As 2019 comes to a close, it's a great time to assess your business and identify areas where you can improve next year. In some cases, it might be obvious, such as if you experienced high employee turnover. In other cases, it won't be so obvious, and that's why using data and analytics is so important—it makes it easy to see patterns and problem areas that would otherwise get overlooked. Here are five data sets you'll want to analyze so you can make the improvements necessary for a more profitable 2020.
Employee Work Hours & Overtime
One of the biggest expenditures for many businesses is payroll costs, which can become particularly costly when you’re having to pay overtime wages. That’s why it’s important to look at your point-of-sale (POS) or payroll reporting to identify what employees are working overtime and when. With that information, you can then adjust your staffing and work shifts so that no one is working too many hours and getting paid time-and-a-half or double-time.
Sales Across Various Time Periods
Payment analytics are great because they show you when you’re busy and when you’re not. You can see how sales are performing across daily shifts, over the course of a week, month-to-month, and year-to-year. With more sophisticated POS systems such as SpotOn Restaurant POS, you can get even more detailed data, such as sales across different stations, different team members, and across custom time periods.
With these insights, you can further optimize your employee schedules, identify down times when it makes sense to deploy special marketing campaigns or pricing events, and identify slow spots where you can pursue new revenue streams, such as with digital ordering.
If you run a retail location or a restaurant, you will want to take a close look at what items are getting returned by customers, as this can cut directly into profits. To do this, you will want to again look at your POS reporting or payments analytics. This will make it easy to identify any problem items that are consistently getting returned, so you can then discontinue those items.
Marketing Campaigns and Loyalty Rewards
When it comes to your marketing campaigns and loyalty rewards, you’ll want to analyze several things. First, and most importantly, you’ll want to review your past marketing campaigns to see how consistent you were sending them. As a general rule-of-thumb, you should be sending 1 – 2 deals a week, 1 – 2 marketing emails per month, and social media posts daily. Next, you’ll want to look at open rates for emails and redemption rates for deals and loyalty rewards. Look for any patterns where you got the best engagement—such as the days and times sent, the subject line, and the types of deals and loyalty rewards that were redeemed most often—and then refine your marketing campaigns accordingly in 2020.
When it comes to your online reviews and ratings, you’ll want to take a look at your rating across the major review sites, such as Yelp, Facebook, Google, and Tripadvisor. Assuming, you’re partnered with SpotOn, you can see how your combined online rating (AKA your meta score) has changed over time. If it’s gone down or stayed flat, you’ll want to take a good hard look at the negative reviews you’re getting to see how you can improve your customer experience, and then take efforts to improve your number of positive reviews.
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