The client: Quick service restaurant
Area of engagement: Customer analytics
Today, the market for quick service restaurant is stimulated by globalization and the general increase in the income of the global population. Rapid economic growth has also spurred the growth of niche markets for the quick service restaurant market, owing to the increased demand and consumption of quick serving, convenient, and ready-made meals. Additionally, the high demand and popularity of these businesses can be attributed to several factors including the handy dining experience offered at a relatively low price, competitive pricing, swiftness in service, and convenient locations of the quick service restaurant.
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The Business Challenge
The client, a quick service restaurant with outlets spread across 14 countries, was looking at maximizing revenues by leveraging customer analytics solutions. The client also wanted to seek ways to engage with the customers through the right channel, at the right time. The client also wanted to gain an in-depth understanding of the customers’ buying behavior to deliver optimized experiences and offer personalized services.
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Solution Benefits and the Business Impact
The customer analytics solution offered by Quantzig helped the quick service restaurant client to understand the buying habits and purchasing preferences of the customers. This enabled the client to devise relevant offers to reduce the likeliness of churn. Additionally, the client increased response rates, customer loyalty, and ultimately enhanced the ROI.
Customer Analytics Solution Predictive Insights
With the help of Quantzig’s customer analytics solution, firms in the food and beverage industry space can gain detailed customer insights, which would allow them to increase the customer lifetime value. These solutions also help companies develop tailored customer-oriented campaigns that help in reducing their overall marketing spend.
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However, our in-depth study of the global food and beverage industry shows that increasing demand for quality, changing customer preferences, and extreme competition pose challenges to firms operating in this sector. A few other factors restricting the growth prospects of the industry include:
- Increasingly saturated market: The global quick-service restaurant market is currently booming and firms operating in this sector are facing stiff competition from the peers; thereby, leading to the decline in individual unit sales. Hence, firms have started focusing on developing strategies to enhance customer loyalty and gain a competitive advantage.
- Technological factors: Today, technological factors have brought about significant changes in the way food brands engage and interact with their customers. Furthermore, they also affect the marketing and advertising plans for brands.