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The foodservice sector is evolving, driven by numerous trends, such as digitalization, operational pressures, changing consumer demands, and more. As a result, restaurant technology providers must keep up with the changing landscape of the foodservice industry to better understand and optimize operations for sustain success. In order to do so, such providers can leverage advanced insights found in menu analysis and foodservice market intelligence.
At Brizo, we believe that a thorough analysis should move beyond the standard metrics available in the market – with menu analysis being the first step. Menu analysis is the process of leveraging data points found on the menu to understand the consumer sentiment around certain dishes and beverage items. By using this approach, restaurant technology providers and operators can analyze menu trends to identify new opportunities for growth, marketing, and process improvements.
This article outlines the basics of menu analysis, what type of data can be extracted from it, the insights it can provide, and the various stages of the menu analysis process.
What is Menu Analysis?
Menu analysis is a process that combines historical menu information with consumer-generated sentiment data to form a comprehensive analysis of customer preferences. This type of analysis seeks to uncover the factors that drive customer satisfaction and loyalty, as well as reframe restaurants’ offering to best meet the changing needs of customers. It is a data-driven, extensive undertaking that requires a full understanding of the customer’s dining experience.
At Brizo, we provide restaurant technology providers and operators with powerful insights that are generated after analysis of menus and other types of data. Our insights provide insight into current menu trends, pricing, customer preferences, and culinary innovations, allowing you to make more informed decisions.
What Information Can be Extracted From Menu Analysis?
Menu analysis provides many valuable insights into the customer’s dining experience. By analyzing menus, restaurant technology providers and operators can gain access to data points typically not available in the market. These include:
• Dish-level insights: Menu analysis can uncover important dish-level metrics, such as frequency of sale, sales volume, profit margins, customer ratings, and more.
• Pricing: Menu analysis also provides insights into current menu costs and their changes over time.
• Marketing and Product Development: By analyzing customer reviews and preferences, you can craft better marketing campaigns, as well as create new and improved products based on customer demand.
• Competition: Menu analysis can also be used to benchmark against competitors and identify areas of opportunity.
What Insights Can Menu Analysis Provide?
Menu analysis can provide key insights into the overall customer experience. By focusing on various data points, restaurant technology providers and operators can uncover trends that will help them optimize their offering and operations. The insights can also be used to develop marketing plans, design the optimal menu, and identify new opportunities.
The insights generated from menu analysis has the potential to improve efficiency and cost savings. Restaurant technology providers and operators can use these insights to gain a competitive edge and maximize the ROI of their operations.
Stages of Menu Analysis
There are five stages in the menu analysis process:
• Data Collection: Gather and collate menu data from various sources, such as customer reviews, restaurant POS systems, surveys, etc.
• Data Cleaning: Clean the dataset to identify any outliers.
• Data Exploration: Explore the menu data to identify trends and customer preferences.
• Results Analysis: Evaluate the results to draw insights and formulate plans.
• Actionable Strategies: Implement strategies to optimize operations and increase profitability.
Lastly
Menu analysis is a valuable tool for restaurant technology providers and operators to gain an in-depth understanding of their customers and the foodservice market. By leveraging menu analysis, restaurant operators can identify opportunities for cost-savings and optimization, as well as uncover trends and customer preferences to inform their strategies.
