How to Evaluate and Understand Restaurant Market Intelligence Solutions

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Restaurant Market Intelligence Solutions

Gone are the days when restaurants relied solely on word of mouth marketing or local advertising to build their customer base. In today’s competitive restaurant market, technology has become an essential tool for providing foodservice professionals with actionable insights that help them stay ahead of the competition. Restaurant market intelligence solutions provide near real-time updates and analysis of key market performance trends and data to keep foodservice professionals in the know.

But with so many providers, how do you choose the right one for your needs? To help you compare restaurant market intelligence solutions, this article breaks down the most important features you should consider before investing in one.

Market Data Analytics

The goal of any data intelligence solution is to gather data from multiple sources and present it in an easy-to-understand format. Look for solutions that integrate data from third-party sources, such as restaurant reviews and customer feedback surveys, to provide a more comprehensive view of the entire customer journey.

Reputable solutions should also offer product-specific analytics, like menu tracking and key performance indicators, to keep you informed of customer preferences and competitive trends. These analytics should offer insight into factors such as changes in menu items, ingredient sourcing, and item prices.

Competitor Tracking

With so many restaurants competing for customers’ attention, it’s essential to keep an eye on what your competitors are doing. A good restaurant market intelligence solution should be able to monitor your competitors’ marketing and operational activities. For example, you should be able to track what promotions they’re running and if they’ve made any changes to their menu.

You should also look for solutions that allow you to explore the tactics your competitors are using to stay relevant. For example, some solutions allow you to see what content they post across their social media accounts and which customers are engaging with it. This can give you invaluable insight into what types of content customers find engaging and help you create content strategies tailored to your target audience.

Sales Prospecting

Sales prospecting can provide a major boost to your business’s growth, but finding the right prospects can be a challenge. Fortunately, the right restaurant market intelligence solution can be essential in helping you identify potential customers and prospects. Look for solutions that use predictive modelling to identify prospects who fit specific demographic and geographic criteria. The data should also be easy to export so you can quickly start outreach campaigns.

Additionally, some solutions also provide lead scoring and segmentation to help you prioritize which prospects to outreach first. This way, you can focus your efforts on the most likely customers to convert.

Data Enrichment

Data enrichment gives you a more comprehensive view of customers and prospects by adding additional data points related to the prospects and customers. Look for solutions that provide demographic data such as age, gender, location, and income, as well as behavioural data such as rewards program engagements and purchase histories. This can provide invaluable insight for targeting campaigns and optimizing your sales funnel.

Find Kitchens & Expand Operations

As the foodservice industry shifts to more delivery models, finding the best kitchens to lease is essential for continued growth. The right restaurant market intelligence solution should be able to provide insight into nearby kitchen options, including information on potential locations and their amenities. This can save you time and money and make it easier to find the right kitchen to lease.