Foodservice constitutes a large and dynamic industry, with different regional trends and constantly evolving technology. To keep up with the competition, restaurant tech providers must always be informed about the latest industry changes. A data-driven approach can help businesses to stay up-to-date with the necessary insights and make more informed business decisions.
Understanding how to analyze and make the most of foodservice data can be a daunting task, but the right tools and insights can make the process more straightforward. Below are four steps to get started on deciphering the foodservice market trends in 2023 and beyond.
Set Aim and Objectives
Prior to beginning any type of analysis, it is important to set a clear aim and objectives. Developing an in-depth understanding of the demographic and economic environment, the target customers, and the competitive landscape can help to assess the risks associated with the restaurant venture.
In addition to mapping out the competitive landscape, it is important to have an understanding of the customers’ needs and preferences. Understanding the types of food services that customers are likely to engage in can help to formulate a strategy that meets the customers’ expectations and needs.
Collect Data
To take control of the data, companies must have access to reliable and complete sources. Brizo provides comprehensive menu data as well as insights from the restaurant technology space to reach the most accurate and up-to-date understanding of the foodservice market.
Using the data, companies can run highly targeted research and prospecting strategies to find the best restaurants, identify potential segments and markets, and analyze menu data to understand current trends in the space.
Analyze and Make Decisions
With data-driven insights, companies can make more informed decisions about expanding operations and production. Strengthening systems with up-to-date insights can help managers make decisions with confidence — such as deciding which markets to expand into or what type of data should be collected in order to identify the best sales prospects. Having an understanding of the foodservice market trends can help the organization make more informed decisions.
Implement Technology
Finally, the use of technology can help organizations streamline the process and take complete control of the data. Advanced technological systems, such as predictive analytics and machine learning, can be used to monitor trends and analyze customer behavior to identify sales prospects.
In addition, technological tools can help to manage the entire process — from identifying the best restaurants, to managing customer relationships, to capturing data for competitive analysis. Technology can also help the organization build deeper customer connections and grow more efficiently.
