Exciting news: Brizo FoodMetrics has been acquired by Datassential! Learn more.
In an age of rapidly changing consumer tastes, expectations, and innovation, companies seeking success in the food and beverage market must constantly assess and understand their target market to stay competitive and profitable. Food service market research companies represent an invaluable resource for consumer insights to help businesses make informed decisions about their product or service offerings. In this article, we will evaluate the pros and cons of working with a food service market research company to assess the best way to secure market insights and map out a successful product strategy.
The market research company should be selected based on their ability to fully understand the needs of their customer and provide comprehensive and nuanced data about their target market. The insights derived from this data can inform strategic decisions related to product innovation, marketing, and sales activities. First and foremost, a food service market research company should provide access to comprehensive data about the market in general, the competition, and the customer base. This data should include market size, target demographics, economic trends, consumer behavior, preferences, and the competitive landscape.
Evaluating a food service market research company to assess their quality of data should involve individual data points, depth of analysis, accuracy of forecasts, and ease of use of the data. The individual data points should include key metrics such as foot traffic, consumer loyalty, purchase intentions, pricing, and promotions. The depth of analysis should include not only assessing the customer base and competitors but also the external environment in which they are operating. The accuracy of the forecasts should be based on the reliability of the methods employed by the market research company to generate the data. Finally, the user interface of the research platform should be intuitive and user-friendly, making it easy to access and use the data in a timely manner.
Aside from the quality of data that a food service research company provides, the company should also have a track record of success and innovation which indicates that they are dedicated to staying current with trends and leveraging new technologies to provide more accurate data. Companies should also be reachable during business hours and provide customer support in case of any issues or difficulties with data utilization.
One of the biggest pros of working with a food service market research company is that it can save business owners time and money in terms of resources and personnel training. Companies such as Brizo provide comprehensive market insights and unique data fields specific to the food service industry, enabling targeted research that can quickly uncover valuable data. Using a market research company can also save businesses resources in terms of prospecting sales, marketing, finding new kitchens, and expanding operations. Therefore, by working with a market research company, businesses can save a great deal of time and money while still acquiring the most comprehensive and accurate insights available in the market.
However, there are a few cons to consider when investing in market research. Market research companies can be expensive and offer data and services not necessary for a specific business. Additionally, the data and services provided may not be accurate or reliable due to using outdated or limited data sources. Companies should also be wary of any data or services provided by a market research company from a country with limited data regulations.
Businesses looking to gain an edge in the food and beverage markets should consider the pros and cons of investing in a food service market research company for comprehensive and nuanced insights. Research companies can greatly reduce the resources it takes to perform market research and still gain reliable data about their customers. However, the company should consider the quality of the data provided, reputation, and cost before investing in a specific service.
