Insights is a purchasing analytics add-on for Plate IQ users helping Operators understand their spend, identify cost savings opportunities, and control costs.
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Plate IQ Insights ā Spend Analysis.
Plate IQ helps process and pay invoices for accounting teams in the hospitality industry. Invoices are delivered with ingredients that are purchased, and represent money owed to vendors at some point in the future ā in short, these are very important pieces of paper.
Since (a) business critical purchasing data is trapped on paper, (b) our core offering extracts that data and puts it into a usable data structure, we were well-positioned to provide some novel analytics capabilities for our customers.
They let us know it too... we had 2 strong demand signals going into this project:
<aside> š” For operators and purchasing teams in the restaurant industry, Insights is the best cost management tool for helping Plate IQ customers identify cost savings opportunities and control costs.
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Insights was committed with two objectives:
The Insights product line was a success insofar as it stratified our pricing packages by creating a new Pro + tier, commanding a list price 40% higher than our previous maximal offering. However, I failed to ensure tighter sales discount controls were maintained at the new higher prices. My follow-on analysis showed that we discounted most of the potential gains away; Insights only improved the average contract value by 8% after six months.
Similarly, we successfully launched an in-product upsell channel, including an email drip campaign, a marketing page, Intercom chat support, and rudimentary billing support. However, we did not meet success metrics that concluded it to be a viable channel for future upsell efforts. My postmortem analysis suggests that Plate IQ's day-to-day users are not decision makers, and in-product upselling tactics were not compelling enough for lower-level workers to carry the message up the chain ā a known risk prior to kickoff.