When it comes to trading food products in the foodservice industry, the stakes are high. With an extensive variety of suppliers, consumers and suppliers pumping out products daily it can be difficult to make the wisest decisions when it comes to buying, selling and growing in this space. Utilizing the power of market research can help you make the data driven decisions you need to make smart and profitable moves in foodservice.
For those in the industry who are looking to stay ahead of the game, here are the top 10 things to consider regarding market research food.
1. Gather Comprehensive Data: One of the best timesavers in market research is having access to comprehensive data sets. Accurate information from such databases can save you time and effort in researching the market, helping you make the best decisions in terms of customer preferences, competitor prices, etc.
2. Dig Deep Into Consumer Insights: The competition in the food service industry is fierce, which means capturing consumer insight is essential to success. Make sure to include consumer surveys, reviews and feedback when conducting market research. With this data, you can see what customers are in need of, which can help inform your marketing and sales campaigns.
3. Monitor Location Trends: Wondering where to open your next location? Monitoring the trends of the region in which you want to set up shop is an important step in market research. Identifying hotspots and demographic changes across those hotspots can help you target the right audiences and provide the right products for the right customers.
4. Streamline restaurant technology: A key to increased profitability in the foodservice industry is staying ahead of restaurant technology trends. Implementing a robust system of restaurant technology can lead to increased efficiency—and increased profits.
5. Keep Your Fingers on the Pulse of Food Trends: Staying up to date on food trends is arguably the most important and most fluid aspect of market research. What’s popular? What’s out? What ingredients and flavors should you have on offer? Staying ahead of these trends is essential to maintaining a competitive edge in the industry.
6. Stay Abreast of Foodservice Market Shifts: Foodservice markets and trends are constantly shifting, it is important to stay abreast of these shifts in order to remain competitive and ensure those shifts are accounted for in the market research.
7. Compare Your Competition: Staying competitive in the industry means comparison shopping as part of your market research. Gathering information on competitor pricing, product availability, and feedback can help gauge where your business stands with the competition.
8. Leverage Market Segmentation: With market segmentation you can get a clearer understanding of your customer base and make sure you’re able to target the right demographics for the right products. Knowing who your customers are and what they want can help you make better decisions when conducting your market research.
9. Analyze Menu Trends: Understanding the foods your customers want within their menus can help make sure you’re always in-step with customer demand. An analysis of the menus in the food service industry can help you provide the right selection to meet customer expectations.
10. Create Everything with an Actionable Approach: Using market research to create an actionable roadmap to success is essential in the food service industry. Make sure to ask yourself questions such as: What does this data mean for my business? How do I use this information to move the needle? What goals can be set with the trends discovered?
Using the power of market research can be a helpful tool in the food service industry. Ensure the data you gather is comprehensive and actionable in order to maximize its potential and help yourself or your business stay ahead of the curve.
