The foodservice industry operates by its own set of rules and conventions. Achieving success within the market can be a difficult journey. Sure, it helps to create exemplary products, buld relationships with operators, and provide superior customer service — but this isn’t enough. To ensure success, a business must have insight into the foodservice market.
data has always been a valuable asset, but harnessing it for your advantage can be daunting and sometimes feel unworkable. Utilizing up-to-date market insights can help suppliers gain ground on the competition, while also providing them with an edge when engaging with operators. Harnessing the power of big data can help restaurant technology providers achieve high levels of efficiency and accuracy in their operations.
So, what are the most important considerations when looking for insight into the foodservice market? Here are a few key points to consider to help you make the most of your data-driven efforts.
1. Targeted Prospecting
Through data-driven insights and analytics suppliers and businesses can approach operators more accurately. With highly detailed restaurant prospects they can assess their needs, tailor their messaging to the market, and then optimize their presentation. By gathering and understanding insights about a foodservice operator regarding their customer base, competition, business goals, and decision-making style, a supplier can identify where and how to best target their sales efforts.
2. Sales Efficiency and Acceleration
Data science and AI can help suppliers identify current trends within the foodservice market, which can help them to identify trends that could improve their operations. For instance, using data-driven insights to accurately identify when an opportunity for a sale exists and then capitalizing on it quickly. Similarly, if a supplier knows about a prospective customer’s need for certain products, they can quickly craft a tailored solution that is best suited to the customer’s requirements. Such sales acceleration allows businesses to reach their goals faster and without compromising on quality.
3. Strategic Decision Making
By gathering information on customer bases, competition, and business goals, suppliers can make informed decisions from a position of confidence. In addition, understanding and tracking consumer trends and preferences can help suppliers improve their menu items and provide operators with better offerings. Big data insights can help them make decisions about where to locate facilities, how to structure their pricing, and the types of products that will be most successful.
4. Expand Your Reach
With the help of foodservice market intelligence, restaurant technology providers can also establish strategic partnerships that open doors to potential B2B opportunities. Through these alliances, they can expand their operations and production scale. Insights into the foodservice landscape can also help them identify the most profitable and viable markets to move into.
No matter what type of foodservice operation a supplier is running, having comprehensive data-driven insights can help them identify the best solutions to match their goals and objectives. Utilizing these insights can help ensure a successful presence in the foodservice market, while also helping restaurant technology providers save time and resources when prospecting and selling.
