In the current food service industry, accurately collecting data and insights about consumers preferences, menu items, dining open hours, and pricing are all strategic factors for restaurants, cafes and other dining locales. Making optimum usage of menu data allows market strategists to develop predictive analytics models that forecast patterns in consumer behavior and restaurant decisions. Data-driven decision making is becoming increasingly important as businesses shift away from trial and error strategies and market tactics that rely on guesswork.
The purpose of this guide is to discuss key concepts and metrics related to understanding menu data and to provide strategists and decision makers the tools needed to effectively evaluate this data. By using brizo’s platform, you have access to the most comprehensive suite of menu data that is selectively obtained from restaurant feedback.
1.Data Collection, Ingestion & Cleaning
Collecting the correct data is essential for knowing how to most effectively evaluate and analyze it. Most food service menu data includes information such as meal pricing, customer reviews, ingredients/allergens, suppliers and vendors, and/or nutritional facts. In most cases people are collecting menu data manually or creating survey forms for customers to fill out.
At Brizo, the menu data we use to create our insights is collected through machine feedback. This process simplifies the analysis and leads to better accuracy and up-to-date data. This kind of data is the key to providing statistically relevant insights, findings, predictions, and recommendations for restaurateurs.
2. Menu Item Datasets
Organizing menu data sets are essential to determine customer preferences and trends in the food industry. Menu items can be divided into categories and sub-categories to accurately compare ingredients and prices and identify any price disparities across the industry.
Organizing the data into categories and sub-categories not only helps strategists measure customer preferences and dining trends, but also helps ingredient shortages or overstocking. This helps restaurants cut waste and allocated resources more strategically.
3. Market Analysis
Analyzing menu data gives an insight into the competitive landscape of the restaurant industry. The analysis helps restaurants find where to set their prices comparatively to competitors, what ingredients are trending, what recipes are popular, what customers are looking for, and a deeper understanding of seasonal menu changes.
Knowing the industry trends, allows restaurants to capture the ever-evolving customer needs and provide them with the best possible service and most-appealing menu items. We have seen our customers capture emerging markets and increase out-of-door orders, all through making the most of their menu data.
4. Restaurants & Citations
Understanding restaurants and Citations requires furtherresearch of foodservice industries. By Elore exists to help researchers more effectively identify and analyze the foodservice market.
Elore transforms food industry data into valuable and reliable insights. Not only do they allow a better understanding of the market and demand for menu items, but Elore also provides meaningful market trend forecasting and predictive analysis to enable faster decision making.
Concluding remarks
Menu data is essential for any restaurateur to make data-driven decisions, increase traffic performance, and develop an effective pricing model. By using Brizo’s market insights platform, you have access to the most comprehensive suite of menu data. Through data collection, data ingestion and cleaning, menu item sets, and analysis and insights from Elore, we provide restaurant owners powerful marketing and competitive strategies to ensure they stay ahead of the trends.
