Big data is one of the fastest-growing trends in business. It has gone from being a theoretical idea to a necessity in order to survive in an increasingly competitive business world. With the help of big data, businesses can create a better customer experience, identify new customers and target demographics, reduce costs, and much more. Those who want to be at the forefront are not only taking advantage of big data to build their own business, but also finding creative ways to further monetize their data. If you are a restaurant or bar owner, you could be earning additional revenue by selling your data.
Why Restaurant Data is Valuable
Data is indirectly valuable because it allows bars and restaurants to make better business decisions. Using the insights gained through big data, you can effectively increase food and beverage sales while also reducing costs. What people may not realize is that data also has a direct value and can be sold to companies who will use the information to improve their own marketing campaigns or more effectively promote sales for a certain product. Looking towards the future, it is inevitable that businesses will find even more ways to monetize data, making it even more valuable.
How to Make Money Selling Data
You may be wondering whether your data would actually have any value to anyone else. A simple test is to consider whether the data you collected from your POS system provided any value to you. If the answer is yes, it is more than likely that others may be able to use it for gaining business insights. To make your data more marketable, you’ll want to make sure that it is relevant, segmented, dependable, secure, and anonymized if applicable. If you can present useful data in an easy-to-digest form, then you are ready to look for some buyers.
For busy bar and restaurant owners, adding data collection to their list of tasks probably doesn’t sound too appealing. In fact, collecting, presenting, and selling data can be complicated and requires the knowledge and skills of a data scientist. So how are bars and restaurants able to sell their data? The answer is that companies like Overproof are stepping in and offering products that bridge the gap and make it easy for owners to leverage their data.
Beverage suppliers are willing to pay for the on-premise performance data you have collected at your bar or restaurant. Your sales data provides the perfect insights that suppliers can leverage to make informed decisions about sales, marketing, and brand strategies along with product development. The key is to logically segment information and create easy-to-understand reports. That is where BarInsights comes into play.
Overproof has created the BarInsights platform to make it easy for bars and restaurants to capitalize on the data that is already being collected by the POS system. Once you enroll, Overproof will directly integrate BarInsights with the merchant’s POS system. Merchants upload their beverage menu and set pricing for the brand performance insights related to cocktails on the menu that are made using their product, including base spirits and modifiers. Popular items generate larger datasets and more valuable insights, so BarInsights gives merchants full flexibility on pricing.
Merchants can invite their current supplier partners to purchase brand insights reports through the BarInsights platform, or establish new relationships by tapping into Overproof’s supplier network, and offer them the ability to purchase the brand trend insights related to their brand. Additionally, BarInsights will soon be launching its own marketplace where merchants can connect directly with new suppliers they’re interested in working with. Once a supplier accepts, Overproof’s Data Science team begins to pull the data, and then cleans, enhances and enriches it to deliver the monthly reports directly to the suppliers. Finally, Overproof handles payment collection from all supplier partners and delivers an all-in-one monthly payment to the merchant. It couldn’t be easier to make your data work for you even more.
How Much Can I Make Selling Data?
Through the BarInsights platform, bars and restaurants can sell a report for $100-$250 and can make anywhere from $1,000 to $3,000 per month, with many merchants sitting happily in the $1,500 to $2,000 range. The amount you make of course depends on how many locations you have and how many cocktail programs you are running on a monthly basis.
Big data has a lot of untapped potential in the hospitality and beverage alcohol industries. What we do know is that if you are using big data to help guide your own bar or restaurant, you should also be selling that valuable data to suppliers and other interested parties to make an easy profit. Fortunately, BarInsights has made it simple for bars and restaurants to connect with suppliers, sell the POS data they’re already collecting, and earn additional revenue each month.
How do you make money selling data?
Big data is in big demand. If you are concerned with staying competitive, you are probably already collecting data on performance and sales. This information can be old to other companies who are looking to improve the customer experience, minimize costs, identify new target demographics, and much more.
How do you sell your data as a bar or restaurant owner?
First, you have to make sure that you are presenting reliable information that is segmented in a way that makes it easy to understand. From there, you can enroll in Overproof’s BarInsights platform. This tool will fully integrate with your existing POS system, generate data and prices, allow you to connect with current suppliers or locate new ones, and generate monthly reports for your data clients.
How much money does selling data make?
The exact amount you can earn depends on the number of locations and cocktail programs you are overseeing. However, bars and restaurants can earn from $1,000 to $3,000 per month with the average earnings falling around $1,500 – $2,000.
Where can I find a data seller for the hospitality industry?
BarInsights is your best bet for a cutting-edge data selling platform specifically designed with the hospitality industry in mind. It provides an integrated and automated solution so that you don’t have to worry about adding to your workload.