As the foodservice industry continues to rapidly evolve, restaurants and franchises need to stay informed in order to stay competitive. Market intelligence services provide valuable insights into overall industry trends, local restaurant data, and production innovation strategies. From sales prospecting to data enrichment to kitchen expansion, the right market intelligence services help reach short-term and long-term goals.
For franchisors and restaurants looking to expand their footprint in the United States, there are several key considerations to keep in mind when selecting a market intelligence provider. Here are the top 10 things to consider regarding market intelligence services for restaurants.
1. Comprehensive Data & Insights
When selecting a market intelligence provider, it’s important to make sure they are providing comprehensive data to make informed decisions. This includes company-level data, restaurant-level data, and menu-level data. Companies should look for market intelligence providers that offer a wide variety of insights into the foodservice industry, such as in-depth menu data, restaurant technology coverage, and industry-specific data fields.
2. Sales Prospecting
Another important factor to consider when selecting a market intelligence provider is the ability to identify target customers and prospects. Look for providers that allow you to utilize data-driven insights to identify potential outlets with high sales volume and make strategic decisions.
3. Enhance Marketing Strategy
Effective marketing to the foodservice market requires an understanding of local cuisine trends and restaurant technology solutions. Proper market intelligence providers should also provide valuable insights into local market trends and data-led marketing strategies to help attract, convert, and close leads.
4. Find Kitchens To Expand Operations
For franchisors, finding the right restaurants in the right locations is key to expanding operations. Market intelligence services should provide insights into location-based analytics and local food trends
to identify ideal locations for restaurants.
5. Streamline Production Innovation
In order to remain competitive, it’s important for franchisors and restaurant owners to be able to innovate their products and services. Market intelligence services should provide insights into new product ideas and strategies to help streamline production and stay ahead of the curve.
6. Rapid Market Analysis
Time is of the essence when it comes to making decisions. The right market intelligence services should provide quick, comprehensive market analysis in order to make informed decisions in a timely manner.
7. Data Enrichment
When selecting a market intelligence provider, look for one that offers data enrichment services. This includes a variety of services such as data cleansing and bias removal to enhance CRM data and make decisions with confidence.
8. Reporting & Analytics
The right market intelligence services should also offer reporting and analytics so that users can easily track and monitor performance. This includes real-time analytics, data-driven insights, and customized reports to track progress and optimize future decision making.
9. User Experience
The right market intelligence services should also provide a user-friendly experience that is easy to understand and use. This includes customized dashboards, intuitive user interfaces, and an easy-to-follow navigation system.
10. Tech Support & Customer Service
Finally, when looking for a market intelligence provider, it’s important to make sure they have a dedicated team of customer service professionals that are there to help. Look for providers that offer 24/7 technical support, live chat, and other resources so that you can always have quick access to help when needed.
By keeping these 10 factors in mind, franchisors and restaurants can select the right market intelligence services for their businesses to make informed decisions and stay ahead of the competition.