The food industry is in an ever-evolving state of flux, with new trends providing potential for increased revenue but also increased risk of oversaturation or fragmentation. As a restaurateur or franchise owner, staying up to date with the latest trends and technologies can be challenging, especially since data in this field can be hard to come by.
Fortunately, there are a variety of resources available to help understand the landscape and take advantage of new technologies. Here, we’ll explore four of the most important sources of market intelligence and insight for those in the food service industry: menu data, restaurant tech coverage, sales prospecting, and data enrichment.
Menu Data
Understanding menu data is essential to taking advantage of new trends and revamping menus to attract new customers and retain loyal customers. Menu data includes detailed personalization information about available dishes, their ingredients, and their nutritional content. With this data, restaurateurs can gain a better understanding of the customer base of any given restaurant and use the metrics to make more informed decisions on what dishes to offer and how to best market them.
Restaurant Tech Coverage
Modern restaurant technology is revolutionizing the way restaurants serve customers and manage their business. By leveraging restaurant tech coverage, one can evaluate how different apps, online payment systems, loyalty programs, and other technologies are impacting the food service industry and uncover which would be the most beneficial to adopt.
Sales Prospecting
Sales prospecting helps franchisors to strategically look for leads, attract more customers, and close more deals. With data-driven insights and analytics, one can gain a clearer understanding of the food service market and make more targeted decisions which would help drive sales.
Data Enrichment
Data enrichment is key to gaining a deeper understanding of the market and making better-informed decisions. With data enrichment, companies can enhance their systems with more comprehensive market insights that better describe customers or potential customers and their respective environments. This can help inform decisions for the expansion of the business and product offerings.
Understanding the food service market and taking advantage of the latest technologies is key to the success of any restaurant or franchise. By leveraging the four main sources of market intelligence discussed here, franchisors can make more informed and data-driven decisions to strategically expand their businesses.
