For restaurant owners, decisions such as expanding operations and menu innovation require accurate and comprehensive market insights, and with the rise of account-based data apps, having access to the right information is simpler and more streamlined than ever. But with so many different platforms, features, and benefits to consider, what should restaurant technology providers look for? This article aims to discuss the top 10 factors to consider when researching account-based food data apps.
Whether a business is a bustling chain franchise or a small family-owned restaurant, market data is vital for making decisions and staying competitive. Things like consumer spending habits and restaurant trends are constantly in flux, so it’s essential that restaurant owners and food service technology providers stay ahead of the curve and stay informed of the new opportunities, and account-based data apps are the perfect way to do that.
1. Geographic Concentration
As a restaurant maker or supplier, it’s important to understand both geographic and demographic concentration. Knowing which regions have the most restaurants of a certain type – and what characteristics define them – can help you better target and develop products for that specific region. Geographic concentration also gives insight into overall competition in the marketplace and the value of restaurant-specific menu items.
2. Area Trends
When researching account-based data app, check to see if they provide the latest information regarding area trends. Established restaurant brands often depend on the regional scene to keep customers excited and engaged. Trends can include switching up menu items seasonally, offering discounts to locals, or even launching specialty products. Information about regional trends helps restaurant suppliers decide which products are in demand and which ones need to be discontinued.
3. Restaurant Reviews
When researching account-based data applications, seeing how restaurants fare in the review department is an excellent way to gauge the overall sentiment of the customer base. Keeping an eye on the customer ratings and comments that customers leave behind is important to gather feedback regarding the quality of food, services, and other offerings. Reviews are also vital to have a better understanding of the restaurant’s reputation.
4. Market Share
An important factor to consider when researching account-based data app is the market share of the restaurants. Knowing the market share of a particular chain or franchise can help determine the strength of their products or services. It also can provide insight into the level of competition between different restaurants in the same area. Comparing the market share data to the geographic concentration or area trends can help restaurant owners and technology providers better understand the needs of local customers.
5. Supply Chain Analysis
For restaurant owners who are looking to streamline operations and for technology suppliers who are researching top-tier solutions, exploring supply chain analysis should be a main priority. This type of data can help track pricing, identify the strongest sources, and determine the best times to negotiate. Through supply chain analysis, technology vendors can find solutions to help restaurants reduce costs, optimize productivity, and cut waste.
6. Profile Analysis
In addition to geographic concentration, area trends, and market share, another factor to consider when researching account-based data apps is profile analysis. This type of analysis will help restaurant owners understand whom their customers are, what their preferences are, and what they’re looking for when they visit or order takeout. Profile analysis also can help technology vendors to better understand and target specific audiences for their products.
7. Competitive Intelligence
Competition is always fierce in the food industry, so having comprehensive competitive intelligence is essential for staying ahead of the curve. With the help of an account-based data app, restaurants can better track and analyze the competition, identify their marketing strategies, and most importantly, develop products that stand out from the crowd. This type of data can help restaurants craft their unique selling points and differentiate their businesses from the competition.
8. Tech Trends
As technology continues to evolve rapidly, it’s important for restaurant owners to stay ahead of their competitors and incorporate these trends to their operations. With the information from account-based data application, restaurants can assess the latest tech trends and determine which ones can offer the most advantages. From location-based services to online ordering systems, this data can help restaurants decide which technologies are worth investing in and which ones should be avoided.
9. Menu Insights
Menu insights are another key factor to consider when researching account-based data application. Knowing the pricing, ingredients, and nutritional value of products will help determine the customer demand and what items have the highest ROI for the restaurant. Menu insights can also be used to develop new products or rebrand existing ones.
10. Local Regulations
Lastly, local regulations and public health laws change often, so having access to timely updates on applicable regulations and ordinances is key for any restaurant owner. Account-based data applications can provide local and national health and safety regulations which restaurants must comply with and a list of inspections they need to complete.
As seen above, there are many things to consider when researching account-based food data apps. By understanding geographic concentration, area trends, reviews, market share, supply chain analysis, profile analysis, competitive intelligence, tech trends, menu insights, and local regulations, restaurants and technology providers can have a better understanding of the foodservice market and make informed decisions based on data-driven insights.
