Hello, hello, hello, LinkedIn community. We are here back for another webinar and today is Friday. Happy Friday June 10th, 2pm, guys. So, let’s get into it. Today’s topic is going to be Restaurant revenue management 101: how data can drive your revenue.
Ok, guys, we’ve heard this before. Data is one of the most oldest and usable things ever made in the world, ok? So, the reason data exists is because data helps humans stay organized. It helps remember things, it helps calculate things for numbers, quantitative data, responses… All these kinds of data are very useful to optimize your lifestyle, optimize your bottom line and optimize everything that exists.
So, yes, we do have restaurant systems, we are a restaurant POS as well. So, all of you that haven’t heard of us before, Booking Ninjas is a cloud-based application serving property managers, hotels and the likes. We are looking to continue transforming businesses in the most efficient way and everything for the better, guys.
So, let’s get into the content.
Ok, so, today we will be discussing what it is revenue management in general, which is the act of consistently using data to test and optimize multiple strategies across pricing, capacity and promotions to improve how you fill your seats, and ultimately improve the bottom line.
So, revenue management is a practice that it’s not done by all the organizations out there, but it is still thought of and done by most. So that is looking at your distribution channels, building out efficiencies as far as how things are optimized, pricing, sales, many different kinds of data points are checked all the time, just to see how things can be better to maximize profits, maximize efficiency and also maintain satisfaction across your customer base.
So, the main factors in restaurant revenue management, which could also be applied to other kinds of revenue management, is time management. Ok, so, knowing who’s checking in, who’s checking out, how is their time being used, is it efficient… So these types of things are really important to manage. A lot of people, they’re using a separate tool just for time management or checking in and out employees, while others they just have a very basic system. So in order to really maximize these types of things, you need to manage the time, have a good app for managing the time in and out.
Ok, the menu management. Menu management is seeing what your bestsellers are, optimizing the pricing of these sellers, introducing new dishes, seeing how they sell... All these kinds of things are really critical to your optimization of your pricing and cost efficiency and also the menus that you offer. Maybe you’ll have a bestseller that is amazing, performing amazing, and the cost to make the item and produce the item is relatively low.
Price management, guys. So this is always a big topic. You need systems, guys, you need systems looking at all these points of data and just making it better, optimized, more wholesome guys, for your team, for your staff, for your management and for the customers, why not give them good deals if you have the room to do so and have them keep coming back for more?
Alright, so establish the baseline data, understand the drivers, make recommendations, implement the changes, monitor the outcome, guys. So, we do have an app for this, guys. It’s the POS (Point of Sale app), you could run all these kinds of things. So, sure to check that out.
Why is revenue management important? Essentially, without it, you can’t make real decisions, important decisions without it. So, you know, you have your fixed costs, you have your variable costs, you need to optimize your revenue management on your restaurant. There are so many factors as far as inventory, as far as restaurant goods and services…
How restaurants are using data and analytics to increase profits: customer profiling, operations improvement, table turnover optimization, sales forecasting, lifetime value and repeat customer trends, guys, that’s what we want.
So, yeah, guys. I personally don’t see anyone doing it that well that I see that has a hotel, they have a separate system for that, the data is not talking with the POS, with the PMS, it’s kind of not the efficient way that you would imagine it would be.
Improve order efficiency, forecast trends, minimize food waste, better planning, guys.
Final note: this is for an ambitious, revenue-driven restaurateur, guys. So, if you’re not ambitious, if you’re not into change, this is not the right channel, guys. So, we hope that we’re reaching the ambitious people out there that want to improve, want to do better, want to see the latest technology implemented in their property, in their restaurant. That’s when it is the time to speak with us, guys.
Alright, thank you for listening, everyone. Have a great weekend. Happy Friday! Love you all so much. Thank you!