In an ever-changing industry like modern day food service, staying a step ahead of the competition is of the utmost importance. Complementing traditional research methods with market intelligence systems is emerging as the preferred approach for many of the leading players in the industry. Such a system of analysis enables businesses to get a clear overview of their competitors and their market position, consumer preferences and much more.
But in order to ensure that the best investments and strategies are put into place, it’s essential to understand and evaluate the market intelligence system you’re using. Companies like Brizo offer a comprehensive platform and database of data and analytics designed specifically for foodservice market understanding. To help business owners and decision-makers assess whether their market intelligence system meets their requirements, this article will go through the key principles for evaluating and understanding different market intelligence systems relevant to the foodservice sector.
Analyzing Data Sources
The accuracy, quality and reliability of the market intelligence system you use can be compromised if underlying datasets used for analysis are of low quality. This is why it is crucial to take the time to understand the different data sources and ensure they are up-to-date and reliable. The best approach is to understand where the data is sourced from and how often the data is refreshed.
Industry-Specific Insights
The insights restaurants receive from the data should provide a comprehensive view of their foodservice industry. This includes in-depth menu data, restaurant tech coverage and sales data. Additionally, it should include a range of non-industry specific factors such as purchasing behavior, value estimations and customer feedback. A dependable market intelligence system should detail all relevant information and be able to give restaurants the ability to look up and analyze their competitors.
Sales Prospecting Tools
Lead creation is paramount for most sales teams, which is why it’s critical to ensure tools for prospecting are available. A good market intelligence system should be able to filter potential leads to focus teams’ time more effectively. This includes filtering in terms of geographical locations, interests, and the size of the company.
Marketing and Digital Advertising
Data enrichment can help tailor and optimize campaign ads by refining and enriching existing datasets or creating new ones based on the data collected. An effective market intelligence system should include insights which are up-to-date, detailed and reliable. It should provide designers with a detailed and sophisticated set of data, allowing them to measure and target digital ads, define market segments, and create more effective metrics.
Kitchen & Expansion
The rise of third-party delivery services and online ordering platforms has prompted many restaurants to diversify their operations. For owners and decision-makers, accurately evaluating the market demands of their area and understanding market trends can be integral. A good market intelligence system should provide comprehensive insights, enabling businesses to run through market potentials, analyze kitchen trends and keep track of consumer behaviors.
Overall, the main criteria to consider while evaluating and understanding market intelligence systems for restaurants, include data sources, industry-specific insights, sales prospecting tools, marketing and digital advertising and kitchen & expansion insights. When a reliable and comprehensive set of data is used, businesses will be able to make well-informed decisions and shape their strategies with confidence.
