How Your Restaurant Can Turn a First Time Visitor into a Repeat Customer
Magic Quadrant (MQ) refers to a series published by IT consulting firm Gartner of market research reports that rely on proprietary qualitative data analysis methods to demonstrate market trends, such as direction, maturity and participants.
Restaurants should focus in on their magic quadrant to stay on top of market trends to keep themselves as a top competitor in the industry.
Great food, good employees, positive reviews, outstanding service and a great customer experience are all things a restaurant knows they need to excel in. But, there’s more they should be focusing on and this is where the magic happens… the magic quadrant gives you all of this information in a simplified & easy to read graph analysis.
One thing restaurants need to focus in on more is their menu. Questions like: are there enough offerings or are there just way too many? What is selling the most and what should be taken off the menu? What item has the biggest profit and is the item that is being ordered the most the one item you’re losing money on? With our Magic Quadrant, it’s now easy to see which menu items are best at bringing customers back, which are driving the most sales, and which you should 86.
HOW THE MAGIC QUADRANT WORKS
The Magic Quadrant pulls information from your POS system and the payments network for seamless tracking on all orders (now that’s what we call MAGIC!).
The Magic Quadrant breaks your menu down into four easy-to-understand categories:
- Greatest Hits: These items are most popular and have the highest retention. Whatever the reason, your customers order these items a lot and return for them often.
- Underperformers: These are items that aren’t that popular and don’t bring people back, either. Think “low retention & low popularity”. These are the items you want to second guess.
- Hidden Gems: These items are the secret performers on your menu. They are not very popular but they have a high retention rate. So, if someone comes in and orders this, they most likely will be back!
- One Hit Wonders: The name kind of says it all; these are items that people order a lot, but don’t come back for. Think of a creative way to market these popular items that when people have them they will come back a second time and order them.
To summarize, our four “Magic” Quadrants give you all the information you need to know in a single chart. It tells you two very important things:
- How many times something has been ordered
- The percentage % of customers that return for that item
By understanding where each item on your menu falls on this scale can tell you exactly what items to sell to a first time customer to nearly guarantee a return visit.