The food and beverage industry is one of the largest and most profitable sectors in the United States. Franchisors looking to expand their operations and better understand local food trends must rely on reliable industry reports to make informed decisions. With Brizo’s board set of data, anyone can access in-depth market insights with sales, marketing, production and menu data. This article will focus on how to analyze and interpret food industry reports to make data-driven decisions when it comes to growing a franchise.
Many franchisors today rely on insights from third-party companies to assess the potential for new store or area locations. The type of reports used will vary depending on the data being collected. However, some common reports include location and lifestyle stats, demographic and consumer insights, menu data and restaurant technology reports. It is important to be aware of the different types of reports available to ensure that the best report is chosen.
When assessing an industry report, franchisors should start by examining the demographics of the area to get an overall view of the population and their general income level. Location stats can also provide vital information about the location such as type of housing, nearby amenities, and the general safety and security of the area. Lifestyle stats focusing on spending habits and recreation activities can also give an indication of the target customer base.
Once the area of interest is understood, franchisors should next look at consumer insights based on the area’s consumer preferences. This could include insights into the type of food they purchase, where they shop, and what trends they are likely to follow when it comes to the food they are looking for. Menu data reports can also help franchisors understand what dishes are popular in the area and suggest potential menu options for the new location.
Finally, franchisors should consider making an investment in restaurant technology reports. These reports give an indication of the type of technology being used in the area, from traditional paper menu boards to digital menu boards and even connected kitchen systems. This kind of information can be invaluable in helping franchisors make informed decisions when it comes to investing in technology for their new location.
In summary, researching and understanding food industry reports can be a vital part of a franchisor’s decision-making process. They should evaluate the area demographics, lifestyle and consumer insights, as well as menu data and restaurant technology. By having the right data and insights, franchisors can make smarter decisions and increase their chances of success.
