The Comprehensive Guide to Evaluating and Understanding Restaurant Trends Data

Restaurant Trends Data

Foodservice industry professionals need to stay on top of the ever-evolving restaurant trends data to make informed decisions for their businesses. Keeping up with changing market dynamics is essential for staying competitive and, ultimately, successful. Grasping these trends requires a deep understanding of the various facets of the restaurant market in order to accurately measure, evaluate and interpret the data. This guide to evaluating and understanding restaurant trends data will provide an overview of the fundamental concepts of restaurant analytics, from sales, marketing, and competitive intelligence to data enrichment and finding new kitchens.

The foodservice industry is vast and complex; millions of restaurants around the world make up an industry worth over $8 billion USD and counting. With such a large-scale and continuously evolving market, many C-levels are looking to analytics to give them the edge in understanding their competition, identifying new opportunities, and keeping up with the ever-changing restaurant trends.

For professionals in the foodservice industry, the process of evaluating restaurant trends data begins with identifying the key sources. This data can come from a wide array of industries and companies, including supplier companies, market research groups, and foodservice industry publications. It is important for businesses to have a comprehensive picture of the various sources of restaurant trends data, including those that are relevant to their specific markets and customers.

Once the data sources have been identified, the next step is to utilize proper tools to interpret and analyze the data. This can be achieved by leveraging a suite of restaurant analytics tools, such as Brizo’s Restaurant Intelligence platform. Through these tools, businesses can analyze customer data sets, track competitor movements, and uncover potential opportunities in the data for strategy and decision-making.

After the data has been gathered and analyzed by the restaurant analytics tools, the insights need to be translated into actionable items. This will depend on the needs and objectives of the business, but can include sales prospecting, marketing, competitive intelligence, and expanding operations. Sales prospecting is a process of uncovering prospective customers and qualifying them for potential sales opportunities. Through the use of restaurant trends data and targeted research, businesses can uncover sales leads that would otherwise go unnoticed.

Marketing is another key factor in the process of evaluating restaurant trends data. Marketers can use insights gathered from restaurant analytics to uncover customer trends, optimize campaigns, and target high-value customers. Additionally, they can use the data to create highly targeted customer personas to ensure that their strategies are reaching the right audiences.

Competitive intelligence is also an important process when gathering market insights. By leveraging restaurant analytics, businesses can identify trends and movements in their competition, identify competitive weaknesses, and build upon opportunities to gain an edge in the marketplace. By understanding market dynamics and the domain of their competition, businesses can have a better notion of where their own strategies and tactics may need to improve.

Finally, restaurant analytics can be used to find new kitchens and expand operations. By analyzing customer data sets, businesses can hone in on specific areas of expansion and identify potential opportunities to streamline production and increase efficiency. In addition, leveraging restaurant trends data can provide insights that can help businesses decide upon locations for optimization of customer success and conversion.

The ultimate aim of this guide to evaluating and understanding restaurant trends data is to offer insights and guidance into the ever-changing foodservice market and serve as a jumping-off point for businesses looking to benefit from the powerful insights a suite of analytics can provide. From sales prospecting to competitor research, businesses can use restaurant analytics to not only make the right strategic decisions but also gain a competitive advantage in the market. With the proper tools and platforms, any business in the foodservice industry will be well-positioned to reach their specific and unique goals.