Getting Started with a Restaurant Market Intelligence Program

Restaurant Market Intelligence Program

The foodservice industry is rapidly changing, with restaurants and food service providers facing more competition than ever before. Restaurant market intelligence is essential for staying competitive and being able to unlock new opportunities to grow. By leveraging insights from data and business intelligence, you can stay ahead of the curve and identify marketing and sales automation opportunities.

In this article, we’ll look at what restaurant market intelligence is, how it’s used to unlock new opportunities, and how companies can get started with their own restaurant market intelligence program.

What Is Restaurant Market Intelligence?

Restaurant market intelligence is the practice of collecting, analyzing, and using data from consumer research, industry research, and other sources to understand the current and potential future state of the foodservice industry. It can involve analyzing menu data, dive deep into past consumer surveys, use big data to help analyze customer spending patterns, and much more.

Market intelligence helps companies understand how dynamics like pricing, customer preferences, and more are affecting their bottom line now and in the future. The insights gathered from this type of analysis can be used to make important strategic decisions for restaurants, such as closing down unprofitable locations, launching new promotional campaigns or products, or experimenting with new pricing models.

How Is Market Intelligence Unlocked?

The key to unlocking market intelligence is leveraging the insights of big data analytics along with other sources of data. Big data analytics provides an inside look into the foodservice industry and can provide important insights on customer preferences, loyalty, spending patterns, and more.

Additionally, companies can leverage data from the research arms of major restaurant technology providers, government agencies, and more to get a better insight into the foodservice industry. By understanding the consumer journey and their relationship with restaurants, companies can better understand what their customers are looking for, which can help them craft more effective marketing and sales strategies.

Getting Started With a Market Intelligence Program

To get started with a restaurant market intelligence program, companies should define their goals and objectives, determine what data they want to collect, and ensure they have the right technology to collect and analyze the data.

The first step is to define the goal of the program, such as understanding customer preferences or unlocking sales and revenue opportunities. Defining the key metrics for success, like customer loyalty, sales, or new customer acquisition, is also important.

The next step is to determine the type of data that will be used. There are many types of data sources that can be used, from traditional market research reports to big data analytics to more advanced data sources like menu data and customer preference surveys. Companies should determine which sources best suit their goals and objectives and plan accordingly.

Finally, companies must have the right technology in place to collect and analyze the data. Some companies attempt to develop their own tools, while others prefer to use third-party solutions that provide access to a rich library of data on their industry.

End thoughts

Restaurant market intelligence is essential for unlocking new sales and revenue opportunities and staying ahead of the competition. Companies can get started by defining their goals and objectives, determining the right data sources, and having the right technology in place to collect and analyze the data. With the right approach, companies can use market intelligence to gain a competitive advantage in the foodservice industry and maintain their bottom line.