It’s the Fourth of July and that means lots of activity and data. The Modern Restaurant Management Magazine’s mid-year research roundup revealed a lot of key insights about this American holiday. And although these insights may seem obvious, there’s more to analyze beyond the surface. Data insights are only as valuable as the decisions that follow.
Here’s how Fourth of July data insights can be used effectively.
What insights have immediate value?
Like any holiday, there are relevant sales and purchases. In the first week of July, Americans spend lots of money on:
- Food and gear for parties, celebrations, cookouts, and more festivities
- Traveling, crowding the roadways and busy cities
- Ice cream, often reaching high sales
Unexpectedly, data also shows opportunity for a few unlikely purchases including:
- Appliances and furniture sales
These insights should prompt a series of better business decisions internally to maximize performance during the holiday.
How to fully utilize insights
The surface of these insights reveal some important facts, but you’ll have to dig a little deeper to build value.
- Grocery stores will have to prepare enough inventory to accommodate larger crowds, but they should also use the data to predict the volume of sales to optimize staffing, schedule deliveries and promotions, and avoid overstocking to account for the post-holiday drop-off
- This kind of insight will be used by large brands, chains, and vendors to assess sales performance, marketing, revenue, etc
- Profits at the store level can affect store closings/local economies/stock prices, and more
- Hotel bookings aren’t consistent every year because the Fourth falls on a different day of the week
- Insights show hotels are only busier when the holiday falls closer to the weekend, when people have more time for a mini-vacation rather than a day off in the middle of the week, meaning hotels can better prepare for the holiday based on the day of the week
- Chains will likely adjust marketing campaigns, staffing, budgets, reports to accommodate more/fewer reservations
- The likelihood of accidents on the road go up due to high traffic, a fact commonly used in public safety campaigns
- More specific travel insights can raise public awareness and reduce the number of accidents
- Related businesses like insurance companies can stay alert to deal with an increase in claims during holidays like this
There’s always more to analyze even after gaining initial insights because you need to make decisions.
What insights do your business hold?
Celebrating the Fourth of July can be fun and valuable for businesses, as long as you know how to analyze insights.