The restaurant industry is an evolving, dynamic market – one that requires constant analysis and market research to stay informed of the latest trends and customer demands. As a data provider, staying abreast of the industry trends is essential to maintain success and adapt with the ever-changing foodservice landscape. To capitalize on the opportunities presented in this space, it’s necessary to find a reliable restaurant market intelligence platform to receive data-driven insights.
At Brizo, we provide the industry-leading restaurant market intelligence platform to help our customers make more informed decisions and stay ahead of their competition. To provide our customers with a platform that best serves their needs, we have compiled a list of the top ten things to consider when choosing a restaurant market intelligence platform.
1. Accessibility
When selecting restaurant market intelligence platforms, businesses must first consider the level of accessibility provided by the platform. Keeping in mind the comparatively fast-paced nature of the restaurant industry, a good platform should allow for quick and streamlined access to the data available. Furthermore, an easy to navigate and comprehensive interface is a necessity. Businesses should look for market intelligence platforms that provide highly nuanced yet straightforward data accompanied by an intuitive user experience.
2. Quality of Data
Another key factor to consider when selecting a restaurant market intelligence platform is the quality of the data it provides. Accessible data is useful only if it is accurate and up to date. Market intelligence platforms should provide the most reliable data available based on a wide variety of sources such as key restaurant chains, suppliers, operators and multi-units. Furthermore, the data offered should be comprehensive and cover the full scope of the restaurant industry, while being up to date and easy to access.
3. Insights and Reporting
Good restaurant market intelligence platforms should provide comprehensive insights into the restaurant industry. Market insights should include menu-level analysis, competitive benchmarking, share of traffic and more. Additionally, accurate and timely reporting should allow for grill-level insights enabling businesses to identify and track key trends as they happened.
4. Sales Prospecting
Sales prospecting is a critical component of the restaurant industry. Sales prospecting capabilities are a necessary part of any restaurant market intelligence platform. Good platforms should provide extensive capabilities that are tailored to sales prospecting, such as a comprehensive prospect list, email lists, sales forecasting and more.
5. Lead Generation
Lead generation is an integral part of any restaurant market intelligence platform. The best platforms should provide information for existing customer accounts, while also allowing businesses to generate new leads and close more deals. Lead generation features should include the capability to identify and target relevant prospects, prioritize those leads with complete insights and automate the follow-up process.
6. Targeted Advertising
Targeted advertising is essential to reach and convert the right audience. Restaurant market intelligence platforms should involve targeted advertising capabilities tailored to the restaurant industry. This should include automated and optimized digital ad campaigns, email marketing, video marketing and more.
7. Technology Trends
In the restaurant industry, where technology can make or break an establishment, staying ahead of the technology game is key. Good restaurant market intelligence platforms should provide real-time insights into the latest technology trends and emerging technologies. Businesses should look for platforms that include in-depth analysis of the restaurant’s tech stack, along with related operational and customer experience data.
8. Data Aggregation
The best restaurant market intelligence platforms should have the capability to gather data from numerous sources and cross-reference data from all of those sources. It should aggregate data from not only the restaurant’s existing pillars – such as customers, operations and analytics, but also from third-party sources, ensuring that businesses have access to all the data they need to make relevant and informed decisions.
9. Data Enrichment
Data enrichment is essential when performing any type of market intelligence. The data provided by a good restaurant market intelligence platform should be both comprehensive and enriching; up-to-date, high-quality and robust data should reveal the greater context of the market, allowing businesses to stay ahead of their competition.
10. Integration with Existing Infrastructure
The best restaurant market intelligence platforms should be both seamless and integrated into businesses’ existing infrastructure if needed. Platforms should be flexible and allow businesses to customize and integrate according to their specific needs. This should also ensure that businesses can adapt quickly to any changes and new developments in the industry.
The restaurant industry is unpredictable, fast-paced and ever-changing. To ensure businesses remain competitive and remain informed of the latest trends, they need to invest in a good restaurant market intelligence platform. The ten points above are the general aspects to consider when selecting the right platform to fit one’s individual needs, preferences and requirements.
