The food and beverage (F&B) industry is a large one, with a yearly global spend of close to $5.4 trillion. A key part of that spend is on franchise operations, which account for around 20% of the food service industry’s total sales. As such, if a franchisees wants to increase sales and gain a better understanding of their local markets, they need to access F&B consumer insights.
By exploring F&B consumer insights, a franchisees can identify trends, establish relationships with restaurant owners, create optimized marketing plans and strengthen their operations. But tapping into these insights isn’t always an easy process. This guide will look at the role of F&B consumer insights and teach you how to evaluate them in order to make marketing and sales decisions that will enable you to better meet the F&B needs and interests of your local customers.
What is F&B Consumer Insights?
F&B consumer insights are data collected from consumers that allows business owners to better understand their customers’ needs, interests and behaviors. This helps franchisees make more informed decisions on which products and services are best suited to their local markets.
Data can come from a variety of sources, including customer feedback, surveys, interviews, focus groups, surveys and complaints. This data can be collected through various methods, such as online reviews, public forums, social media and customer service programs.
There are several key elements to F&B consumer insights, including:
Consumer trends: Trend data collected from customers can give franchisees an idea of how customers are responding to their services, helping them to adjust their offerings accordingly.
menu analytics: By looking at menu analytics, franchisees can determine customer preferences, what items are selling well and what items may need to be adjusted.
Restaurant technology: By looking at the latest technology trends, franchisees can stay ahead of the competition and identify potential areas of improvement.
Promotions: Knowing what promotions customers respond best to can help franchisees determine which promotions to use to increase revenue.
How Can Franchises Access F&B Consumer Insights?
Franchises can access F&B consumer insights in a variety of ways, all of which are designed to help them make better decisions. These include:
Brizo Analytics: Brizo offers a wide variety of data sources and analytical tools to help franchises access F&B consumer insights. With our tools, franchisees can gain a deeper understanding of their local markets and use the data to optimize their operations.
Sales Prospecting: By leveraging our data, franchisees can identify new leads and target their sales efforts more precisely. This lets them expand their market and increase their sales potential.
Marketing: With our data, franchisees can craft informed, targeted marketing campaigns, increasing brand awareness and motivating conversions.
Find Kitchens & Expand Operations: By leveraging our data, franchisees can identify locations for new kitchens and expand operations by focusing on areas with higher demand.
Data Enrichment: Brizo’s data can help franchisees make better decisions by providing more accurate and comprehensive market insights.
Evaluating and Understanding F&B Consumer Insights
Now that you understand what F&B consumer insights are and how you can access them, it’s time to learn how to evaluate and understand them in order to make better marketing and sales decisions.
The first step is to make sure you have access to the right data sources. Make sure you are looking at reliable and up-to-date information from industry-relevant sources. This ensures that you are getting the most accurate insights.
Once you have the data, you need to be able to interpret it. Look at the trend data to see customer preferences and the menu analytics to identify items that may need to be adjusted. Then, examine the latest technologies to stay ahead of the competition. Finally, consider the promotions your customers respond to best, so you can increase your revenue.
When you have all the data, you need to be able to make decisions based on it. Ask yourself questions such as: What is the market potential? What are my customers’ needs? How can I optimize my offerings? Use the answers to develop a better understanding of your customer base and local markets.
Concluding perspectives
F&B consumer insights are essential for businesses looking to understand their customers, optimize their operations and increase their sales. With this guide, franchisees can access the data they need and evaluate it in order to make informed decisions.
By tapping into F&B consumer insights, franchises can gain a better understanding of their customers and local markets, allowing them to craft more effective marketing and sales strategies.
