Data analytics is a hot topic in nearly every industry. Almost six years ago, The Economist made headlines when they stated that the world’s most valuable resource was no longer oil, but data. Yet, despite this long-term trend, the restaurant industry has been slower than most to embrace this all-important asset.
Additionally, restaurants inherently create a wealth of data from numerous sources, including POS systems, scheduling systems, guest management software, marketing, accounting, inventory, social media platforms, and loyalty programs. With this information, you can make predictions based on insights, improve the customer experience, reduce costs, and increase profits.
Not only can you take advantage of this data in the areas mentioned above and many more, but you can also monetize data and earn thousands of dollars by sharing your data with your supplier partners.
Let’s see how it’s done.
How Restaurants Make Money Selling Data
Not only is your data valuable to you, but it’s also valuable to your suppliers. They use this information to determine the best marketing strategies and how to effectively promote various products. In fact, so valuable is your monthly sales data in relation to their brand and how they perform in your restaurant, that they’ll pay you for the information.
The challenge with data is that, regardless of where you get it, it needs to be extracted, cleaned, and combined to create insights. Restaurant analytics take all your data and place it into a coherent storyline, transforming your sales data into valuable insight-rich reports.
Busy restaurant and bar operators have little time to gather, clean, optimize, and sell data, a process that often requires data analysts. That’s where F&B Insights comes in. Our team comprises data scientists, analysts, and restaurant professionals.
We gather the data suppliers can leverage, supplying them with detailed, easy-to-understand reports that give them the information they need to make informed decisions, such as product development and marketing. They gain an understanding of which type of venues are best suited for their different offerings, and you develop another stream of income.
The F&B Insights Platform
The F&B Insights platform lets you invite current supplier partners to buy and gather information from your insights reports. You can also establish new supplier relationships through the F&B Insights supplier network, enabling them to purchase insights regarding their brand.
We then create and deliver the monthly reports directly to your chosen suppliers, handle the payment collection, and provide you with a monthly payment derived from your supplier relationships.
The Average Additional Stream of Income
While prices vary, many suppliers pay $100-$250 for each report. This translates to additional income ranging from $1,000 to $3,000 for restaurants and bars. Of course, the amount varies based on the number of locations and your restaurant or bar cocktail programs.
Now, not only can your data provide you with valuable insights, but it can also provide valuable data for others and enable your establishment to earn additional monthly revenue.
How do restaurants sell data?
Restaurants looking to stay competitive in this growing technological world are collecting data on sales, menu optimization, guest preferences, and much more. Then, they send special, customized offers to their brand’s VIPs and entice those who haven’t returned for a while. Much of this data comes from their POS system.
Suppliers also benefit from this data, helping them determine their target market, best sales time, and venue type. Restaurants and bars partner with F&B Insights to sell their data to suppliers, helping each other in the process.
Where can I find a supplier who’s interested in my data?
F&B Insights makes this process easy for restaurant and bar operators. This state-of-the-art data-selling platform is designed for our industry and offers automated solutions that streamline the process.