The mainstream restaurant industry today is largely based on consumer-focused research, limited to trends and preferences of diners and their experiences. But to understand what’s affecting the food-service supply side of the market, a much more comprehensive view is necessary. By understanding the factors that make up the current food-service system, it’s possible to forecast the changes in demand and supply, as well as the forces that are driving the industry. The role of data in this space, especially with the current lack of adequate market research and reporting, can help restaurateurs to define their competitive strategies and businesses to develop targeted products to meet this growing industry.
With the advancements in data collection and gathering technologies, companies are able to more accurately analyze the business trends and the regulatory environment of the food market. Technology companies like Brizo provide a board and diverse set of data for deeper food service market understanding and analysis. Their data allows for highly targeted research and prospecting of the food-service market with unique data fields specific to the food service industry. Insights include in-depth menu data and restaurant technology coverage. Growing technology capabilities allow companies to track, measure, and compare activities and trends in the industry, and with increasing frequency and accuracy, companies can model market movements and pull real insights from this data.
When it comes to leveraging the understanding of the food-service market, here are the top 10 best practices companies need to consider to benefit from the most up-to-date data and insights available.
Comprehensive Research
Taking the time to fully research the food-service market and its trends, whether through industry reports and news articles, government data sets, or other industry resources, is essential. Companies need to understand the differences among regions and which segments are most relevant for their businesses. This organized data can be then used to identify potential customer segments, target marketing towards relevant trends, and understand regional trends.
Target Prospective Customers
With the research, you can more easily target specific audiences and identify trends for potential leads. Using this data, companies can segment their markets, create specialized marketing strategies, and develop optimized products for individual customer segments.
Build and Promote Brand Awareness
Customers will be more likely to try a product or service if they are familiar with the brand. Companies can use data to better promote their brand, build awareness, and begin conversations with current and potential customers on the foodservice market.
Market and Price Monitoring
Using data-driven insights and analytics, companies can keep track of trends in the food-service market to help maximize their revenue. Data can provide insight into pricing dynamics, competitive analysis, and demand for specific products in different areas.
Improve Product Development
Organizations and businesses can use market intelligence data and analysis to develop more efficient and successful products. With real-time market data, companies can quickly develop and optimize products tailored to their specific customer base.
Optimize Pricing Models
When creating new product lines or pricing models, companies can rely on market data to inform their strategy and design the most cost-effective Option. Marketplace data allows companies to better understand the dynamics of their market, so they can price their offering at the most attractive level for their customer base.
Find Kitchens & Expand Operations
With data-driven insights, businesses can more easily identify potential sites where they can expand their operations. This can enable them to find kitchens to rent and take advantage of locations in their city they may not have considered.
Focus on Kitchens that Drive Profits
Data can be used to determine which market segments and areas yield the greatest profits and target journalism efforts accordingly. This can also help companies focus on the most profitable kitchens in their city or region.
Enhance Systems with Data Enrichment
Market data can also be used to enhance current systems and create more comprehensive market insights. Companies can build solutions around popular industry intelligence, which can make it easier to make strategic decisions.
Access Comprehensive Data and Analysis
Foodservice technology providers can rely on comprehensive datasets and analysis to access the most comprehensive information available. This data can inform decisions about pricing, menu items, and even trends in the foodservice industry.
