The foodservice market is one of the tricky pillars of the US economy. Merchants and restaurateurs need to stay on their toes to remain competitive and to generate sales to stay afloat in this highly dynamic industry. This is why this sector is adopting data-driven solutions at a faster rate than other sectors. For suppliers and manufacturers, having top-notch insights into the foodservice market is essential to survive and remain competitive in this space.
Recently, cutting-edge tools such as Brizo have arrived on the scene. It is the first of its kind that provides a board and diverse set of data for deeper understanding of the foodservice market and to enable analysis of market segments. With this platform, users are able to gain in-depth insight into menu data and restaurant technology as well as uncover strategies to better prospect the foodservice market.
In the following sections of this article, we discuss the implications of utilizing these types of platforms and the strategies foodservice businesses should consider to maximize their returns.
Sales Prospecting
The ability to interact with potential customers in a targeted manner is invaluable when trying to understand the foodservice market. Utilizing advanced analytics and data science, sales teams are able to identify the right prospects and get their sales message across more effectively. Not only does this enable sales teams to optimize their return on investment in this difficult market, but it also helps build relationships with more customers.
Marketing to the Foodservice Market
In the past, foodservice businesses had limited access to data on the likes of menu trends, restaurant technology and even restaurant location analytics. This lack of data means that it was difficult to gain an understanding of the market in order to target potential customers effectively.
Using insights derived from data science and AI, the marketing of foodservice businesses can be laser-focused on specific subsets such as menu trends and restaurant technology. With more insights into the industry, brands are able to more effectively nurture their existing customers and attract new ones.
Finding Kitchens and Expanding Operations
With access to in-depth insights into the foodservice market, it is now easier than ever to identify suitable locations for restaurants and kitchens. By utilizing sophisticated analytics, brands are able to ensure that they locate their kitchen space in an area where their products will be most well-received. This helps maximize returns and ensures that the brand is better-positioned for success.
Data science insights can also help foodservice businesses identify opportunities to suburban or branch out in the areas they are in. This helps them determine the areas and neighborhood which will most likely support their products and allows them to open up more successful locations.
Data Enrichment
Apart from helping businesses with gaining insights into the market, data-driven solutions can also provide systems with more comprehensive market insights. Such systems can help transform the level of customer understanding and provide confidence when making decisions.
By having access to the latest trends and technological advancements in the industry, these insights provide both restaurant owners and suppliers with up-to-date intelligence on the foodservice market. This sophisticated analysis helps them better respond to competitive pressures and make informed decisions about their own activities.
Concluding remarks
In the constantly evolving foodservice market, a data-driven approach has become indispensable. Thanks to the advent of tools such as Brizo, the industry now has access to data science insights that can provide more targeted and comprehensive insights into the market. From sales prospecting to competitor research, brands are now able to make more informed decisions on their strategies and activities.
