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In an ever-changing restaurant industry, franchisors must stay on the cutting-edge of the market in order to stay competitive. With sophisticated tools and toolsets at their disposal, franchisors can gain deep insights into trends and industry dynamics to inform investment decisions and secure their footing in the foodservice market.
For entrepreneurs and visionaries keen on growth in the foodservice and hospitality markets, understanding the latest industry trends and the underlying drivers of them is essential. Here, we will discuss 10 vital considerations for franchisors capitalizing on the fluctuating foodservice market.
1. Diversification of data.com/en/platform/’ target=’_blank’>menu Offerings
The foodservice industry is constantly evolving with the tastes and demands of the audience. As such, it’s imperative that franchisors stay aware of what’s trending. Through robust data analysis and analysis of detailed restaurant menus, franchisors can better assess the types of recipes, food pairings, and cuisine their customers and prospects are interested in. This will enable franchisors to align their menus with the current industry trends and optimize their offerings.
2. Restaurant Technology Integration
As business operations move increasingly digital, restaurant technology will be a part of the foodservice industry’s future. Franchisors must identify the restaurant technology solutions that can provide additional insight and save on costs. Solutions include ordering systems, delivery tracking, inventory management, information security systems, and more. Being the pioneers of the industry, franchisors must take the lead in integrating efficient and agile restaurant technologies into their businesses.
3. Sales Prospecting
Franchisors have a wide-ranging sales potential. From targeting restaurant owners who may want to convert their locations to a franchise business to increasing market presence with new brands and concepts, franchisors can strategically position themselves in the market by committing to sales prospecting backed by accurate data. Brizo’s data allows for highly targeted research and prospecting of the foodservice market with unique data fields specific to the food service industry.
4. Geographic Expansion
Food trends vary from region to region and it’s extremely important for franchisors to take customer’s regional preferences into consideration when rolling out new products and services. By basing decisions off of menu data and geographic rollouts based on local preferences, franchisors will have a better chance of success as they take their products and services into new markets.
5. Quality Control Systems
On the menu management side, franchisors must keep quality control systems in place to ensure that they are consistently offering the best dinners, lunches, and catering selections. These systems involve understanding and managing key ingredients, developing strategic relationships with suppliers, and maintaining rigorous health and safety requirements.
6. Compliance & Regulations
The restaurant industry is highly regulated. As franchisors expand into new markets, it’s important to be aware of any differences in regulations and make sure that they’re staying compliant. This means franchisors must regularly stay on top of all legal updates, labor laws, safety requirements, and licenses to ensure that they’re in line with regulations.
7. Effective Marketing Strategies
In an era increasingly defined by digital products, franchisors must invest in effective marketing methods in order to stay competitive in the industry. By leveraging digital methods such as search engine optimization, local search marketing, and social media strategies, franchisors can effectively drive targeted traffic and boost their presence in the market.
8. Cost-Effective Solutions
Franchisors must remain mindful of their costs and the operational expenses that they incur. Through data-led insights, franchisors have access to deep visibility and can identify cost-effective solutions that enable them to remain agile and resilient amid industry shifts.
9. Adapt to Digital Consumption
The restaurant industry is experiencing an increase in digital consumption and demand. Franchisors must stay on top of the industry dynamics and establish digital capabilities in order to remain competitive and attractive to customers. Solutions include eCommerce, digital ordering and delivery systems, and mobile technologies.
10. Expansion of Customer Base
Franchisors must identify their ideal customer and optimize their strategies to reach and capture them. Through an in-depth analysis of menu items, customer demographics, and insights garnered from data-driven research, franchisors can explore expansion opportunities in the foodservice market.
The industry landscape is characterized by rapid change and intense competition. As such, franchisors must equip themselves with sophisticated insights and gain intel-led intelligence to keep subsequently informed and stay in the front seat of the foodservice market. By examining and utilizing these 10 considerations, franchisors can capitalize on the business opportunities presented in the fluctuating market.
