AI-powered menu intelligence is the latest and greatest thing from Incentivio's brilliant product team— but what is it, and how can it affect business at your restaurant?
What Problem Is Menu Intelligence Solving
As a restaurant owner, marketer, or franchisee, it's easy to discover what your top-selling and most profitable items are. However, these numbers are only telling part of the story. Which items are bringing most customers back for seconds? Which dishes are driving customers away?
Fries might be one of your top-selling items (I mean, who doesn't like fries), but that doesn't mean your fries are good. Your fries being your top seller doesn't mean that fries are bringing customers back and back again.
We aim to change that. We want you to have clear and definitive answers for what products are creating return customers. This data is highly actionable and can help grow your business and your clientele.
Guest Journey As The Lynch Pin
So how does it work? It all comes back to understanding your Guest Journey and the data involved. When integrating the guest journey into your business, you gain access to a litany of important information about your clients and how their spending habits are affecting your business.
This is the same place the data for menu intelligence comes from. Once you can see which customers are your most loyal, you can see what dishes they're ordering and what trends are being established. The inverse is also true— guest journey helps you identify customers BEFORE they churn, and now we can see what trends they have in their order habits.
One of our best sets of data just got more actionable. Thanks to the power of AI and machine learning, it's even easier to leverage this data to your advantage.
Applying It To Your Restaurant
Let's revisit the fry example. We've learned that your fries are stellar and are consistently ordered by customers across the spectrum. As a relatively low-cost item, you might consider it as a loyalty reward for your loyalty program—an easy-peasy way to boost your existing system and drive more value for your customers.
But let's consider another example. 10% of your loyal customers have ordered the fries, but 60% of customers who ended up churning have ordered the fries— our algorithm would give the fries a relatively low score. If the opposite were true, and most loyal customers habitually order the fries while only 10% of customers who have churned ever tried them— the fries would have a high score.
Because Incentivio has data not only on the volume at which menu items are ordered but also rich data on who those customers are, we can provide much more meaningful menu analysis. This can help restaurateurs decide which items they need to improve or even take off the menu entirely and also which items they should be promoting more!
Making The Most of Menu Intelligence
For restaurateurs, harnessing data is the key to a successful business. This wealth of information drives informed decisions, from tailoring marketing campaigns to optimizing menu design, ensuring that each dish not only caters to taste preferences but also contributes to the bottom line. As retailers track inventory and sales trends, restaurants monitor ingredients and dish popularity, using data analytics to reduce waste, streamline operations, and maximize profitability.
We want to help you make the most of your data and allow it to elevate the experience of the guests visiting your store. We're passionate about the restaurant industry, and we're passionate about helping you.
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