Before a restauranteur or franchisee invests a large sum of money into launching or expanding their business, it is important for them to understand the trends in the current foodservice market. In order to stay ahead of the competition and be successful in their ventures, they have to be knowledgeable about where and when there is potential growth. This is where data-driven market intelligence from providers like Brizo comes in.
Powered by powerful data sets, this type of intelligence provides insights into the ever-evolving foodservice industry which can help restauranteurs and franchisees make decisions more confidently. Strategically looking at the foodservice market, and the different trends influencing the local and global industry, is essential for any investor or enterprise in the food and beverage sector.
Today, one of the most in-demand product lines for the food service market is, surprisingly, coffee. With the rise of specialized coffee shops, third wave coffee, pour-over coffees and even the slow brew experience, the once common cup of Americana is evolving into something that can rival the nuances of fine wine.
So, how can franchisees and investors in the US better understand these trends and use data-driven intelligence to evaluate and optimize beverage programs?
First, it is essential to understand the consumer analytics of the third wave coffee experience. Research shows that the average customer brand loyalty for coffee is highest when the product is seen as a premium offering. Customers are willing to pay more when offered a higher quality product. Data-driven intelligence helps franchisees and investors hone in and focus their menus, pricing and marketing to attract and retain customers.
Next, foodservice market intelligence can provide insight into the varying consumer sentiment across different markets. It can show trends on what kind of coffee is thriving in which region, what pricing model works best, and how to differentiate oneself by offering unique blends and specialty ingredients for coffee. Knowing which products and promotional strategies are successful in different markets can help inform the beverage program design plans for franchisors.
Finally, it is important to understand the impact of tech trends on the coffee experience. Enterprises and restauranteurs can utilize data sets to better understand the adoption of mobile payment and technology in store, as well as the impact of packaging, branding, and customer education on the market. Using such data-driven insights helps DMMs create strategies to differentiate their programs in the market’s competitive landscape.
Ultimately, data-driven intelligence from knowledgeable market experts can provide helpful insights to franchisors and investors looking to understand the latest coffee trends. From consumer analytics to regional trends, leveraging the insight provided by data-driven market intelligence can be an invaluable tool in the food and beverage industry.