Making informed decisions on how to best expand a franchise in the food & beverage industry requires the franchisee to have an up to date knowledge and understanding of the foodservice market. Brizo provides a comprehensive and diverse set of data for deeper exploration and analysis in order to identify trends and make sound business decisions. Through this data, the franchisee can carry out highly targeted researches and prospectings of the foodservice market.
In order to aid franchisees in this endeavour, it is important to first understand the features and benefits of evaluating F&B market research to obtain meaningful insights. This article is intended to provide a comprehensive guide on evaluating and understanding F&B market research and how best to use these insights to support sales and marketing operations in order to maximize its potential.
Reviewing Research and Understanding the Market
In order to begin understanding the market, the franchisee first needs to access the relevant data. In addition to the data provided by Brizo and other research companies, it is also important to review and analyse publicly available industry data to gain a more complete understanding of the market. This should include considering competitor data, the types of restaurants in the local area, current consumer preferences, and most importantly, keeping up to date with the latest trends and developments in the broader foodservice market.
Once the data is collected, the next step is to understand the marketplace and how the researched data fits into the current context. This requires careful consideration to not only identify the key drivers and dynamics that are affecting the market, but also how this may influence the success of the franchise in the local context. Understanding the nuanced needs of the target market in different regions and the fan-base of competing restaurants will provide the franchisee the insight to ensure a successful transition in a new area.
Using Data to Inform Sales Prospecting in the Foodservice Market
When it comes to making sales and increasing profitability, data-driven insights based on market research are invaluable. By understanding the key trends, the needs of the target market, and the overall competition in the area, the franchisee can effectively equip their sales team with the data needed to identify and close on prospects.
By utilising insights gathered from F&B market research, the franchisee can more effectively identify which areas and types of consumers are in need of their product and services. This could involve better understanding the menu preferences of different customer segments, or identifying the needs of a specific region that the franchisee can provide a solution to.
Further compounding the value of market insights, data also helps sales teams tailor their messaging and approach in order to more effectively capture potential leads. Through evaluating regional demographic data, the franchisee can create more targeted campaigns to convert prospects more efficiently and ensure a stronger retention rate.
Using Market Insights to Inform Marketing to the Foodservice Market
Similar to data-driven sales efforts, the franchisee must also understand how to effectively market their product and services to the foodservice market. This is where understanding the data gathered from market research becomes essential.
By gaining insights into competitor menu categorisations, consumer preferences, and potential interest areas, the franchisee can more effectively target their messaging. Whether it is through more traditional forms of marketing, like print or out-of-home, or through more contemporary methods such as social media or targeted digital campaigns, it is imperative that the franchisee knows who they are communicating to and how.
With this data to hand, the franchisee can identify the ideal message and approach, as well as the best channels to reach their target market. Whether it is through influencer marketing, targeted seasonal campaigns, or utilising a combination of mediums, understanding the available data allows the franchisee to create campaigns that engage customers and increase conversion rate.
Find Kitchens & Expand Operations
By understanding the offering of their competitors and the needs of the local market, the franchisee can better ascertain which areas they need to focus their operations on in order to expand their brand. Through further evaluation of the available data from market research, the franchisee can decide which areas will provide the most success and which will be most convenient to service. This means that the franchisee can streamline production innovation and strategically expand their operations with greater confidence.
Data Enrichment
As the foodservice market is constantly shifting and evolving, it is essential for the franchisee to keep up to date with the latest data and market insights. In order to do this effectively, the franchisee should find ways of enriching their data and more accurately analyse the market dynamics. Whether it is through investing in the latest menu analytics capabilities, gathering regional sentiment data, or integrating different data sources to form a more comprehensive view, regularly enriching and updating data will ensure that the franchisee is in a more capable position to make well-informed decisions.
