The Top 5 Metrics to Track When Marketing Your Restaurant
As a restaurant owner, there are many things to keep track of when it comes to marketing your business. You need to understand who is coming in and why, what type of customer you are attracting, and whether or not your restaurant marketing strategy is paying off.
To do so, there are five key metrics that you should be tracking in terms of digital marketing on a regular basis.
1. Web traffic – how many people are visiting your website and what pages are they viewing?
Understanding the amount of web traffic coming to your restaurant’s website is important when it comes to effective restaurant marketing. Every page view presents you with an opportunity to show off what makes your establishment unique or to capture valuable information, such as email addresses, from potential customers.
To get an accurate understanding of just how many people are visiting and which pages they’re viewing, consider using a web analytics tool like Google Analytics. With it, you can measure page views and track visitor engagement over time to determine the effectiveness of restaurant marketing efforts.
By taking advantage of web traffic reporting tools available today, you could gain valuable insights into online customer behaviour to better tailor your campaigns as well as spot any technical potential problems with your website.
2. Social media – how many people are following you on social media and what kind of engagement are you getting (likes, shares, saves, comments)?
Your restaurant’s social media presence is a great indication of how well your online marketing strategies have worked in capturing the attention of potential customers.
Tracking follower counts, likes, shares, saves and comments allows you to gauge customer feedback and engagement with your posts. With this data, you can create content that resonates better with your followers or tweak your social media marketing campaigns for improved performance.
In terms of advertising on social media, if you run paid advertising campaigns there, the customer acquisition cost (CAC) can also be accurately tracked to determine the ROI of your marketing efforts.
3. Online customer reviews – what are people saying about your restaurant online and how do you respond to them?
In the age of digital customer reviews, it’s important to monitor what people are saying about your business online. Take the time to read through customer comments and feedback on sites such as Google My Business, as well as any posts you find in relevant Facebook groups. This will help you understand customer sentiment about your brand and identify areas for improvement.
It’s also essential to respond to customer feedback, both positive and negative.
A timely response that acknowledges a customer’s experience shows that you care about their opinion and allows you to show potential customers your commitment to providing quality service.
4. Sales – track your sales over time to see if there’s any growth or decline; also look at which items are selling the best and worst.
Keeping tabs on your restaurant’s sales figures is essential to effectively measure the performance of your marketing efforts. Monitoring sales over time allows you to identify any trends — both positive and negative — so that you can adjust accordingly.
Additionally, it’s always a good idea to review which items are selling best to better understand customer preferences. This information can then be used to craft more effective marketing campaigns and promotions or to adjust the menu accordingly for maximum impact.
Things to look out for include:
- Total fixed costs
- Food costs and food cost percentage/cost of goods sold
- Labour costs, and total labour cost percentage
- Prime costs (prime cost = food costs + labour costs)
- Restaurant’s gross profit margin
- Break-even point
- etc.
What your sales metrics indicate may have an effect on how you conduct your digital marketing for your restaurant (eg. budget, where you spend the money etc.) so it’s important to keep track of them.
In case you’re wondering, certain industries tend to do well during periods of economic recession.
The Discount Retail Sector
As consumers become more price-conscious, they are more likely to seek out retailers that offer low prices on a wide range of goods.
The Food Industry
People still need to eat, regardless of the state of the economy. In fact, in some cases, an economic recession can actually boost the food industry as people cook at home more often rather than eating out.
The Healthcare Sector
Even when consumers are cutting back on spending, they typically still prioritise their health and well-being. As a result, companies that provide essential health services often continue to see strong demand even during difficult economic times.
The Entertainment Industry
The entertainment industry often does relatively well during recessions. As people look for ways to escape the stress of everyday life, they often turn to movies, television, and video games as a form of affordable entertainment.
Education
While some industries experience a downturn during economic recessions, the education sector often continues to grow. This is because people see education as an investment that will pay off in the long run.
5. Customer retention rate – how many customers are returning to your restaurant and what is causing them to leave?
Customer retention is an important metric for any business and should not be overlooked. It’s important to track the rate at which customers are returning to your restaurant, as it provides you with valuable insights into what is working (or not working) when it comes to repeat visits.
Furthermore, looking at why customers aren’t returning (or why they’re leaving after a certain number of visits) can help you identify areas for improvement. Analysing customer feedback and surveys, as well as tracking customer data such as the frequency of visits and average spending per visit, can all provide valuable insights into how to boost retention rates.
The employee turnover rate is also a key indicator of your restaurant’s performance and should be monitored regularly to ensure you have the right team in place. High employee turnover rates can signal that staff may not be satisfied with their job or that there are problems within your organisation, so it’s important to keep an eye on this metric as well.
In conclusion
Tracking these five key metrics can provide valuable insights that will help you measure the success of your restaurant marketing efforts and identify areas for improvement. By utilising the data from these metrics, you’ll be able to better tailor your campaigns for maximum effectiveness and ensure a successful future for your business.
Need more help? Read our restaurant marketing blogs:
- 23 Restaurant Marketing Ideas: How to Market A Restaurant Successfully
- 4 Easy Business Mistakes That You Can Avoid
- Marketing In A Recession
- Top tips from a restaurant marketing agency
