As the intensity of the pandemic subsides and restrictions are lifted, people are getting back to their favorite thing, “eating out.” Customer intelligence shows consumer spending declined by 12% during the pandemic, but spending on restaurants increased to 16% after the lockdowns were over.
More than one million restaurants operate in the United States, generating $789 billion over the last year. So there’s no denying that competition in this industry is tough.
How can your restaurant stand out from the competition and provide a quality experience to your customers? The answer lies in “Customer Intelligence.”
What Is Customer Intelligence (CI)?
It is the in-depth analysis of data obtained from your customers, providing valuable insights into their behavior, interest, needs, likes, and dislikes.
You can gather data using close-ended surveys, opinion polls, and questionnaires, ask for reviews and garner it from customer feedback. And if you have the time and resources for it, setting up focus groups may also be a good idea.
Pair these insights up with a custom strategy with the help of obtained data, and you’ve got a bona fide recipe for success.
Why Is Customer Intelligence Important?
The goal is to improve your services and provide customers with a premium experience.
Customer Intelligence provides organized and precise data, which can help you categorize your customer base according to their needs and priorities.
This improves CX and helps redesign your marketing strategies to increase footfall, improve customer retention, and increase conversions.
Restaurants invest heavily in marketing; they generally depend on dine-in sales more than takeaways or deliveries. With the help of customer intelligence, you can make cost-effective marketing campaigns that precisely target your desired audience.
The Benefits Of Customer Intelligence
Customer intelligence offers the means to acquire new customers while keeping the old ones happy and coming back again and again. And this can only happen when eateries provide good services and fulfill expectations. This kind of patronage drives profitability and is the key to business longevity for restaurants.
So, it’s a good idea to invest in CI tools that help you make important decisions.
Data-driven decisions always show promising results. Customer intelligence analysis gives you data on elements that play a direct role in your business performance.
This data is key to improving your customer experience. For starters, it’s easier to understand if a particular menu item is suitable for your customers when they tell you via feedback or survey. For example, launching a new category of cheeseburgers is only a good idea for eateries that cater to Gen Z customers or have the means to market to them. A fine dining restaurant wouldn’t have much success with that item.
Moreover, CI enables managers to create a list of customers with unique dietary needs who would appreciate some targeted attention. For example, market sugar-free desserts to diabetic people, vegetable dishes to vegans, and low-fat dishes to those with a history of hypertension.
CI also makes it possible to create and run marketing campaigns that deliver results. It tells you which metrics to use for marketing your restaurant business, saving money, and getting more customers.
The general rule of customer retention remains the same for restaurants – ensure customer satisfaction to keep them coming back for more. CI helps you do just that and a lot more.
Improve Your Business Performance With Customer Intelligence
Customer Intelligence is becoming crucial for businesses, especially restaurants, to understand their customer base better. Moreover, it will significantly improve your restaurant’s products and customer experience.
There are many competitors in the market; to overcome your competition, you must improve every element of your restaurant. That is where customer intelligence will be a game-changer for your business.
Frequently Asked Questions
Is it worth investing in customer intelligence analyses?
Yes, absolutely, it is worth the investment. You can increase your revenue and decrease your spending. Many industries are adopting this method to improve their customer experience and improve the quality of products and services.
How flexible and business-friendly is this method?
Customer intelligence is one of the most business-friendly analyses too. You have a wide range of research methods; you can store a massive amount of data and implement it where you want in your business.
Will it improve my relationship with customers?
Yes, it will. In fact, that is one of the primary features of this model. You can provide your customers with a unique experience using the data from their previous experiences and preferences.