The client: Food service company
Area of engagement: Customer analytics
The food service sector is greatly affected by altering consumer preferences, economic volatility, and market dynamism. Consequently, leading food service companies are exploring ways to meet the relentless demands of their customers and improve the bottom line. The food service industry comprises of restaurants and leading food chains that aim at expanding their consumer base by offering low-cost options to the customers to replace home-cooked meals. Although the rising number of food chains contributes to the overall growth of the food and beverage industry, several factors may hinder its growth market in the coming years.
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- Economic instability: Owing to the recent fluctuations in the economy, the prices of the commodities have been increasing. This is mainly due to the inflated tax rates being imposed by the government. This fluctuation in the prices of commodities has greatly reduced the consumer’s spending.
- Shortage in the supply of raw materials: Lately, the food industry is witnessing a drastic shortage in the supply of raw materials, and this can be the result of adverse weather conditions or natural calamities. Also, with the changing climatic conditions across the globe, the supply of raw materials has been hindered.
To combat such factors and bridge the demand-supply gap, leading food service companies are utilizing customer analytics solutions. Customer analytics is all about understanding the buying habits and lifestyle preferences of the customers and making accurate predictions on future buying decisions.
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The Business Challenge
According to a recent study, food preparation and serving is the third-largest source of employment for US millennials.
A prominent client in the food service industry wanted to understand the past buying behavior of their customers and accurately predict their future buying patterns. The client wanted to include customer analytics as a part of their business strategy to outperform their competitors on the basis of key performance metrics, sales growth, and return on investment. With the customers becoming more informed than ever before, the client wanted to identify, attract, and retain the most profitable customers. The primary aim of the engagement was to utilize predictive analytics to analyze customers’ interaction with the brands.
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The Solution and the Business Impact
Strategies that we recommended based on our analysis to drive customer engagement.
With the help of the customer analytics solution offered by Quantzig, the food service client was able to gain an accurate view of the customers and identify potential ways to acquire and retain the most profitable customer segments. The food service company also sought ways to identify high-value customers and proactively interact with them. In this customer-centric environment, the engagement also helped the client profile and target customers across all channels and understand their perception towards the brand. The customer analytics engagement also helped the client predict the churn rate and provide personalized offerings to the customers to improve their lifetime value.