With the rise of technology creation within the food and beverage industry, there has been a dramatic shift in the way businesses are looking to acquire insights into the market. Through new sources of industry data.com/en/platform/’ target=’_blank’>menu data and analytics, franchisors can have an edge in predicting future trends and still take advantage of localized language for their target audiences. This article will explore the pros and cons of using industry menu data and analytics when expanding franchise locations.
Foodservice market intelligence is a powerful tool for franchisors to leverage. While menu analysis offers a level of in-depth insights into the industry, it can also:
Empower sales teams to pinpoint key sales prospects
Help to attract, convert, and close leads with data-led insights
Enable franchisors to take advantage of potential opportunities in the industry
Provide an efficient and organized way to enhance systems with detailed market data
Give operators deeper understanding and assessment of the area they’re expanding into
Data analysis also allows franchisors to see guidance on potential growth options, successes, and failures by gaining understanding on the trends within the industry to better inform decisions. The menu data insights allow business owners to research and pinpoint potential new customers and better understand customer identity.
When it comes to the cons of using menu data and technology within the industry, there are some key considerations to keep in mind. The data poses a level of risk in terms of accuracy as information may be indisposed to changes or be outdated. Furthermore, the data can be costly. As industry menu data continues to evolve, the onboarding process is quite difficult, particularly for businesses just getting their feet wet with the technology. Additionally, there can be large discrepancies between the data and actual market performance.
To maximize the use of industry data and analytics within one’s own franchise operations, there are a few recommendations to consider:
Use a reliable source for your data
Design and structure your data with in-depth analysis
Construct a set of key metrics that are regularly monitored
Transfer the data into actionable insights
Collect data on a regular basis to provide current market knowledge
Overall, industry menu data and analytics can be a powerful tool when it comes to expanding and assessing food industry trends. However, there are some key considerations with regards to the accuracy and cost of these tools. When employing these tools, it’s important to create a comprehensive set of metrics and regularly monitor data to allow the most informed decisions.