Beverage businesses face a multitude of challenges that require data-driven insights to navigate. From sales prospecting and marketing to understanding and expanding business operations, having access to comprehensive data and analysis of the foodservice market is invaluable.
Brizo provides access to diverse data sets along with an intuitive suite of tools to offer foodservice providers deep industry insights. The specialized fields of their menu data and restaurant tech coverage are integral for businesses looking to understand, improve, and grow. Here are 10 considerations that restaurant technology providers should take into account when evaluating beverage business insights.
1. Marketing with Industry Insights
Partnering with a data-driven industry insight provider can help restaurants attract, convert, and close more leads through effective marketing. Obtaining comprehensive insights into market trends, customer relatability, and more can accelerate a business’s lead generation and conversion numbers. This information also leads to targeted content to better engage potential customers.
2. Streamlined Prospecting and Production Innovation
Accumulating insights from comprehensive data makes it possible to discover points of business growth and efficiently increase revenues. For example, gaining visibility from detailed regional and sector analyses gives an opportunity to identify the most profitable markets and target them specifically. Utilizing insights that identify gaps in the market for a restaurants’s product or service can be instrumental in streamlining their sales prospecting.
In addition to this, detailed market landscapes help restaurants to assess their competitors and gain an advantage in production innovation. By understanding the available products and services, businesses can form strategic partnerships and innovate new offerings that are tailored to customer needs.
3. Data-driven Decision Making
Making business decisions without the proper information can be risky. With the breadth of data offered by industry insight providers, restaurants can make confident decisions when it comes to determining budget allocations, customer experience strategies, and more.
Gathering insights from data-driven analysis helps craft an effective plan with less guesswork. This not only saves time and resources, but it allows for targeted growth with statistics to back up the plan.
4. Valuable Customer Segmentation
Businesses can make better decisions about which marketing channels and campaigns to invest in when customer segmentation is identified. Extensive customer data allows for insight into the shopping habits of current and prospective customers as well as their customer profile. With this, restaurants can tailor content to each segment and increase the return.
5. Enhancing Systems with Enriched Data
Industry insight providers accumulate data from various sources including third-party APIs and surveys. This data is often not available in its entirety and requires transforming through enrichment processes. By utilizing enriched data, businesses can gain a better overview of customer opinions and unearth potential customer journeys.
6. Increased Value through Automation
Insight providers make automation available to packaged data so that businesses can obtain real-time results and insights with greater ease. This level of efficiency provides more value not only through time-saving capabilities but also by eliminating the manual entry aspect of collecting data.
7. AI-Generated Insights
By leveraging artificial intelligence, various industry-specific tasks can be automated and data can be analyzed more quickly and accurately. AI provides the ability to interpret data in order to generate insights and predictions that guide decisions. AI can be used to address a range of challenges, from customer personalization and dynamic pricing strategies to advanced fraud detection.
8. Customized Dashboards
Customized dashboards are important for businesses because they enable transparency and give an adequate overview of operations. A suitable dashboard should provide visibility into data points such as customer feedback, product inventory, performance metrics, and more. Having access to a range of data sets can help create a comprehensive view of operations, allowing businesses to make smarter decisions.
9. Robust Security
In an increasingly data-driven world, robust security measures are essential to protect against data breaches. Suitable safety measures such as encryption, two-factor authentication, and end-to-end data management help ensure that internal data stays secure. Additionally, having an Audits & Security tab on the industry insight provider’s website is a good indication of the safety of their data-centered services.
10. Extensive Support & Training
Ideally, the industry insight provider should have an excellent customer service team ready to assist with any obstacles or questions that may arise. Access to knowledgeable support professionals and comprehensive training materials are indicators of a reliable and comprehensive service.
At the end of the day, having a comprehensive understanding of the foodservice market is a key factor for successful beverage businesses. Leveraging data-driven insights when evaluating their services is an integral part of the decision-making process and will put beverage businesses in an ideal position to succeed.
