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Decoding Taproom Tabs
What are our customers buying?
In today's competitive taproom landscape, it's not enough to simply serve stellar beers and snacks. The key to sustainable success often lies in the details. For taprooms, this means understanding the characteristics of every tab that gets opened - from that pint of craft beer to the branded merchandise being sold at the exit.
Why Understanding Tabs is a Game-Changer:
Each tab opened tells a story - a story of your customer’s preferences, desires, and the kind of experience they're looking for. By categorizing the sales on each tab into clear segments such as beer, food, cans-to-go, and merchandise-to-go, taprooms can gain invaluable insights:
1. What are people ordering on each tab?
Identifying patterns can provide insights into customer preferences. For instance, are patrons more inclined to purchase cans-to-go on weekends? Such data can help in inventory forecasting.
2. How much average revenue do we get on each type of tab?
Understanding average revenue for different types of tabs can help in resource allocation. If tabs with merchandise yield higher revenue, it might be worth investing more in additional merchandise.
3. How does each category contribute to our total sales?
A holistic view of category contributions can inform marketing strategies, promotional offers, and even help in designing a more customer-centric menu.
In our example dashboard, we can get to some interesting insights in just a matter of seconds:
We make about $40 more revenue when we sell multi-category tabs; and multi-category tabs make up almost 60% of our revenue $ but less than 40% of our volume.
- ‘Drinks Only’ category makes up the majority of our volume.
- ‘Drinks + Food + Merch’ has our highest average revenue per tab.
- ‘Drink + Food’ make up the highest total revenue amount at 45% of our total sales.
Excel vs. Modern Analytics:
Once, Excel was the only game in town to try to produce an analysis like this. But as taproom operations grow in complexity, so do the data sets. Here's why relying solely on Excel can be problematic (especially for complex analysis like this):
1. Volume & Scalability: Excel has limitations when it comes to handling large data sets. As your taproom grows, so will the volume of data, making Excel less efficient and more prone to errors.
2. Complex Queries: While Excel is powerful, running intricate queries to dissect data across multiple categories can be cumbersome and time-consuming.
3. Real-time Analysis: In a fast-paced taproom environment, real-time insights are invaluable. Excel doesn't naturally cater to real-time data feeds or analytics, putting you a step behind.
Enter modern analytics platforms.
These tools not only address the limitations of Excel but also provide:
1. Real-time Insights: Monitor trends and sales as they happen, making instant decisions that can boost revenues.
2. Advanced Data Visualization: Get insights at a glance with interactive dashboards and visual representations.
3. Predictive Analytics: Anticipate future sales trends based on past data, allowing for better planning and inventory management.
4. Granular Analysis: Delve deep into data without getting bogged down by the complexities, thanks to user-friendly interfaces and powerful systems.
Wrapping Up:
In the world of taprooms, where margins can be thin and competition fierce, every decision counts. By moving beyond traditional tools like Excel and embracing the power of modern analytics, taprooms can gain the edge they need.
After all, in an era where actionable insights are gold, having the right tools to mine it is half the battle won.
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