their meals. Once you identify this metric, you can start experimenting with various ways to speed up the overall service. It will certainly help a lot and help your business grow in the long run.
Getting a better customer satisfaction rate
There’s no denying that one of the crucial metrics for your business is the customer satisfaction rate. It’s very important to ensure that your customers are happy with their meals and overall experience. You can assess the benchmarking data and see what customer satisfaction rate you have at this time. Onceyou do that, you can start finding ways to personalize the experience for various customers and optimize how they think about the entire process.
Improving the overall cleanliness of your restaurant
One of the advantages of having access to benchmarking data is that it allows you to experiment with all kinds of different factors. Cleanliness is certainly one of the most important ones to focus on. With help from benchmarking data you can figure out what others think about restaurant cleanliness and what can be improved. All these things will make it easier for you to improve the experience of your customers, while also making sure that your business has a high rating and everyone is happy. Plus, it adds more value to your brand as well.
Finding the best customer service techniques
In the case of some restaurants it’s safe to say that their current customer service techniques are not working at all, or they need significant improvement. The truth is that identifying a proper customer service technique will help save a lot of time and effort. It’s a very good idea to access benchmarking data, see what can be improved in regards to customer service and then adapt accordingly. Every business needs to grow and focus on achieving amazing results, but in doing so you can have significant benefits.
Find new ways to generate profits
Your restaurant’s benchmarking data can also be used to identify any new, potential revenue generators. It’s always important to experiment and see what can be improved or what new methods you can use to deliver a better experience for your customers. Remember, the customer experience is what really matters the most, try to convey a great value for the money spent by any client. Once you do that, results can be very good
Reducing the business costs
Every restaurant has to deal with a significant amount of costs. However, not all of those are necessary so benchmarking data is very useful in this situation. It offers you a way to analyze the current costs and see what can be removed without impacting your business as much. It might not seem like a lot, but this brings amazing potential and you will be impressed with the quality and benefits.
Receive automatic recommendations
If you use a benchmarking data tool like REMS, you will gain direct access to automatic recommendations that will help optimize your business. This allows you to boost your growth and profits, while also avoiding any possible issues that can arise. You even have direct access to the necessary revenue material within the REMS library. It’s very helpful to receive assistance from professionals with experience in this field, since you can circumvent problems while focusing on
efficiency and a great return on investment.
Accessing market and business data from anywhere
With a tool like REMS you have the opportunity to access all the data and information from anywhere.
You input data in 30 seconds and then it’s all good to go. There’s no integration, so you can easily use REMS on any device. This helps your business because it saves time, and your information is always kept private. You never have to worry about your info being shared with anyone. Instead, you can access market data that helps you improve and enhance your business properly.
Use the REMS benchmarking data tool!
As you can see, benchmarking data is very helpful since it helps restaurant owners understand where the money go, what opportunities are there and how they can lower costs while maximizing profits. Not only is benchmarking data accurate, but it helps you find new ways to boost profits and push your restaurant to the next level. It’s a very good idea to start using a tool like REMS today, since it gives you access to all the necessary benchmarking data and information you need. With REMS you can finally access automatic recommendations tailored to your needs, market data and restaurant info that would be hard to find otherwise. Give it a try right away and you will be amazed with the value and experience!
Author: Peta Miccoli (Revenue Management specialist)