As a data provider, you may face the question from customers: How comprehensive are the data, insights, and analytics provided by a platform? It is important to understand the nuances of the extensive array of data and insights available, in order to select the right platform for your organization.
State Rate Menu, better known in the Restaurant and Foodservice industry as SRM, provides customers with unparalleled access to menu pricing at thousands of restaurants around the country. With insights and analytics taken from thousands of restaurants, SRM provides customers with an understanding of inclusion and pricing menu trends.
Why Is SRM Important?
State Rate Menu offers actionable insights into the foodservice market, including menu pricing analysis, pricing trends and benchmarking. It also provides insights into where to find the best local, regional and national price points, as well as where new product introductions might be most successful. SRM data and analytics provide competitive pricing information, average price data by region, average menu item price by restaurant, and comparison insights.
Benefits of SRM
State Rate Menu keeps foodservice players up to date on pricing trends and pricing changes at thousands of restaurants across the country. Companies are able to access trend data to adjust their own pricing strategies and make better-informed decisions for their businesses. Through SRM, companies can also forecast changes in restaurant sales, understand the regional impact of these changes and track menu item prices at a granular level.
SRM also helps restaurants and food suppliers adjust their strategies according to regional pricing trends. With the help of the data, restaurant owners can make decisions about which suppliers to purchase from and which pricing models to employ, thereby improving their margins and achieving better profits.
In addition, SRM offers valuable insights for investors in the restaurant industry. Investors can monitor price changes and track regional trends to gain a firm understanding of how different areas may be affected by economic trends.
What Is Included in SRM?
State Rate Menu includes comprehensive data and insights from more than 2000 restaurant chains in the US, including major national brands and local chains. The platform gathers menu item prices from approximately 4,500 restaurants on a daily basis, thereby ensuring up-to-date insights. SRM also collects data from virtually every regional market and lumps restaurant chains together according to their tier level. This helps the platform track both local and national pricing trends and generate reports accordingly.
Closing ideas
State Rate Menu is an invaluable foodservice market intelligence system that places a comprehensive range of menu item prices and regional pricing trends right at your fingertips. It enables foodservice providers to make better-informed decisions and to more accurately price products. Armed with SRM insights, you can remain ahead of the competition and benefit from information that is taken from thousands of restaurants and hundreds of local and national markets.
State Rate Menu is perfect for those who require actionable insights regarding menu item pricing and regional pricing trends. With unique data fields specific to the foodservice industry, there is no shortage of data and insights to assist customers in making informed decisions.
