With the rapid growth and ever-evolving nature of the foodservice industry, there’s never been a more important time to stay ahead of the curve. From local food trends to production innovation, businesses must understand their markets in order to properly strategize their operations for the future.
Though staying informed of the local and national trends is beneficial, it isn’t always within reach. Thankfully, the data-driven insights and analytics provided by Brizo provide an efficient way to keep track of the foodservice market. This board and diverse set of data allow for highly targeted research and prospecting in the food service industry, including in-depth menu data and comprehensive restaurant tech coverage.
For franchisors looking to expand their locations, these market insights can offer major advantages. However, they must understand the data and insight that’s available and how it can help them make the most informed decisions.
To help, here are 10 things to consider when researching the foodservice market:
1. Sales Prospecting: Sales teams can use Brizo’s data-driven insights to help build their prospecting strategies. The data provided establish targeted criteria and parameters for finding new partnerships and prospects.
2. Marketing Strategies: On top of sales prospecting, Brizo’s insights can help businesses construct effective marketing strategies to more effectively attract, convert, and close more leads.
3. Expansion Opportunities: Using the market intelligence offered by Brizo’s data, franchisors can better track and find kitchen expansion opportunities to increase market share.
4. Data Enrichment: With better menu data and comprehensive restaurant tech coverage, franchise teams can build a better understanding of certain markets.
5. Menu Analysis: By studying menu items, franchisors can evaluate what works and what doesn’t, allowing them to create local menu specials that meet customer needs.
6. Price Sensitivity: When looking to find new locations or increase revenue, it’s important to understand consumer price sensitivity and market trends within a given area.
7. Customer Service: How a business communicates and interacts with its customers can directly affect their bottom line. Understanding customer sentiment through customer reviews is essential for businesses to improve their customer service.
8. Suppliers: Knowing who supplies a particular restaurant or chain is essential for franchisors looking to contact those suppliers and better understand how these suppliers can benefit their business.
9. Location Evaluation: Determining the best location for new franchise locations is key, and Brizo’s data can provide insight into local market trends, customer demographic information, and the size of a potential locations.
10. Technology: With many of today’s restaurants implementing technology-driven solutions, it’s important for franchisers to assess the effectiveness of current technologies and what new technologies could benefit their business.
As the foodservice industry continues to rapidly evolve, it’s more important than ever for franchisors to stay informed of the data and insights that’ll help them succeed. Using data-driven insights and analytics from Brizo, these franchisors can find the data and market intelligence they need to make sound decisions when expanding their businesses.
