Food & Beverage research studies can bring immense benefits to franchisors looking to expand their presence in a new market. Understanding the local or regional market can provide information on what types of foods, restaurants, and dishes are most popular, and what technologies or designs will best fit the market. By conducting research studies specifically tailored to the Food & Beverage industry, franchisors can confidently make decisions to ensure the growth and success of their new franchise.
However, there are a handful of key factors that franchisors should take into account when conducting Food & Beverage research studies. Here, we’ll take a look at the top 10 critical considerations that can help to maximize the value of research studies.
1. Defining the target market: Franchisors should take the time to properly define the target market they wish to research. This may require the development of a profile of the ideal or expected customer or the development of a clear mission and vision for the franchise.
2. Establishing a goal: Once the target market is defined, the franchise can then establish a specific goal. This goal should be as specific as possible and should ensure that the research study is focused and precise.
3. Identifying key questions and/or areas to research: Before the franchise begins to research, it is important to create a list of key questions or topics that need to be examined. This can be done by conducting preliminary research or by speaking directly to local stakeholders.
4. Knowing what data to collect: Franchisors should be aware of what data needs to be collected in order to effectively analyze the target market. This may include sources such as surveys, economic data, local government databases, consumer research, restaurant reviews, and/or social media data.
5. Utilizing appropriate research techniques: Franchisors should have a sense of the most appropriate research techniques to use for a particular target market. Depending on the goals and types of data being sought, different research techniques may be employed, such as focus groups, observation, interviews, literature reviews, or statistical analysis.
6. Understanding the target audience: Research studies should always consider the target audience, as this information can help franchises form more accurate conclusions. This may include understanding the demographic and psychographic characteristics of the target market, as well as understanding their preferred styles of eating, cooking, and dining.
7. Strategic sourcing: Franchisors should be aware of the different sources available when conducting research, such as surveys, focus groups, interviews, or direct observation. Depending on the type of research methodology being used, different sources may be more or less advantageous.
8. Analyzing collected data: After data is collected, it should be analyzed carefully in order to better understand the target market. This can be done using basic or more complex analysis techniques, such as regression analysis, correlation analysis, or factor analysis.
9. Synthesizing results: After data is collected and analyzed, franchisors should then synthesize the results. This may involve making sense of the different types of data collected, forming connections between different pieces of data, or finding patterns and trends in the data.
10. Identifying ways to apply the research: Last, franchisors should be mindful of ways in which the research results can be used to their advantage. This may involve developing more effective marketing messages, identifying design elements tailored to the target market, or informing decisions related to product development and expansion.
By taking into account these top 10 considerations, franchisors can maximize the value of research studies and ensure that their new franchises are set up for success. As new technologies become available, franchisors should consider investing in enhanced and more comprehensive research techniques and platforms. By leveraging data and its associated insights, it is likely that Food & Beverage research studies will become increasingly precise and profitable.
