10 Things to Consider When Researching Food Service Trends

Food Service Trend

LinkedIn research indicates that the foodservice market is one of the fastest-growing markets in the world. Positive economic conditions, advances in technology, and higher consumer expectations have all contributed to the market’s growth. As a restaurant technology provider, understanding the foodservice market in detail is essential for history analysis, strategizing, and sales prospects.

With a better understanding of the foodservice market, you can keep tabs on industry changes and know when to update your approach. However, it can be difficult to acquire accurate data on the foodservice market. The traditional methods of market research are time-consuming and expensive. That’s why using cutting-edge technology is essential for gaining an edge in the market.

Brizo, a market leader in AI-assisted sales automation, provides deep insights and unique data fields for researching and analyzing the foodservice market. The insights provided by Brizo empower your sales team with data-driven insights that help to identify sales prospects and craft marketing strategies. Here is a list of the top 10 things to consider when you are researching the foodservice market with data.

1.Menu Insights and Pricing:

Understanding the types of foodservice establishments and the prices of menu items can be difficult to determine without access to the right data. Trends in menu items, pricing, and seasonal offerings need to be tracked regularly to stay competitive and creative. Leveraging the combination of diverse data points and menu attractions helps identify trends much quicker than traditional methods.

2. Location Performance:

It’s important to gain an understanding of the performance of each location. Without real-time performance data, it’s much more difficult to prioritize locations for expansion or new products. Restaurant performance is highly sensitive to outside conditions such as the local economy, seasonality, and product offerings. Gaining insight into the market forces that affect the performance of each store is essential for long-term success.

3. Customers and Loyalty Trends:

Knowing customer and loyalty trends is key to building a successful sales strategy. Customer segmentation and loyalty programs enable restaurant owners to tailor their offerings to the customers who will be most likely to buy them. Edging out the competition starts with understanding how customers are interacting and engaging with the different types of menus and offers.

4. Technology usage:

In the foodservice industry, the way restaurants operate is changing thanks to technology. Automation and digital commerce are transforming operations, customer service, and the way customers interact with their favorite restaurants. Knowing what tools restaurants are using for their operations can help you better understand their needs and develop better strategies.

5. Regional Variations:

Regional variations in the types of restaurants, food items, pricing, and technology usage can have a huge impact on the competitive landscape. Local trends and preferences need to be tracked on an ongoing basis to stay competitive. Access to data about regional variations is essential for developing a strategy tailored to the unique needs of each area.

6. Changes in Demand:

Fluctuations in demand can be highly unpredictable. Knowing where the demand for different types of food items is moving can help you identify new trends and develop strategies to capitalize on them. Understanding changes in demand also helps identify areas where competition might not be as strong.

7. Internal Data Sources:

Gaining insights from internal data sources, can give you a competitive advantage. Analyzing customers’ purchases, location performance, and marketing tactics are key components of developing a successful sales strategy. The more data you have about demand trends, customer segments, and marketing channels, the easier it is to craft a winning strategy.

8.Competitors:

Understanding competitors’ sales, marketing, and pricing strategies, can help you craft a competitive strategy. Keeping track of the most successful competitors can give you insights into customer purchases, product offerings, price points, and any other trends that could give you a competitive edge.

9. Change in Suppliers:

Keeping tabs on changes in suppliers and potential supplier consolidation is essential for understanding the cost of goods sold and staying competitive in the market. Restaurant supply chains are changing rapidly due to new technologies like intelligent ordering systems and the emergence of smaller suppliers.

10. Covid-19 Innovations:

The foodservice industry has been completely disrupted by the pandemic. Identifying and capitalizing on innovations in the market are essential for staying competitive. Companies are taking advantage of online ordering and contactless delivery options to meet the changing needs of customers while keeping their costs low.

It’s essential to stay ahead of the competition and understand the market trends to maximize your sales. Utilizing technology is key to staying up to date on foodservice trends and optimizing your business strategy. With Brizo’s deep insights, you will have an edge in strategizing, sales prospects, marketing, and expansion decisions.