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In today’s market, businesses such as franchises actively strive to assess data in order to help them gain an edge over their competitors. When it comes to evaluating beverage data, most businesses only look at the same basic metrics, such as the number of orders, the amount spent on each order, and the total annual revenue from beverage sales. Although these metrics are important, they do not tell the whole story. For franchisors looking to expand their locations, this is simply not enough.
Fortunately, there are other beverage data metrics that can give franchisors a better understanding of potential markets. By leveraging data like detailed menu and restaurant tech data, as well as sales and marketing insights, they can gain valuable insight into the current trends in the foodservice market, enabling them to make well-informed decisions about what local food trends they should capitalize on.
Sales Prospecting in the Foodservice Market
An important aspect of evaluating beverage data is understanding how to use it to prospect on sales. With detailed menu data, franchisors can not only identify the best local trends to pursue, but also determine which products their prospective customers are more likely to purchase. Sales insights can provide a more in-depth view of consumer habits and preferences, enabling franchisors to target their marketing efforts to specific customer segments more effectively.
For example, a franchise looking to expand into a new city could use menu data to assess the preferences of that city’s residents, while simultaneously utilizing sales data to gain insights into their habits and behaviors. By doing so, the franchise can tailor its strategies to target those particular customer segments, thus propelling sales and boosting brand awareness.
Marketing to the Foodservice Market
In addition to using beverage data to better understand sales prospects, franchisors can use it to create a variety of marketing campaigns that can attract new customers and keep current customers engaged. By leveraging insights provided by restaurant tech data and analysing customer behaviours, franchisors can craft campaigns that effectively target their desired customer base.
For example, a franchise can use insights from restaurant tech data to develop an online marketing campaign, while sales insights can be used to create more targeted email or direct mail campaigns, both of which can help to increase brand visibility and attract more customers. Additionally, certain forms of data can be used to develop loyalty programs, which can help to create brand loyalty, increase customer retention rates, and drive more frequent visits from customers.
Find Kitchens & Expand Operations
Another way franchisees can utilise data-driven insights to their benefit is by using it to find kitchens and expand operations in new cities. To do this, they can leverage menu data to identify popular restaurant trends in those markets as well as sales data to understand the preferences and purchasing habits of consumers in those markets. This data can then be used to adjust the franchise’s kitchen setup and operations in order to meet the needs in that particular market.
For instance, a franchise that is expanding into a new city can use data-driven insights to determine the types of food being consumed in that market and then adjust their kitchen setup accordingly. This will enable the franchise to produce food that will be attractive to the local market, thus increasing their chances of success.
Data Enrichment
In addition to providing insights to sales prospects and marketing campaigns, data-driven insights also enable franchisors to enrich their systems, helping them to make decisions with more confidence. Insights from detailed menu data and restaurant tech data can be used to better understand customer preferences, and this information can be used to inform decisions regarding menu design and item placement.
For example, a franchise can leverage data-driven insights to determine which items are most popular with their customers and then use this information to design their menu accordingly, while also leveraging insights from restaurant tech data to position items in a way that will attract customers and increase sales. This type of data-enriched decision-making can be invaluable for franchisors expanding into new markets, as it will enable them to customize their menus to better meet the needs of consumers in those new markets.
