In today’s world, data is coming at us from every direction. Your point-of-sale, reservation book, online feedback sites, and email marketing campaigns are full of performance metrics. As restaurant marketers, how do you weed through everything to find what’s actually useful? Below you’ll find Venga’s KPIs that every restaurant marketer should be looking at broken down by channel. Venga’s KPIs focus on metrics that prove a real ROI and fill your dining room, but that’s not to say engagement metrics aren’t useful too. Determine your campaign goals ahead of time so you know what your desired outcome and measured metrics should be. Email:
- Open rate - The number of people who opened your email (or unique opens) divided by the number of people who received your email. The restaurant industry average is 24%.
- Click through rate - Divide the number of people who clicked (unique clicks) by the number of people who opened. The average click through rate for the restaurant industry is 2%, which is one of the lowest across all industries.
- Book-through rate - This is a relatively new metric for the restaurant world. With companies like Venga that integrate your email marketing with reservation data, you can now see how many people booked reservations due to each email you send. The reserve rate will show you the percentage of your reservation book that can be attributed to email.
# of reservations made after email opened* # of total reservations
* during a certain time period
- Spend comparison - What emails are bringing in the highest spenders? By comparing spending of those who booked a reservation due to email to an average guest, you can determine which offers are really worth running.
- Spend comparison - This is also a great metric to compare performance of events by looking at which resulted in higher profit. Was that wine dinner or cocktail class worth it, and which type of event should you continue in the future?
- Conversions - You website is the key to engaging with your audience. It should serve to maximize conversions, which is any action you want a user to take on your website. The main conversion point all restaurants should have on their website is a link to reserve (OpenTable’s reservation widget is helpful). Make this easier to find and conversions should go up. You will need to set up on “onclick conversion” for this in Google Analytics.
Digital Ads (Facebook, Twitter, Google AdWords, remarketing, etc.):
- Conversion Rate - The number of people who converted on your website after being shown an ad. Sure clicks and impressions are great, but is the user doing what you actually want them to do (i.e. making a reservation)?
- Click-through rate - This is similar to an email click through rate except that it’s measuring the number of people who clicked the ad divided by the number of impressions. This is a great metric if you’re testing different copy, headlines, or images since it will show which ad is getting the most responses from your audience.