Sales in the foodservice industry is continuing to become more demanding and tedious for market intelligence providers. Gone are the days when selecting a market intelligence provider was relatively easy. With the introduction of syndicated data companies, gaining access to accurate data about the foodservice market is now a breeze. However, it can be difficult to decide which syndicated data company offer the best services, data, and insights for your needs.
In this article, we explore some of the frequently asked questions (FAQs) about syndicated data companies. From sales prospecting to competitive research, you’ll gain a better understanding of how to choose the right syndicated data company for your needs. Additionally, you will learn how data can be used to gain a competitive edge, inform decisions, and improve your marketing and sales campaigns.
What is a Syndicated Data Company?
A syndicated data company (or SDO) is a provider of valuable insights about the foodservice industry. These companies supply comprehensive and reliable data to companies across sectors including foodservice, retail, restaurants, and manufacturers. By taking into account multiple sources of valuable information, they can compile and package useful insights on consumer trends, menu items, restaurant performance, and much more. Additionally, they track performance metrics such as frequency of dishes, popularity of menu items and rankings of restaurants in their region.
Syndicated data companies can provide insights by leveraging in-depth and dedicated menu data that don’t come with traditional consumer market research. With the advanced tools and expert insights provided by SDOs, companies gain actionable insights about the market and consumer behaviors.
What Services are Offered by Syndicated Data Companies?
Syndicated data companies invest heavily in their research and data analytics, which allows them to provide services such as sales intelligence, competitive intelligence, and marketing intelligence for their clients. With comprehensive market analysis and wrap-up performance analytics, they can identify trends and uncover key insights that can be used to fuel future campaigns, decisions, and strategies. Additionally, through sales intelligence, companies can easily identify leads and streamline their research.
Syndicated data companies also provide services for startups such as market expansion guidance or data enrichment. Through data enrichment, firms can enhance their systems with insights based on the area they’re planning to expand to. With actionable insights from the SDO, companies can optimize their campaigns and target potential leads with comprehensive market insights.
Additionally, SDOs are often tapped to provide data sources such as suppliers and customers who are offering potential for innovation and brand expansion. With the right tools and expertise, companies can strengthen their promotional strategies and make better informed decisions while reaching out to the right people.
Syndicated data companies offer an array of other services such as mobile app analysis, menu engineering, location enterability, and product analysis. They can also provide data-backed advice on design, operations, and strategy.
How Can Syndicated Data Companies Help Back Financial Models?
Syndicated data companies can provide companies with valuable insights that can directly influence and inform financial decisions. SDOs can provide companies with performance metrics on a variety of factors such as overall restaurant performance, frequency of items, and menu item rankings. With access to comprehensive insights about the foodservice market, companies can optimize current models and create revised ones that are more closely aligned with the realities of the market.
Additionally, market intelligence analytics provided by SDOs can inform firms about potential risks and opportunities. By uncovering any potential risks associated with a given restaurant or market, companies can calculate the costs associated with these risks and weigh these costs against their financial models. With the help of supportive data driven by expert insights, they can make sound decisions while minimizing the risks associated with a given decision.
What are the Benefits of Using SDO Data?
Using a syndicated data company to gain insight into the foodservice market has several benefits. First and foremost, companies can take advantage of actionable insights provided by SDOs to fuel their campaigns, decisions, and strategies. Additionally, they can access a variety of data sources such as suppliers, customers, and restaurant technology providers that offer innovative products and services.
Syndicated data companies also provide companies with comprehensive market intelligence and performance analytics, which can inform decisions and influence financial models. With access to up-to-date information about the foodservice industry, companies can use the insights to strengthen their existing models and create new ones.
Ultimately, syndicated data companies can provide firms with the actionable insights needed to take their operations to the next level. With comprehensive market analysis, performance analytics, data enrichment, and support from expert analysts, firms can gain a comprehensive understanding of the foodservice market and make sound decisions with confidence.
