For franchise owners, staying up to date on foodservice market intelligence is a key part of a successful business. Knowing the latest industry trends can help keep brands ahead of the competition and help with important decisions such as sales prospecting, marketing efforts, and operational expansion.
In today’s competitive foodservice market, gaining access to well-researched and reliable data is a key component for success, and it’s becoming increasingly more difficult to obtain the necessary insight. Fortunately, technology has made a tremendous leap forward in the last decade, making sophisticated market research more accessible. Digital tools such as Brizo are paving the way for informed decisions in the foodservice arena, making the investment in market research easier and more insightful.
Here, we’ll answer the most frequently asked questions about using food insights to make effective decisions. We’ll explore what food insights are and how they can help when planning for brand growth. We’ll also review the types of data available through food insights, and how franchise owners can use it to get ahead in the industry and ensure their franchise remains profitable.
What are Food Insights?
Food insight is an umbrella term used to describe the process of gathering market research and intelligence in the foodservice industry. The goal of food insights is to gain an in-depth understanding of the competitive landscape in order to make informed decisions. Through gainin insight into the foodservice market, franchisees can better predict their chances of success in any area of the market.
The range of research initiatives included in food insights vary, but the majority of data gathered provides insights into trends in the foodservice industry. Data embedded in food insights includes statistical information such as demographics, pricing levels, and customer experiences from a variety of sources such as online review sites.
Food insights also include in-depth menu data and restaurant tech coverage, providing franchisees with valuable information about sales prospects, marketing efforts, and expansion infrastructure. In short, food insights act as a comprehensive provider of market intelligence when it comes to the foodservice industry.
How Can Food Insights Help Your Franchise?
Food insights can help franchisees in multiple ways, the most obvious being that it provides awareness of the competitive landscape. By understanding what competitors are doing and how customers are responding, franchisees can anticipate customer needs and drive brand growth. Specifically, by using food insights, franchisors can use the acquired data to roll out appropriate campaigns, spot high-growth locations, get feedback on current performance, and forecast upcoming products and trends.
For example, insight into menus can provide understanding of price points, popularity, and availability of dishes, all of which would be crucial in deciding the future of your franchise. Menus also offer insight into local tastes and trends, allowing franchisors to craft appropriate menu items to cater to customer preferences.
What Information is Provided by Food Insights?
Typically, food insights provide precipitation of actionable data that can be used to make better business decisions.
For starters, menu data is often available for franchisors to examine. This data helps brands understand what customers are ordering and where trends of the food service market are shifting. With this data, franchisors can decide whether or not to include certain dishes in their locations in order to attract a new group of customers or capitalize on an existing trend.
In addition to menu data, food insights can provide you with research on customer feedback. Customer reviews can help you identify areas of improvement or strategies that have worked and can be implemented in other stores. This essential information can help franchisors identify which store locations are thriving and which need adjusting.
Other information provided by food insights would include sales prospects in the foodservice industry, marketing trends, and data enrichment. Sales prospecting in the food service market and marketing to the foodservice market helps brands attract, convert, and close more leads with data-led industry insight. Data enrichment can enhance franchise systems with more comprehensive market insight for confident decisions.
