Thursday, January 7, 2016

Social analytics and insights is important for restaurants and small businesses

According to a National Customer Rage Study, more than a third of customers take their complaints online — to Yelp, Twitter, Facebook and TripAdvisor, among other sites. Yelp reviews in particular can have a big impact, especially on small brick-and-mortar businesses. A Harvard Business Review study (Yelp agrees! but it is true for any of the major review sites out there) found that an extra star on Yelp can boost a restaurant’s revenue by as much as 9 percent. That’s 9 whole percent and that’s a lot. It’s easy, then, to imagine what the reverse (a negative star) might do to your business – revenue and the bottom line. It’s important to manage the perception of your business to the outside world and especially to your potential customers – given a decision to dine or not is taken very quickly.

But what is not monitored cannot be managed. From that perspective, it’s very important to have a tool that helps monitor what the perception is in the social media. That’s where GENIUS – Restaurant Analytics comes into picture. Genius is a whole package that provides Best in class Social Analytics for Restaurants. To learn more about Social Analytics for your restaurant, sign-up for a webinar here.

How can social analytics help?

Even if restaurant owners/managers are unable to provide an immediate solution (not all problems have an immediate solution), a quick response to the review stops the customer from continuing to stew on the issue and delays the immediate urge to go online and post further (and in other sites) about their bad experience.

That said, our "Social Reviews" reports helps manage this better. We are operating in a very complex world. The performance of businesses has a dependency on many things like competitors, larger macroeconomic factors/ indicators and so on. We mentioned that Connectivity is key. So, it’s important for the social analytics aspect of it is connected to other aspects of your business like marketing so that it can be done effectively.

Learn more about what are the different social sites we monitor,  what new sites we are working on, how frequently we monitor for new reviews, how do restaurants know if there are new reviews and other FAQ’s about Social Analytics in our support section here.

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