With more than 10,000 Beverage locations and 15,000 foodservice locations around the US, the coffee industry is a vast and ever-growing market – even during times of economic recession. As beverage, food and dining preferences evolve and foodservice recruitment reaches new heights, understanding the intricacies of the foodservice market is essential for companies and restaurants alike. Let’s take a closer look into the trends and insights of the current coffee market, and how you can leverage data to prospect and enrich your foodservice market.
Shifting Preferences and HealthCatalyst
The hot beverage industry, particularly coffee, has seen an uptick due to health-conscious consumer preferences. More people now view coffee as a superfood due to its antioxidant properties. As awareness spreads of coffee’s many health benefits, the global specialty coffee market is expected reach about $58.2 billion by 2027.
The latest consumer trends are also favoring convenience over health, with the demand of beverages that transport, store and serve easily. Many brands have responded to this demand by offering healthy, convenient snacks and drinks. In addition, to-go coffee containers are creating a new segment of convenience products.
HealthCatalyst, or Health iQ Score, is essential for understanding your sustainability market. This score, which combines both points across trend and trajectory, measures sustainability in terms of health and environmental factors. It helps you understand how your business is positioned among other potential competitors.
Menu Data and Restaurant Tech
Menu data is one of the most fundamental databases for prospecting and understanding the foodservice market. By studying menu data, you gain insights into food items, pricing, and the overall average demand of a particular restaurant or chain. Unique data fields include average check, cuisine type, health and diet categories, available nutrition facts, and brand-specific information.
Furthermore, restaurant tech is changing the way we track and understand customer behavior. Through data-driven platforms, businesses are now able to generate intelligence from customer visits, menu changes, reviews, and more. Combining insights from both menu and restaurant tech allows restaurant owners and operators to better understand customer preferences and tailor their offering to better fit the needs of their specific market.
Prosper with Sales Prospecting
You can use the foodservice market data to leverage your sales team and equip them with up-to-date insights and analytics. This will give your team the information they need to identify relevant market segments, maximize revenue, and form long-term relationships with consumers and restaurants.
Using data analysis such as customer visit frequency, population size, income levels and buying habits can help you better identify potential customers and tailor promotions and discounts to fit their needs. By using targeted sales prospects, you can strengthen relationships with restaurant owners, increase your customer base, and eventually drive business growth.
Engage with Marketing
Data-led industry insights are also critical to successful marketing campaigns. By utilizing market data to attract, convert, and close more leads, you can operate from a competitive advantage and increase your ROI.
With foodservice market intelligence, you can better target customer segments based on data and improve the effectiveness of your marketing campaigns. Additionally, you can use insights to fine-tune lead generation strategies and track customer behaviors over time.
Find Kitchens and Expand Operations
The foodservice market data provides invaluable insights to food and beverage companies and restaurants. You can use the data to streamline production, innovate on processes, and safely expand your brand.
For instance, data can be used to identify potential kitchens and identify related equipment, trends, and processes for localization. This will provide the foundational knowledge needed to find a suitable kitchen, negotiate pricing, and enroll in the local market.
Data Enrichment
Data Enrichment is an invaluable tool in the foodservice market. With more comprehensive market insights, you can make informed decisions, reduce risk, and take advantage of opportunities. Data enrichment can also be used to improve customer segmentation, deliver personalized communication, and understand customer behaviors and trends.
Conclusion
The foodservice market is a rapidly changing landscape. With the ever-evolving health, convenience, and sustainability trends, it is important for companies and restaurants to stay up to date. By leveraging market insights, such as menu data, restaurant tech, and healthcatalyst, you can improve your customer outreach, understanding of the market, and ultimately, increase your business success.
