The food and beverage industry is highly competitive, and it requires a tremendous amount of research and analysis to strategize and identify the market potential for a business. Prospecting and marketing to the food service market is an ever-evolving field that requires a deep understanding of data and contextual insights. To-date, the industry has seen a range of both nuanced and dramatic changes in areas such as ingredient preferences, restaurant set-ups, menu items, and restaurant technology.
This puts franchisors looking to expand locations in a difficult position of needing to understand local food trends and preferences while also finding the right food suppliers and vendors. The thought of having to navigate both the market and the food service industry can be daunting to say the least; however, by leveraging data-driven insights and analytics, franchisors can position themselves for success and grow their network of food providers.
This article seeks to provide a frequently asked questions (FAQs) style of guide to assist franchisors in their search for the perfect food providers. Here, we will provide insights around topics such as sales prospecting, food industry data, kitchen search, market intelligence and data enrichment.
Sales Prospecting
Sales prospecting is an important first step for any franchisor looking to provide quality food to their customers. It involves understanding the needs of potential customers and tailoring services and solutions to meet them. Leveraging industrial insights and analytics can help the franchisor not only understand their own capabilities and strengths, but also the customer’s requirements.
This type of research will inform the franchisor’s decision-making process and allow them to make educated decisions as to which suppliers and vendors they should pursue. The data provided by industrial intelligence provides franchisors with unparalleled insight into the food service sector which will assist in making the best financial decisions.
Marketing to the Foodservice Market
The foodservice market is constantly changing and evolving. Franchisees must be able to interact with and understand their customers’ needs and preferences quickly and accurately.
Having the ability to attract, convert and close more leads with market insights-led tactics helps to ensure the franchisor has access to the latest information about customer preferences. This includes gaining insight into important trends such as ingredient preferences, menu items and restaurant technology so that the franchisor can make informed decisions.
Find Kitchens & Expand Operations
After comprehensive research on the potential customers in the market, the next step involves finding the right kitchens to produce the food for the franchise.
Here, reliance on industry insights and analytics can help the franchisor streamline production innovation and expand their brand. This allows them to gain a detailed understanding of the potential customer base so they can focus their efforts on the right kitchens.
At the same time, the data gathered from this research allows franchisors to identify overlooked opportunities in the market and make strategic decisions to become a major player in the industry.
Data Enrichment
Once the franchisor has identified the right kitchens for production and their potential customers, data enrichment should be used to further enhance the system. This includes leveraging deeper insights into the market and using that information to make more informed decisions.
Industrial insights and analytics can help the franchisor gain a better understanding of market trends, workflows, and competitor strategies. This allows them to enhance their systems and make decisions with confidence.
