As foodservice suppliers and restaurateurs strive to remain competitive in an ever-evolving market landscape, data-driven insights and analytics that are specialized to the foodservice industry have become an increasingly essential part of their toolkit. Modern marketing analytics platforms, such as Brizo, offer valuable data and insights for restaurant businesses to navigate the foodservice market and boost sales. This comprehensive guide will cover the fundamentals of data-driven foodservice market analytics, how to maximize effectiveness, and why analytics platforms are essential for marketing and operations.
As demand for quality and variety climb rapidly in the foodservice industry, restaurant technology providers must understand potential opportunities and areas to optimize efficiency. Market analytics plays a key role in achieving this, building a comprehensive overview of the marketplace and allowing decision-makers to make informed decisions with greater confidence.
When it comes to leveraging data analytics to understand the foodservice market, it’s important to consider the key elements of successful analytics, such as the data sources, data analysis techniques, the insights generated, and the decisions made.
Data Sources
Analytics platforms such as Brizo allows foodservice suppliers to access reliable and up-to-date data from various sources such as nation-wide restaurant menu databases, POS systems, surveys, loyalty programs, digital and traditional media, and more. This data can be collected and analyzed to gain insights into customer preferences, competitive market dynamics, and potential opportunities to capture market share.
Data Analysis Techniques
The market analytics platform can take full advantage of its data sources and apply a range of techniques to unlock and analyze insights. Predominantly, data collected is used for predictive and descriptive analytics. Predictive analytics uses trends and patterns from the data to anticipate outcomes and significant events while descriptive analytics reports on the historical data and provides an overview of the events already occurred.
The data collected and analyzed can also be used to detect abnormalities and anomalies as well as build a detailed understanding of customer preferences and behaviors. This can be achieved with data profiling, categorization, clustering, visualization, and natural language processing (NLP).
Insights Generated
Discover perceivable patterns and in-depth insights into the foodservice market with the data-driven analytics platform. From established interpretations, such as sales performance and customer feedback, to the more nuanced aspects, like menu optimization or renovating the interiors, the insights generated can be used to make accurate decisions on a range of operational matters.
Decisions Made
With the data-driven insights, restaurant technology providers are better equipped to make decisions that are suitable for the competitive market landscape and customer preferences. They can decide on the best approach to take to upgrade infrastructure, design marketing strategies, or shift away from traditional sales methods.
The data-driven marketing insights and analytics generated by analytics platforms such as Brizo is an invaluable asset for every foodservice provider striving for excellence in their domain. By combining data sources, data analysis techniques, insights generated, and decisions made, restaurant businesses can remain competitive and profitable in the ever-changing marketplace.
