How Transaction Data Can Enhance QSR Strategies & Growth
A More Insightful Way for QSRs to Expand
Exceptionally competitive and constantly changing, the quick-service restaurant (QSR) industry is no stranger to “wars” over prices, menus, value options, and customer loyalty.
That tool is transaction data.
Why Transaction Data in the QSR Industry?
Also referred to as customer spending data or alternative data, transaction data is information about the purchases consumers have made using their debit or credit cards.
Amassed and depersonalized, transaction data doesn’t reveal specifics or sensitive details about any single customer. On the contrary, QSR transaction data can uncover crucial details that tell a story about certain sectors, operations, and the market as a whole. That can include details about the following.
With this and other information in hand, QSR leaders can get a much better pulse on what’s truly happening in their area, with their customers, with their competition, and in the QSR industry as a whole in near real-time.
How Some QSRs Are Using Transaction Data to Do More
Raising the stakes and turbocharging QSR strategies, transaction data has the potential to open up novel opportunities for making more prudent decisions about how and where to grow, when to make price changes, and how to roll out new offerings.
In fact, some quick-service restaurants are already using transaction data to fast-track remarkable success in certain operations, plans, and decisions. In particular, QSR transaction data has been integral in helping some leaders and franchises do the following.
Ultimately, quick-service restaurants that embrace transaction data can be more effective innovators and much stronger competitors in the food service industry. They can also compete with and overtake industry titans by advancing and evolving in ways that others don’t.