What’s the Value of Data?

We talk a lot about data here at Vēmos. After all, it’s our bread and butter. But we understand not everyone is as gung-ho about data as we are, and many don’t understand the full value of what well-presented data can do for your business. And that’s an error we aim to correct, because data can mean the difference between a successful and a failing business.

The first thing to understand is collecting and analyzing data doesn’t have to be a chore. I know, that seems like an oxymoron. Traditionally, data would come in as a spreadsheet of information that didn’t really make a lot of sense unless you knew how to filter and categorize it into something meaningful. But in today’s day and age, it’s possible to get a system set up that automatically collects the data for you and then presents it in real-time in easy-to-read charts. In fact, Vēmos is exactly this solution — it collects data from all areas of your venue and displays the information in one central spot.

With this type of system, you’re able to identify:

  • How much money you made or lost over a given time period
  • Which days of the week are your busiest
  • Who your guests are, how often they show up, what they typically purchase, and what drives them attend
  • What type of liquor you sell the most on a given day
  • How many VIP tables are reserved a night
  • Which promoters are bringing in the most guests (and the highest-spenders)
  • Which servers are upsetting the most and making the most tips
  • What types of promotion or events bring in the most traffic

This information allows you to get a true sense of how your venue is performing, which in turn allows you to understand what is and isn’t working so you can make the necessary changes. That’s the true power of data. When you have absolute clarity around your event or venue’s performance, you can do even more to increase your success, including marketing to your exact target audience or generating more pre-sale revenue. Without data, you’re simply just guessing.

This If you aren’t able to rattle of the above points, it’s time to put an analytics system in place. Don’t cut yourself short by only turning to your point of sale system to provide this data. While it’s true that most POS systems collect data, it’s oftentimes presented in convoluted ways. It’s nearly impossible to get a glimpse of your venue’s employee performance, promoter performance, or individual guest sales. That’s why it’s more important than ever to turn to a system that not only collects, but also analyzes and reports the data you need in meaningful ways. After all, the more you know, the more you can do.

Interested in learning more about Vēmos analytics? Fill out the form below or contact Whitney Larson at whitney.larson@vemos.io.

Top