Punchh, a software startup that creates digital marketing tools for physical retailers like restaurants, announced the release of its new machine learning-based "Predictive Customer Lifetime Value" (PCLV) application this week. But will this new technology just be another avenue for data darwinism? CLV is a metric companies use to predict how much money they will reasonably get from any one customer. The concept certainly makes you wonder whether restaurants are feeding you meat, or if you're the meat feeding the restaurant. Regardless, it's something restaurants are using more.
Apple is slowly but surely growing the list of places where you can pay hands-free with your iPhone and Apple Pay. The latest addition: Smashburger, which announced that it will begin accepting Apple Pay later this year. SEE ALSO: This could be our first look at the iPhone 8's glorious edge-to-edge screen Once it's live in store, you'll be able to tap-to-pay just as you would at any other business or retailer that takes Apple. Additionally, Apple Pay will also be integrated with Smashburger's loyalty program. Once you've paid, your phone will prompt you to join the restaurant's loyalty program, which lets you earn discounts and credit toward future orders.
Daniel McCann, founder of 5Thru, became frustrated with waiting in growing drive-thru lines -- sometimes 15 cars deep -- to buy his morning coffee. As a payments expert, he knew that payments at the window take 23 to 25 seconds to process in addition to cook times, which adds up quickly if there is a line. Instead of waiting, he would often have to forgo the drive-thru and head to the office without his caffeine fix. He thought there had to be a better way. "Drive-thrus are one of those things that are still being done today as they were 50 years ago," McCann told Restaurant Dive.
Data is the foundation of every modern marketing plan. What distinguishes some marketing approaches from others is the way that data is collected, how it's leveraged and how effectively it can drive desired outcomes. The ability to nail these competencies, which can be optimized by the right technologies, can mean the difference between success and failure. Loyalty programs can be robust sources of customer information and are particularly suited for collecting data at the top of the sales funnel. It is a mistake to view loyalty and promotion programs as simply a vehicle for driving incremental purchases.