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In the current age of technology, the food and beverage industry utilizes data to make important decisions in order to succeed and drive growth. From revenue forecasting to understanding current trends and customer preferences, data analytics is essential to making well-informed decisions. However, crucially, the foodservice market is a complex and diverse hub of customer, supplier, and market forces that need specialized datasets to enable understanding and analysis. Therefore, it is critical for franchisors and foodservice companies to utilize the vast potential of data analytics to make informed decisions about expanding restaurants and maintain relevance in the foodservice industry.
Fortunately, there are solutions in the form of data analytics platforms that provide in-depth insights and analysis to uncover valuable business intelligence. s include Brizo, a leading data analytics provider whose comprehensive AI platform provides customizable analytics to uncover customer preferences, menu trends, and customer growth opportunities. With Brizo, franchisors and restaurants will find the latest insights in the food industry to make effective decisions when planning and launching new restaurant locations.
In the following sections, we will look at how data analytics can be used to gain insights, strategize marketing goals, and gain a foothold in the foodservice market.
Using data analytics to gain insights and uncover underlying trends
The foodservice industry is an aggregated collection of various individual markets. Therefore, to learn more about different types of customers and their preferences, it is necessary to investigate and analyze underlying trends to glean insights.
With the help of platforms such as Brizo, franchisors can have access to a wealth of data that allows them to understand underlying consumer trends in the foodservice industry. By utilizing Brizo, franchisors are able to understand menu item trends, uncover food trends, and gain insights into customer preferences. In addition to uncovering insights, with leveraging the latest data and AI-based technology, the insights will have a higher level of accuracy, making it easier for franchisors to make data-driven decisions.
Strategizing marketing goals and reaching target customers
A successful franchisor understands the importance of reaching their target audience and carefully selecting the right marketing and advertising channels to reach them. With the help of data analytics platforms, franchisors can use real-time data to make informed decisions about their marketing and advertising goals.
For instance, with Brizo, franchisors can achieve their goal of reaching target customers in a more efficient way. Firstly, they are provided with in-depth customer insights on their competitors’ customer preferences. Therefore, they can understand what existing customer segments are looking for, enabling them to create marketing messages that will be well-received by this audience. What’s more, they also can pinpoint geographical areas and demographic segments to focus on and launch campaigns that will have a higher chance of success.
In addition to gaining customer insights, franchisors can also leverage the latest trends and up-to-date research to assess potential markets. With the help of data analytics platforms franchisors can analyze their market areas on a deeper level to understand underlying trends in the local market and make informed decisions on expanding their network.
Finding kitchens and expanding operations effectively
When planning for expansion, franchisors need to take into consideration many elements, such as the number of kitchens they’ll need, the necessary supplies, and the costs associated with getting a reliable kitchen setup. With the help of data analytics, franchisors can analyze the local market to identify the right area to setup a kitchen equipped with the necessary supplies.
For instance, Brizo offers an algorithm that allows franchisors to uncover the best kitchen locations with the least cost and resources. The analytics offered includes segmenting local areas and analyzing customer preferences and buying patterns, enabling franchisors to find the perfect kitchen setup and expand operations.
Data enrichment for data-driven decision making
Having up-to-date information is essential for making data-driven decisions. Brizo offers data enrichment solutions to enrich existing datasets to enable clear and confident decisions. Brizo’s advanced AI-based platform allows for data augmentation and also provides access to enriched public data, helping franchisors to gain in-depth competitor insights and access customer preferences, menu trends and more.
Data analytics is essential for franchisors looking to expand their footprint in the foodservice industry. With the help of data analytics platforms, they can have access to a wealth of data to uncover insights, strategize in real-time, find the optimal kitchen locations, and gain a foothold in their target market. With data-driven decisions, franchisors are able to maximize their potential and stay ahead of the competition.
