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Competitor Analysis

Stay ahead of the game by understanding nearby events and competitor ratings along with menu and marketing strategies of top competitors.

Updated over 2 months ago

The Competitor Analytics section on our website provides vital information about your restaurant's competition. This feature allows you to stay ahead of the game by understanding nearby events, competitor ratings, lifelong impressions, and open hours of top competitors in your area. Here's a detailed guide on how to navigate this section and why it's crucial for your restaurant's success.

Top of the Page Overview

At the top of the page, you'll find an overview of:

  • Number of nearby events

  • Ratings of top competitors

  • Lifelong impressions based on the number of reviews

  • Open hours of top competitors

Radius Slider

The radius slider allows you to refine your search, ensuring you’re looking at the most relevant competitors. Adjusting the radius helps you focus on those businesses that directly impact your restaurant.

Icons for Map Views

For ease of geographical understanding, we use the following icons:

  • 🏠 Your restaurant

  • 🏒 Competitor businesses

  • πŸ“ Events

Example of overview below:

Example of zoomed in view with icons and traffic heat map details

These icons help you see map views at a glance, making it easier to understand the competitive landscape around you.

Competitor Information

We show you the top three competitors, providing the following details:

  • Address

  • Proximity (distance)

  • Rating

  • Price level

  • Open hours

  • Lifelong impressions based on the number of reviews

  • Comparison of similarity of your cuisine

  • Percentage of common service

Understanding "Percentage of Common Service"

The percentage of common service indicates how much of your service offerings overlap with your competitors'.

For example: if you and a competitor both offer a similar range of dishes and services, this percentage will be high.

This information is crucial as it helps you understand the direct competition and find areas to differentiate your offerings.

Suggested Actions

By clicking on the "suggested actions" button, you can see new menu suggestions that DYNE provides based on the success your competition is having with certain menu items.

Additionally, we offer pre-built and personalized ad campaign suggestions based on successful ads run by your competition.

With just one click, you can save this campaign and go to the "Ad Campaign" section of your dashboard to edit and publish.

Upcoming Events

At the bottom of the page, you can see upcoming events near you, along with expected attendance and the percentage of how many of these event attendees could be potential customers.

Real-World Examples:

  • With the example of the upcoming Tisha B'Av holiday, a restaurant may wish to introduce a special break-fast menu. The business can also promote pre-orders for pickup or delivery through social media campaigns, offering a 10% discount for early orders for those observing the holiday.

  • With the example of an upcoming concert in the area, this restaurant could offer a promotion to show their concert ticket and receive a free appetiser or discount.

Searching for Specific Competitors

If you're looking for a specific competitor, you can search any business at the top of the page and see all the detailed information listed above.

Filtering by Cuisine

We've added a toggle for filtering competition by cuisine. By clicking this button, you'll only see businesses within the chosen area radius that are specific to your offerings.

This feature is particularly useful if (for example) you're an ice cream shop and don't need to see information about nearby steakhouses.

View By Organization:

The by organization button enables you to see competitor chains in your area and understand details per location analytics.

Imagine This Example:

πŸ” Imagine you're the owner of an independent burger joint, and there's a chain burger restaurant nearby.

πŸ” By using this feature, you can analyze the performance of each location of the chain in your area.

πŸ” This is important because it allows you to identify which specific locations are performing well and why.

πŸ” You can then tailor your strategies to compete more effectively against those locations.

Why Competitor Analytics is Important for Restaurants

Staying Competitive

By understanding your competition, you can stay ahead of trends, adjust your offerings, and attract more customers.

Enhancing Marketing Strategies

With insights into successful competitor ad campaigns, you can create more effective marketing strategies that resonate with your target audience.

Improving Menu Offerings

Seeing which menu items are popular with your competitors helps you innovate and diversify your menu, keeping it fresh and appealing.

Maximizing Event Opportunities

Knowing about nearby events and potential customer acquisition allows you to create timely promotions that draw in event attendees.

By leveraging the Competitor Analytics section, you can make informed decisions that enhance your restaurant's performance and ensure long-term success.

For more information on how to leverage DYNE’s Competitor Analysis for your restaurant or to explore other features designed to help your business expand, please reach out to our support team.

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