How Toast Benchmarking Gives Restaurants a Competitive Advantage

Toast Benchmarking provides insights into your competition and market trends. Discover how it can empower you to make data-driven decisions to boost profitability.

Running a restaurant in today’s fast-paced industry is tough. Margins are tight, competition is fierce, and staying ahead of market trends feels like a never-ending battle.

With so much to manage – from inventory and staff scheduling to menu optimization and customer experience – it can feel like you’re juggling a hundred priorities while competitors race ahead.

What if you could understand local market trends and make data-driven decisions to optimize your business? This is where Toast Benchmarking steps in – a powerful tool that empowers you with insights into your competitive landscape and local market trends.

Introducing Toast Benchmarking: your secret weapon

Toast Benchmarking is a powerful analytics tool that provides you with a clear view of your restaurant’s performance, to help you outsmart the competition and grow your profits effortlessly.

It leverages anonymized data from Toast’s network of 127,000 restaurant locations, with a data set that’s updated daily and delivered to you automatically. You’ll get access to key metrics such as:

• Sales trends: Toast Benchmarking lets you track your sales performance against similar restaurants in your area, identifying seasonal trends, customer buying patterns, and untapped growth opportunities. Imagine knowing exactly when your competitors are busiest and adjusting your promotions accordingly.
• Menu analysis: Gain insights into which menu items are performing well and which ones might need a revamp. By comparing your pricing and performance to the competition, right down to specific items on your menu, you can optimize pricing, identify underperforming items, and develop winning new dishes.
• Customer traffic: Understanding customer traffic patterns is crucial for optimizing staffing and promotions. Toast Benchmarking highlights peak hours and foot traffic trends, allowing you to adjust your strategies and capture more customers.

Benefits of Toast benchmarking for your restaurant business

Toast Benchmarking isn’t just about data: it’s about driving tangible results. Here are some of the key benefits you can expect:
Make data-driven decisions: Toast Benchmarking empowers you to make strategic decisions based on up-to-date market data and unparalleled competitor insights.

• Gain a competitive edge: By understanding how your restaurant stacks up against the competition, you can identify areas for improvement and implement strategic changes to differentiate yourself and attract more customers. You can define the peer set across filters like geography, cuisine type, average check size, and more that you want to make comparisons with – whether that’s to reflect the most similar competitors or to explore the broader market, or perhaps a new area.
• Optimize your menu: Toast Benchmarking sheds light on customer preferences and menu performance, allowing you to refine your offerings, adjust pricing strategies, and maximize profitability.
• Labor costs: Labor is a major expense for any restaurant. Toast Benchmarking shows you hourly sales, average order size, and table turn times, for both you and your peers. This can help you make informed decisions about scheduling, overtime, and staffing levels.
• Boost your bottom line: With a deeper understanding of your market position and customer behavior, you can implement targeted strategies to boost sales, reduce costs, and improve your overall profitability.