With the growth of fast-casual, food delivery, and extended dining hours, the foodservice industry is rapidly evolving. Chain restaurants are adapting to keep up with these trends, and as such, the Restaurant Chains that are growing their market share the fastest are of great interest to many businesses. While evaluating a restaurant chain’s growth, the usual evaluation metrics are typically considered first. These metrics revolve around sales growth, number of locations, and profitability. However, there are other potential metrics, such as menu data and new restaurant technology, that are equally as meaningful when measuring the growth of a foodservice business.
Menu data and restaurant technology coverage can provide invaluable insights into a chain’s growth. This data can help uncover the types of foods people are dining on the most, as well as the restaurant technology trends that are driving the industry forward. The availability of menu data and restaurant tech coverage also give businesses the opportunity to dive deeper into the research of a chain’s growth. Combined with other quality of life metrics, e.g., customer service, delivery speed, etc., it’s possible to get a more complete picture of a restaurant chain’s health.
With the rise of foodservice market intelligence, businesses have a better chance of understanding the evolving market landscape. Several companies offer insights on menu data and restaurant technology, including Brizo, which provides a complete overview of the foodservice market. Brizo provides an in-depth menu data set, as well as restaurant technology coverage. This data allows businesses to target their market by combining insights about menu data and restaurant technology. Marketers can use its data to attract, convert, and close new leads, as well as understand how restaurants are expanding their operations.
Sales teams can use data-driven insights to make informed decisions. For example, they can use data about menu items to reach out to owners of fast-growing restaurant chains who may be interested in their service. Data enrichment is also available, making it easier for businesses to put their systems to use by giving them access to more comprehensive insights.
By understanding menu data and restaurant technology, businesses can better position themselves to expand their own brand. As restaurants grow their market share, they will be more open to innovative production solutions. Market intelligence can help identify areas of improvement within the current production processes and open up the door for new ideas.
Evaluation of fast-growing restaurant chains should not only consider sales, locations, and profitability, but also the menu data and restaurant technology associated with the chain. Taking into consideration the type of food being served, customer service ratings, delivery speed, and overall restaurant technology, businesses can get a complete picture of a restaurant chain’s growth. With the help of foodservice market intelligence providers, like Brizo, businesses are better equipped when analyzing different restaurant chains and their prospects for the future.
