Data analytics is a vast, technically diverse sector that has come a long way in recent years. The industry has borne witness to incredible growth, particularly over the last decade where the amount of data and information being produced, retained and analysed globally has risen exponentially. In this day and age, data analytics is a crucial component of the global economy – but what is data analytics? And what do data analytic companies actually do?

What is data analytics?

As the name suggests, data analytics is the process of acquiring and evaluating information for the purpose of making data-driven decisions. However, contrary to popular belief, data analytics is about more than simply collecting and analysing statistics.

Data analytics is essentially the practice of unearthing and tracking patterns in information and statistics in order to draw data-driven conclusions about future trends. These days, data analytics is usually carried out on behalf of businesses and organisations for the purpose of shaping their future strategies. As a result, data analytics has the ability to shape marketing campaigns and user experiences alike.

Does my business need data analytics?

Data is the lifeblood of today’s fast-paced world. This perhaps explains why, in recent years, data analytic solutions have become more popular as a means of gaining a competitive advantage over other businesses.

Analytics and data transformation projects can improve the efficiency and effectiveness of a business’s day-to-day operations as well as nurture growth. Other advantages include the opportunity to better hone marketing campaigns with a data-driven, customer-centric eye and the innate ability to reduce the response time to new market trends and patterns.

The purpose of data analytic companies

In a nutshell, a data analytic company exists for the purpose of analysing important information. The main goal of data analytic companies is to unearth that information, before collecting and analysing patterns and trends.

Data analytics services are usually done on behalf of a client such as a business or organisation, who are looking to boost the performance of their own strategies and campaigns. There is a range of different data types that can be analysed, from historical information to real-time analytics that are processed as data is collected.

Armed with innovative, modern technology, data analytic companies utilise data analytics, data reporting and business intelligence to provide their clients with actionable information. The information provides large and small businesses alike with key insights and performance indicators that can track patterns in customer behaviour and allow for the further streamlining of specific strategies and campaigns.

Many professional data analytic companies expand their services even further to offer a number of other important analytic and transformative solutions. Other services include data science, visualisation and capability as well as replication and warehousing.

What is data science?

As the name directly implies, data science is an overarching umbrella term for a collection of analytic services. As a result, data science combines multiple analytical and transformative services and solutions across a range of fields. Data science services usually involve statistics, important information, the use of artificial intelligence (AI) and other innovative scientific methods.

Data science vs data analytics

Although many use the terms data science and data analytics interchangeably, the two fields are actually vastly different. Data science is a broader term that encompasses a number of different analytical and transformative services, while data analytics is a more specific solution.

Data science creates initial observations by analysing patterns and potentially useful insights. This is done by laying down the required foundations and analysing large databases of information. This data is useful in a variety of domains, including modelling, machine learning and AI algorithms, because it can improve how information is processed and organised.

This is in contrast to data analytics, where analysts will focus on developing ways of capturing, processing and organising data in order to unearth actionable insights for current issues and questions. Simply said, data analytics is concerned with finding solutions to challenges for which we are unsure of the answers.

A good way to tell the difference is the ways in which both terms analyse data. Data science is more general and is essentially the process of wading through large swathes of data in search of patterns and insights. Data analytics is a little more exact and will search for the answers to specific questions. Essentially, the two fields are different sides to the same coin. The two services are highly connected and will often overlap each other, but at the end of the day data science and data analytics are not the same.

So what other services will a professional data science and transformative analytics company provide?

Data visualisation

By utilising powerful data visualisation tools, businesses and organisations can essentially translate their collected information and statistics into easily-accessible graphs, charts and other interactive visuals. Data visualisation provides fresh insights into the trends impacting a business or organisation, and can help better predict future patterns.

Data replication

As the name suggests, data replication is the process of replicating and copying data which is then stored in a physical warehouse or a cloud-based server. Businesses and organisations will duplicate their data and information to make it more accessible to both employees and people external to their operations. The service is also a means of backing up important data and information for the purpose of implementing a proactive disaster recovery plan.

Final thoughts

So what is data analytics? And what do data analytic companies do? The answer is, a lot.

At the end of the day, it’s safe to say data analytics is a critical component of the global economy in today’s world.

Data analytics itself is the act of gathering and analysing information in order to make data-driven decisions. Analytical and transformation services are typically performed on behalf of a client by a data analytic company, for the purpose of improving the effectiveness of specific campaigns.

