Understanding Data: Marketing and Profitability

DAY 1: UNDERSTANDING MARKETING DATA FOR BUSINESSES

• Enhanced Customer Understanding of Marketing Data for Businesses
  • Maximise ROI: Learn strategies to analyse and improve return on investment through data-driven marketing decisions.
  • Predictive Insights: Use customer behaviour data to forecast trends and tailor marketing strategies effectively.

• Types of Data in Marketing
  • Diverse Data Sources: Understand various types of marketing data, including behavioural, transactional, and demographic data, to enhance personalisation and segmentation.
  • Sales and Web Analytics: Analyse sales data and web analytics to track performance, optimise resource allocation, and improve conversion rates.

• Data Management
  • Internal vs. External Sources: Learn about tools within external platforms like Mailchimp, Zendesk, and Google Analytics for data insights.
  • Market Research: Utilise both internal and external data sources for effective market research and strategic planning.

• Analysing Marketing Insights
  • Key Metrics: Gain proficiency in essential marketing metrics such as Customer Acquisition Cost (CAC), Customer Lifetime Value (CLV), and Conversion Rate to evaluate marketing effectiveness.
  • A/B Testing: Learn about A/B testing techniques to optimise marketing campaigns; for example, in food and beverage contexts.

• Customer Retention and Loyalty
  • Retention Strategies: Leverage customer data to develop effective retention and loyalty initiatives.
  • Understanding CLV: Dive  into Customer Lifetime Value analysis, focusing on components like Average Purchase Value and Average Customer Lifespan to maximise long-term profitability.

• Practical Applications
  • Optimising Campaigns: Apply insights from social media engagement metrics to refine and improve the performance of marketing campaigns.

DAY 2: UNDERSTANDING PROFITABILITY DATA FOR BUSINESSES

• Fundamentals of Accounting
  • Double Entry Accounting: Understand the principles of double entry accounting, ensuring accurate financial records through the balanced accounting equation.
  • Financial Statements: Learn to prepare and interpret key financial statements, including the Income Statement, Statement of Changes in Equity, and Statement of Financial Position.

• Effective Financial Reporting
  • Formatting P&L and Balance Sheet: Discover best practices for formatting Profit and Loss (P&L) statements and Balance Sheets (BS) to maximise their usefulness and value for decision-making.

• Key Performance Indicators
  • Understanding Profitability: Identify important figures on every restaurant P&L, focusing on metrics like gross profit margin, liquidity ratios, and sales per square foot, which are vital for profitability assessment.
  • Liquidity Ratios: Analyse liquidity through key ratios such as the Current Ratio and Quick Ratio to evaluate short-term financial health.

• Industry Insights
  • Benchmarking Costs and Expenses: Learn about restaurant industry averages on key costs and expenses.

• Strategic Decision-Making
  • Types of Decisions: Understand strategic, tactical, and operational decisions that influence business management and profitability.
  • Menu Engineering: Utilise menu engineering techniques to enhance profitability through informed pricing and product placement strategies.