Most restaurants aren’t using their POS system to its full potential. Sure, it’s great that everyone’s using the latest well-oiled POS with features that improve order speed and accuracy. However, your POS holds an untapped power to diversify your restaurant’s revenue, enhance its value proposition, and widen profit margins. The best part is that you can reap these benefits with minimal effort. The dollars lay dormant and eager to escape–if you know where to look. So, while other restaurants rely on a toolbox limited to traditional methods for increasing revenue, you can integrate these modern tactics for generating profit with your POS system.
Selling Data To Vendors
Diversification is crucial to the stability of any investment strategy. And since childhood, we’re told not to put all of our eggs in one basket. So it’s not shocking to hear that restaurants are finally catching onto the fact that they can’t depend purely on food and beverage sales to keep their business afloat. In fact, a 2023 report revealed that 87% of restaurants plan to offer “non-core” products and services this year. But merchandise and other secondary revenue streams require significant financial investments without any sales guarantees. That’s why restaurants looking for a reliable monthly income from a low-risk revenue stream are turning to the underlying value of their POS data.
Vendors are hungry for performance insights into the brands and products they distribute. That makes your POS transaction data a valuable asset that F&B insights can help you monetize. Every month, F&B Insights can organize your POS data into value-rich reports which they’ll deliver to vendors looking to quantify demand for their brand partners. So, in addition to establishing a consistent source of monthly income with a substantial ROI, you’re also strengthening vendor relationships by providing them with a valuable service. Leveraging F&B Insights’ vendor marketplace also creates a gainful opportunity to expand your sourcing network while acquiring new clients to increase data sales revenue.
Revitalize Staff Sales
Businesses that prioritize staff engagement are 23% more profitable according to a 2022 report. They also receive higher customer ratings and experience lower employee turnover rates. So, it’s in the best interest of every restaurant to find ways to incentivize restaurant staff beyond the paycheck baseline.
Whether you incentivize individual employees by rewarding the highest total sales or staff meeting their sales objectives, F&B Insights helps you track performance by integrating with your POS system. By providing your staff with the brand education material they need to maximize sales and by connecting your restaurant with suppliers, on top of revenue growth created by a supercharged staff, your customers will receive a higher level of service and an improved dining experience.
Enhanced Customer Understanding
Developing a better understanding of your customers will open the floodgates to more robust revenue streams. American Express reports that 70% of consumers are willing to spend more money with businesses that provide superior service and satisfaction. But how can we ensure we’re doing everything possible to understand our customers and improve their experience?
Insight into the minds of your customers hides within your POS data. By employing data analytics software offered by F&B Insights to decipher large data sets processed by POS systems, restaurants can become familiar with the nuances of their customers’ buying psychology. Armed with this awareness and F&B Insights competitor price analysis software, restaurants can make safer decisions about menu price increases. Data analytics also has the capacity to reveal behavior trends that inform marketing strategies, menu item choices, and other decisions influencing the customer experience. This calculated approach to crafting customer experience enhances value proposition while fostering a restaurant culture that encourages repeat business and word-of-mouth exposure.
Using your POS system to increase revenue creates a buffer against business slowdowns and helps support your restaurant’s overhead. Profit margins have always been razor thin in this business, and the current economic turmoil doesn’t make the situation any easier. That’s why restaurant professionals need to start thinking outside the box. F&B Insights’ innovative technology and industry expertise can give your restaurant the competitive edge necessary to weather these uncertain times.