Using data-backed insights and analytics to better understand the complexities of the foodservice market is becoming an increasingly fundamental part of restaurant operations. With a board and diverse set of data for deeper foodservice market understanding, restaurant technology providers can equip themselves and their teams with data-driven insights to help attract, convert and close more leads with data-led industry intelligence.
The foodservice market is highly competitive, and providers of restaurant technology need to stay up-to-date and informed in order to stay at the forefront. As those supplying to merchants and restaurateurs face greater costs, harnessing the power of data science, artificial intelligence and big data analytics can make a great difference to operations. Providers of restaurant technology can optimize their campaigns and target with market insights they wouldn’t otherwise reach to help fuel the growth of their business.
Growing the restaurant technology company comes down to three key steps:
1.Sales Prospecting for the Foodservice Market
Sales intelligence and prospecting for the foodservice market is a core focus point when looking to meet individuals, discover strategies, and research customer profiles. Once these have been compiled, restaurant technology providers can streamline their research and capture leads with remarkable speed by leveraging market data platforms.
Competing restaurant technology providers will be constantly shifting to stay ahead and informed to make their presence known and drive business, so it’s important that providers know where they stand to quickly adapt if needed and remain competitive in the long run.
By leveraging a market data platform, restaurant technology can access key intelligence points such as restaurant outlets by location, foodservice distribution channels, menu data, restaurant technology adoption rates and restaurant industry trends. This is all essential to keep up with the ever-changing industry, remain well-informed and empowered to make important decisions involving in the foodservice market.
2.Market To the Foodservice Market
In the foodservice market, successful campaigns are born from data-driven insights. Attract, convert and close more leads with data-led industry intelligence helps to understand growing customer pains, practice behaviors and preferences that can be used to best tailor campaigns.
By drilling down into their customer base, restaurant technology providers can narrow down the exact types of customer they are looking for and then build campaigns accordingly. Whether its building custom segments to identify growth opportunities or drawing insights to understand customer sentiment and leverage effective user experiences, a market data platform can help restaurant technology providers achieve that extra edge.
3.Find Kitchens & Expand Operations
By harnessing more comprehensive market insights, restaurant technology providers can make decisions with confidence and streamline production innovation. It’s essential that restaurant tech providers leverage market data to source new foods or new ingredients from a larger array of suppliers and then understand the latest trends in the industry to have an edge over competitors.
Finding the best possible kitchen setups to expand one’s brand requires a detailed approach to menu planning and data enrichment, as well as an understanding of the local market. Foodservice market intelligence can provide restaurant tech providers with details on the competition including customer preferences and spendings, as well as local market trends and fads.
By implementing various steps and strategies that harnesses market intelligence, restaurant technology providers can ensure their operations remain competitive and set themselves up for long-term success.
