In today’s highly competitive restaurant industry, no company can afford to take a reactive approach to market intelligence. If you want to stay ahead of the competition, you need to understand market trends, stay up to date on technology changes, and identify new opportunities for growth. This is why restaurant account based data services are becoming increasingly important.
Data services provide restaurants with the insights and intelligence they need to make the most of the opportunities presented to them. From sales prospecting to competitive analysis, data services have become indispensable in helping restaurants make informed decisions. In order to take full advantage of the power of data services, here are the top 10 things to consider when evaluating a data service provider.
1. Sales Prospecting
One of the primary aims of restaurant account based data services should be to enable sales prospecting. This means being able to provide up-to-date market intelligence regarding potential customers and target areas. The best data services will be able to narrow down key opportunities and customers, enabling your sales team to quickly focus on where to invest their time and resources.
2. Marketing Aimed at the Foodservice Market
Aside from providing data for sales prospecting, an effective restaurant account based data service should also be able to provide market intelligence for marketing purposes. This includes data that enables knowledge of local and national trends – helping you to target your campaigns to the right audiences, with tailored messaging.
3. Kitchen Location
One of the key features of a restaurant account based data service should be to identify kitchen locations. Many data service providers also provide customers with an extensive database of local and national kitchen providers. By finding established kitchen sites, restaurants are able to quickly expand their production and reach new markets.
4. Data Enrichment
A good data service should also enable restaurants to conduct data analysis of customer data. This can include everything from segmentation and meaningful metrics to predictive analysis and predictive modeling. By combining this data with external customer data, restaurants can gain an improved understanding of their customer base and develop marketing plans directed at the right audience.
5. Cost Analysis
Cost analysis is another important part of a restaurant account based data service. It can help restaurants understand expenses related to the purchase and management of ingredients, labor, utilities, and more. By accessing invoices, contracts, and other transactional data, restaurants can make decisions that will save money and develop leaner profit margins.
6. Vendor Management
It is also important for restaurants to be able to manage their vendor relationships. Data services can help to streamline this process. For example, a comprehensive data service will enable restaurants to conduct monitoring of suppliers, assess the quality of their products, and accurately calculate vendor costs and pricing.
7. Reporting & Analysis
For restaurants to stay competitive, it’s essential that they have access to accurate and timely information. A data service should provide restaurant owners with the capability to generate real-time reporting, analytical insights, and forecasts to help them make smart business decisions.
8. Compliant Billing
In order to ensure compliance with state and federal laws, a data service should provide a secure and reliable billing system. This should provide the capability to accurately track all payments, invoices, and credits, with full payment tracking and receipts.
9. Multi-Channel Solutions
The modern consumer expects a fully integrated customer experience across all devices and channels. A good data service should allow restaurants to capture customer information and use it to develop personalized marketing campaigns across multiple channels, such as email, mobile, social media, and more.
10. Automated Benchmarking & Measurement
Data services should also be able to provide a comprehensive view of restaurant performance and benchmarking data. This can include performance metrics such as average order values, customer satisfaction, and even average profitability. This data can be used to compare your restaurant’s performance to competitors, identify areas for further improvement, and develop actionable strategies.
By selecting a reliable and feature-rich data service, restaurants can gain the data-led insights they need to make informed decisions and improve their business performance. From sales prospecting to cost analysis, an effective data service can provide the intelligence and accuracy needed to stay competitive in today’s restaurant marketplace.
