If you’re in the food service industry, it goes without saying that market research is essential to success. After all, you must understand what your customers like and dislike about your products and services before attempting to make adjustments or introductions. However, carrying out effective market research can be a daunting task—especially with fewer resources than ever due to the pandemic. But don’t panic! We’ve got 6 essential steps you can take towards fruitful market research that’ll help give your business a competitive edge while making sure everyone involved stays safe as well. Read on to discover our top tips for effective market research in the food service industry!
Identifying market research objectives is a foundational step for any organization looking to enter the food service industry. Whether you are already a market leader, or just starting out in market research, having a well-defined roadmap for your initiatives can help ensure that you get the most useful data from your research activities. For food service suppliers focusing on specific market research goals can allow them to take full advantage of the data collected and gain insights into areas such as market trends and customer preferences. This crucial first step should be given ample thought and consideration, as it sets the strategic trajectory for all the market research initiatives that will follow. Ask yourself questions such as: What do I want to learn about my customers? How does this research fit into my overall business goals? And make sure you keep your objectives realistic and achievable.
Understanding your target market is crucial for any business, and the food service industry is no exception. It’s essential to identify demographics such as age, gender, income, and location, as well as psychographics such as lifestyle, attitudes, and values. That way, you can tailor your research to the people who are most likely to purchase or use your products or services.
Analyzing your competition is one of the most important steps you can take before entering the market. To get a better understanding of what market share you’re competing for, conduct market research and learn about who your biggest competitors are. Consider factors such as pricing, customer base, and marketing approach when completing this market research. If you’re getting ready to enter the food service industry, research suppliers in the market so you understand what potential options you have for material costs. Such market research will help make sure that your business plan makes good financial sense from the start.
Once you’ve identified the problem, established a solution, and conducted market research, it’s time to collect data from the food service supplying industry — also known as Step 4. It’s important to not only consider market trends but what customers are saying about your competitors. What better way than to know firsthand what customers are looking for when it comes to food service supplies? Scanning customer reviews, surveys, and market analysis reports will provide you with valuable insights to gain an edge over your competitors. After all, market knowledge is power!
Analyzing and interpreting the market research data is crucial in understanding how to best market your food service-supplying business. Contrary to popular belief, this is not just a matter of crunching numbers – it’s about scrutinizing the data and making useful conclusions. This includes correlating trends, identifying market issues, and drawing valid comparisons between different market segments. With an accurate assessment and careful interpretation of the market research report, you can gain invaluable insight into the food service supplying industry that will help you develop key strategies for success.
Step 6 of market research involves implementing the findings to create business strategies and increase market share in the food service supplying industry. This step is critical since it allows perspective among decision-makers when it comes to assessing customer needs, market trends, and opportunities. Implementation of findings may involve making decisions based on market surveys, focus groups, or any other sources that contribute toward market assessment. It’s best to have a plan in place outlining the steps needed to maximize market value and improve profitability—all due to the data collected during market research.
Now that you know the six essential steps for effective market research, it’s time to put them into action. The best way to learn more about how to apply these steps is by talking with an expert in the food service industry. At Brizo FoodMetrics, we have a team of experienced professionals who can help make your market research process easier. To learn more about our services, please get in touch.