Finding the right restaurant location is a crucial part of any successful food business. It requires deep analysis and knowledge of the local market, food trends and regulations. For those franchisees looking to expand their locations and strategically map out future expansion, a Location Search Restaurant (LSR) can provide vital and comprehensive data to make informed decisions.
An LSR concept involves utilizing location-specific data to supplement data acquired from demographic and psychographic research. By expanding the scope of research, franchisors can gain a comprehensive view of the local market, in order to make the most informed decisions when deciding on a new restaurant location. Here we explore a range of methods to help you on your LSR journey.
Understand Local Food Trends.
The first step is to get a deep understanding of the local food trends. From niche concepts to common comfort food dishes – these are the choices that will define your consumer base. Employment and population data can provide key insights into what is being offered in the area. Understanding the current state of the local market also helps determine what kind of offers could be successful.
Conduct Market Surveys.
Conducting detailed market surveys within certain areas is essential to acquire accurate data and develop a deep understanding of the local demographic. By assessing the preference of customers in various socio-economic categories, you can better understand the food needs of the area – what they’re looking for and what’s lacking.
Utilize Data Enrichment.
Data enrichment is key to any successful LSR project. By leveraging demographic and psychographic data, and combining it with insights from location-specific data, it’s possible to uncover patterns and trends. This data can be used to make the necessary changes to ensure that the new restaurant succeeds.
Collect Data for Prospecting.
The LSR should also gather data and statistics on the local establishments. This data can be used by franchisees to find prospective locations, understand their customers, and develop more efficient marketing campaigns. By revealing opportunities for growth and prospecting areas, restaurants can accurately plan their expansion.
Find Kitchens and Expand Operations.
Using the collected data helps LSRs streamline production innovation and strategically expand their brands. With the accurate insights they have, they can find the appropriate kitchen equipment as well as staff employees. With a well-researched LSR, restaurants can make better decisions on how to expand operations, such as deciding which variable factors – like hours of operation or menu – can best boost their profits.
Sales and Marketing.
Using the detailed data collected, LSRs can also equip their sales teams with the insights to effectively target specific customer segments. Plus, by understanding the local market through an LSR, restaurants can design more effective marketing campaigns that capitalize on the preferences of the area.