NEWS: Data Analytics Startup Expands to Newport Beach
Getting patrons to a restaurant in the first year is relatively easy, with the typical buzz that’s generated. Getting those same customers to come back can be more challenging.
It’s important for restaurants to keep customers so they can maintain a steady clientele and focus on other aspects of running the business, like inventory management and menu pricing, as well as hiring and retaining employees.
A software startup with the goal of helping restaurants retain customers recently expanded into Newport Beach. Revzi uses data from credit card transactions – gathering data from every single transaction and combining that with existing point-of-sale reports.
“The combination of both creates powerful insights for restaurateurs,” CEO Paul Hadfield said.
Revzi competes with credit card processing companies. It differentiates itself by providing the same processing services, along with its data analytics, for about the same price, Hadfield said. The typical fee is about 2.25% per transaction.
Hadfield and Brandt Young, national sales director, launched the company in 2014 in Chicago. The original idea was to start a consulting firm that worked with restaurants. The restaurant owners they talked to early on said they needed something tangible that would give them a competitive edge. Getting hard data filled that need.
Hadfield came from the credit card processing world while Brandt came from the restaurant world. They melded their expertise and opened their first office in Chicago in 2016. They amassed 400 clients in the first two years, Hadfield said. In terms of market share in the Windy City, the company works with one out of every five restaurants, Hadfield said.
They expanded to Denver last fall, where there’s a robust business community, Hadfield said. They opened the Newport Beach office in January after Hadfield moved to OC. They’re hiring locally for restaurant consultants to market their software to restaurant owners.
They’ve bootstrapped the company to the tune of hundreds of thousands of dollars. They’ve reinvested all profits back into the company.
Sales are robust, Hadfield said.
“We’re continuously breaking records for new clients every month,” he said. “On any given month, we’ll bring on an average of 60 to 70 new clients. I think we get a lot of customers that are referrals. We also have a great sales team of networking within local communities and the product speaks for itself.”
Their long-term goal is to open 25 offices within 10 years.