I know I a total analytics nerd.
While sitting a taco bell I started thinking of all the data and analysis that this places creates.
So I’ll imagine I’m the franchise owner. Obviously my biggest concern is making a profit.
Its 9am on a weekday morning. Not very busy. Come to think of it, I have been to this location several times and have never seen it very busy. I’m sure they have peak times, but I have never seen one.
So let me take a step back and think about things like an analyst advising the owner.
First off, what % of profit comes from what time and day of the week. Defining peak times is something most business owners deal with to make sure they are staffed correctly.
Being optimal with staffing is one way successful businesses prosper and unsuccessful ones fail. Idle employees quickly become bad employees and overworked employees also become bad employees. There are two customers inside, just the occasional drive through customer, yet there are 6 employees here. Way more than needs to be I think. Looking at the data would undoubtedly tell the whole story and allow better workforce planning decisions.
The 2nd thing that comes to mind is the competition. Taco Bell is rarely thought of as a morning option. There are literally a dozen Starbucks within 5 minute’s drive and as least as many other coffee places.
Then you have the fact this location is between a McDonalds, a Jack in a Box and a Nation’s. All places with a much higher top of mind appeal when it comes to a quick breakfast. The menu and pricing is most likely tied to corporate requirements, but to compete in this crowded marketplace you need to be good and you need to be cheap.
They have a pretty good $1 menu selection. That’s good because it means it’s cheaper than just about anywhere else around. TB also have a lot of unique offerings. So that is good. Finding ways to market those positives locally is probably a good place to look into the data.
Where, when and how can this location interact with potential customers to get TB higher up on the list of breakfast options. Lots of data there to be gathered and analyzed about both the completion and the demographics of current and potential customers.
The third thing that caught my attention is its calm here. Easy rock playing on the radio. No TVs. No kid’s playground. Not a lot of hustle and bustle.
I ended up writing 4 blog posts while sitting here. I also recall that on a recent visit someone was working on a laptop while here. Its not a bad place to get some work done. So looking at who comes in, how long they stay and what they do while they are here is worthwhile.
So, that is what analysts do. They observe, they collect, they analyze, they offer suggestions. Then they monitor, they measure, they report trends and uncover opportunities.
If I was working for the owner here, the data would probably back up my observations and suggest something like this…
Send someone to the local retirement communities (there are several in the area) to offer some kind of special loyalty program to people who dine in on weekday mornings. Make sure the staff is engaged with that demographic. Offer things that the competition does not and make a big deal about it.
All of this can be based on data, measured and refined using data and in the end increase the profitability of this location.
This is what I do in my spare time. Imagine what I can do to help you use analytics to increase your profits and optimized your business.
Small Business Analytics – The field of small business analytics is just starting to blossom as companies are looking for more data-driven decision-making to prosper in the age of Big Data. DMAIPH is at the fore front of providing analytics training, consulting and outsourcing options to small businesses. Contact DMAIPH now at firstname.lastname@example.org or connect with me directly to set up a free consultation on how to get more analytics in your small business.