Mine Data: Mastering the Art of Data in the Restaurant Industry with Andrew Smith of Savory Fund

The Digital Restaurant

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The fascinating world of data within the restaurant industry unfolds with our expert guest, Andrew Smith, the co-founder of Savory Fund. His unique insights, stemming from an impressive blend of tech and restaurant industry experience, truly bring to light the enormity and complexities of data management spanning across multiple restaurant brands. Can you grasp the concept of data as the new oil? Join us as we navigate this intriguing landscape, tackling brand consolidation trends, the evolution of restaurants into e-commerce entities, and the art of breaking down vast data sets into actionable decision-making commodities.
We dive into the heart of guest acquisition and marketing strategies in the restaurant industry. Discover how the apparent burden of marketplace fees transforms into an ingenious marketing cost for potential customers and the role of A/B testing in guiding marketing expenditure. Listen closely as Andrew unveils the pivotal role of technology in growing a business and his personal journey of leveraging a suitable tech stack to fuel brand growth. He paints a vivid picture of how tech innovations heighten efficiency profits and foster a more targeted marketing approach.
This episode culminates with deeply exploring building customer loyalty and brand galvanization. Andrew emphasizes the significance of a carefully chosen tech stack in cultivating customer loyalty and boosting efficiency. Our discussion sheds light on how A/B testing can enhance our understanding of customer behavior and how marketplace fees can be deployed as a marketing cost. Andrew's experience in investing in a brand, scaling it through an appropriate tech stack, and the essential role of data in these processes is a journey worth listening to. This engaging blend of tech and restaurant industry wisdom promises practical strategies for business growth. We promise you this is one episode you won't want to miss!

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1. Mine Data: Mastering the Art of Data in the Restaurant Industry with Andrew Smith of Savory Fund (00:00:00)

2. Handling the enormity of data (00:01:54)

3. Data Consolidation (00:03:31)

4. How do restaurants think of e-commerce data and metrics (00:04:35)

5. Understanding Customer Lifetime Value (00:07:10)

6. Lifetime Value across a group of brands (00:10:16)

7. What's a good ROAS for digital guest acquisition? (00:11:14)

8. Investing in keeping guests vs gaining guests (00:12:01)

9. The importance of A/B testing (00:12:55)

10. Accessing data from 3PD and partners (00:14:42)

11. Predictive Forecasting, Planning & Improving Operations (00:16:28)

12. Is AI helping with data management today? (00:18:03)

13. Investing into technology vs new locations (00:19:16)