In the food and beverage industry of today, franchisors are constantly searching for innovative ways to expand their footprint and maximize their growth potential. That’s why it’s so important to understand the competitive landscape and leverage market intelligence to help drive those decisions. Market intelligence is a complex field, with a variety of moving parts that franchisors need to consider. That’s why we’ve broken down the basics of market intelligence for franchises, diving into the various types of data and insights that can offer an edge in the foodservice market.
Frequently Asked Questions Around Market Intelligence Program for Restaurants
Market intelligence programs are integral for franchises looking to prospect and research the foodservice market. But with all of the moving parts that go into a successful campaign, understanding market intelligence can be difficult. Knowing what questions to ask is key, so we’ve rounded out the top five questions that come up when discussing market intelligence for foodservice franchises.
1. How does market intelligence help inform strategic growth?
Market intelligence is essential for helping franchises understand their competitive landscape and determine smart strategies to improve their presence in the industry. By gathering insights into consumer behavior, menu trends, and competitive positioning, market intelligence can provide targeted opportunities and inform strategic decisions towards positioning your franchise for growth.
2. What datasets are available for market intelligence?
When it comes to market intelligence in the foodservice industry, there are myriad datasets that enable deeper understanding and analysis. Data at a high level can include trend performance, market share, menu analytics, and consumer segments. However, there are also highly specific and unique datasets, such as research from restaurant tech coverage, that can be used to target very specific research and prospects in the industry.
3. What are the most effective ways to use market intelligence?
For franchises, there are a number of ways to use market intelligence to drive success. These can include sales prospecting to identify potential leads in the market, using data-driven insights for marketing into the foodservice market, utilizing market intelligence to find kitchens and expand operations, and enriching your systems with comprehensive market insights.
4. How does market intelligence inform menu decisions?
Menu analytics are increasingly important when it comes to foodservice market intelligence. By leveraging data insights and consumer segmentation, franchises can better understand menu performance and make more informed decisions when it comes to menu product, price, mix and positioning.
5. How often should market intelligence be updated?
With the dynamic nature of the market, it’s important to stay fresh and up to date with market intelligence. Data should be updated and refreshed regularly in order to stay ahead of consumer trends and remain competitive. How often this happens should depend on market size, competition density, regulatory risk, and a number of other factors that should be considered.
At the end of the day, it’s important to understand that market intelligence is key to a franchise’s success in the foodservice industry. By leveraging data and intelligence, franchisors can make informed decisions that can help drive their business forward and maximize growth potential.