In today’s hyper competitive foodservice and commercial restaurant industry, data is king — and restaurants need data-level insights and analytics to understand and stay ahead of their competition. But why is data different in foodservice? What foods dominate foodservice market sales? And how can restaurants identify breaks in the industry trends? Answers to these questions, and more, can be answered by leveraging -Brizo’s suite of foodservice market and menu insights.
Brizo’s foodservice insights provides multi-dimensional data sets where users can explore unique insights into customer preferences, food trends, nuanced market segments, and in-depth menu data from restaurants and other food service operators. It also provides unique data fields designed to the uncover food industry-specific trends that enable highly targeted research and prospecting of the foodservice market. This data-driven insights and analytics is essential for director of operations, marketing, and sales teams looking to succeed in the competitive foodservice market.
This article aims to provide answers to frequently asked questions around food and beverage insights and how operators in the foodservice industry can benefit from leveraging data-driven insights.
What is Foodservice and Why is It Different?
Foodservice, also known as foodservice industry, is the sale of prepared food or food accessed from establishments like restaurants, caterers, cafeterias, thanks, hotels, and institutions like hospitals and prisons, to the public. The foodservice industry is different than retail because of tight margins, customer and product mix, commodity costs, and labor costs. This sets foodservice apart from retail, not only in operations, but also in technology, pricing, and supplier relationships.
Data-driven insights helps restaurants and other food service operators gain a hover view of the industry and unlock business opportunities that could change the game. In a highly competitive landscape, understanding exactly what customers prefer in-order to tailor the menu accordingly is essential for success.
What Type of Data and Insights Can I Gain from a Food Insights Platform?
Food and beverage insights provide a wealth of actionable data and information that helps restaurants and other food service operators uncover opportunities and gain more value from their investments. The types of data that are common to foodservice include menu items, pricing, customer trends, market segments, and much more.
In addition to food and beverage insights, a food insights platform also provides insights into regional markets. These insights are essential for understanding changes in the marketplace, better tailoring the menu, and responding to customer preferences in each local market.
How Can Data-Driven Insights Help My Business?
Data-driven insights can be beneficial to your business in a variety of ways. To start, it can help you understand and capitalize on customer trends, and make informed decisions about the products and services you offer. This can lead to increased customer satisfaction, growth in customer loyalty, and increased sales. Data-driven insights can also help you uncover and capitalize on new markets and opportunities.
You can also use data-driven insights to improve operations by proactively answering customer questions, managing customer expectations, and predicting future trends. Additionally, leveraging data-driven insights can help inform efficient and cost-effective supply chain practices and labor management strategies.
What is Sales Prospecting in the Foodservice Market?
Sales prospecting in the foodservice market is a process of collecting data on potential customers — restaurant operators — in order to understand their needs, create targeted offers, and drive sales. The goal of sales prospecting is to find and reach out to the right prospects at the right time, make them aware of the services or products, and drive sales.
Data-driven insights make sales prospecting easier by providing increased visibility into the markets in which you’re operating. Data-driven insights can provide everything from customer preferences to financial information, which can help you develop and implement smarter sales strategies.
How Can I Use Foodservice Market Intelligence to Find Kitchens and Expand Operations?
Foodservice market intelligence enables restaurants and other foodservice operators to quickly identify kitchen spaces, find industry-specific contacts, uncover new opportunities, and develop new business strategies. This data can provide a more efficient way to find kitchens that meet the needs of the restaurant, as well as to identify areas of expansion and identify potential partnerships.
Data-driven insights can also provide insights into customer preferences in different markets, helping operators to tailor the menu according to local demand and ensuring more profitable offerings. Furthermore, operators can use the insights to find potential investment partners, or reach out to private equity investors and financiers to provide additional funds for business expansion.
How Can I Use Data Enrichment to Make Better Decisions?
Data enrichment
can be used to provide deeper insights into customer data, allowing for better decision-making and more efficient operations. Data enrichment can be used to uncover insights into customer behavior, such as purchasing history and loyalty programs. It can also be used to uncover industry-specific trends, giving you more visibility into the marketplace so you can make better decisions informed by data-driven insights.
Data enrichment can also be used to quickly identify and reach out to new customers, as well as leverage customer segmentation to create targeted campaigns.