Data analytics is about more than gathering and analysing numbers. The data analytic and transformation industry is a global sector that has advanced significantly in recent years. It’s seen tremendous expansion, particularly in the last decade due to the dramatic increase of data production and retention, as well as a desire from large and small businesses alike who want to see what data analytics can unearth.

So you’ve finally achieved your dream and opened your first restaurant. The place looks great, the menu is delicious, and you’re ready to become the next ‘must eat’ venue in your area. The restaurant business can be competitive, and with the industry seeing some of the toughest times in its history over the last couple of years, there are many businesses, new and established, that are competing with each other to get customers through the door.

The good news is that it’s expected the recent trend in ‘staycations’ will continue in 2022 as people look to the relative safety and cost-savings of enjoying holidays at home. This means more people are looking for enjoyable restaurant experiences and keen to try ‘new things’ – which could be just the clientele your new restaurant business should be trying to attract.

But how do you let everyone know your new eatery is open for business? This is where your marketing needs to be as good as your chef’s cooking skills. Getting the word out and tapping into all the available resources to let your potential customers know you’re not only open for business, but also the place to go for a most enjoyable brunch, lunch, or evening meal, is vital. But with so many options and different platforms, where do you start.

With the help of the restaurant marketing experts at SideDish marketing agency, here are some tips and advice on the key ways to promote your new business to get the covers your restaurant needs to succeed.

Google Business Profile

More than half of all online searches are carried out on mobile, and this is likely to be even higher for potential customers looking for ‘restaurants near me’. Of all these mobile searches, nearly 95% of them are carried out on Google. Which makes securing and optimising your free Google Business Profile so it can appear in the map-based mobile results of people looking for restaurants like yours crucial. This will help you tap into local passing trade, as well as provide an easy way for customers to call and book.

Social Media

Like it or loathe it, there’s no getting away from how big a part of our lives Social Media has become. With people spending so much of their time on the major platforms, it’s important that you have a presence on the channels where your potential customers are hanging out. Check-ins, reviews, recommendations from friends, all of these can help attract new customers so make sure you are using the best platforms for your business, and managing your appearance and reputation on them.

Advertising

When you’re starting out you might not have a huge amount of money to spend on marketing, but as well as all the activity you can manage yourself, even a small budget for advertising can provide a cost-effective return on your investment. From targetted local advertising on Google where you only pay if someone clicks on your ad, to campaigns on your Social Media platforms that can help you build your own audience, even starting with a small budget, and tracking what you spend and the results you see, can attract new customers and provide a good return on your investment.

Offers & Discounts

You just know that if someone tries your amazing menu they will be coming back for more – so why not give them a little nudge to get them through the door in the first instance? People love a deal, and if you offer a discount for first-time customers or a special offer of a free drink or side on the days of the week when you’re typically quiet, this could be a great way to boost trade. You could even encourage your new customers to do your marketing for you with some form of ‘refer a friend’ deal.

Restaurant promotions allow you to boost your revenue by attracting new customers and encouraging larger purchases. Consider implementing a loyalty card system where customers earn points for every dollar spent, redeemable for future discounts. This not only incentivizes repeat business but also encourages customers to spend more to unlock rewards.

Review Sites

There are literally dozens of review websites out there for restaurants and other businesses in the hospitality sector, and with everyone quick to share their thoughts (good or bad) of their latest dining experience, these can offer a gateway to a wide audience of potential customers. Choose the most popular review sites for your type of restaurant, and actively encourage happy customers to post reviews. Make sure you’re managing your reviews, and if you do get the odd less-than-complimentary review, be sure to reply appropriately so others can see it is an isolated incident, or an unreasonable customer.

Keep in Touch

Even when someone has had a great meal and a really enjoyable evening, as soon as they leave your venue there are countless other restaurants looking to entice them in the next time they’re looking to go out. By getting customers to sign up to an e-mail list with the promise of regular offers and discounts, and priority notice of events, you have an inexpensive way of keeping the customers you’ve worked hard to attract that can easily be managed through the free and inexpensive e-mail marketing platforms available.

Loyalty Schemes

You could go one better than simply keeping in touch with your customers by setting up some sort of loyalty scheme. If they enjoy dining with you, and you reward them each time they return or refer a friend, you build up a base of loyal, regular customers, which is always easier and cheaper than having to constantly go out and find new ones.

So there you have it, just a few of the key marketing tips that will help your new restaurant find its way in the world and attract the clientele that will make it the place everyone wants to eat. You will find that some approaches work better than others with different customers and at different times, so the key thing is to always track your marketing activity, that way you will not only find out what works best, but what is the most cost-effective, allowing you to focus on best marketing options for your continued success.