From analysing new trends and preferences of diners, to understanding the competitive landscape of the foodservice industry, foodservice statistics are essential tools in making informed data driven decisions. For foodservice business owners and professionals, they provide a wealth of insight in the form of market intelligence, sales prospecting, and risk management. With the large amount of data available today, it can be confusing and overwhelming for those unfamiliar with the topic. This article will provide an introduction to foodservice statistics and discuss how to get started, from selecting the right data provider to obtaining actionable insights.
Data Providers
The first step in getting started with foodservice statistics is choosing the right provider for your individual needs. There are a variety of data providers today who specialize in the foodservice industry. Many offer data auditing and assessment that helps you understand how comprehensive your current datasets are, enabling you to fill in any information gaps.
These providers typically offer various data sets that cover a wide range of topics, including restaurant income and spending, menu trends, competitive intelligence, and technology. When selecting a provider, be sure to consider the quality of their data, their pricing, as well as whether or not they offer any value-added services.
Analysis and Interpretation
Once you have selected your data provider, the next step is to analyze and interpret the data. This involves identifying meaningful patterns in the data and making sense of them. For example, if you are using restaurant income and spending data, you might look for correlations between customer segment profitability and restaurant menu items to gain insights about popular menu items.
The key to successful data analysis and interpretation is to ensure that the data is accurate and up-to-date. As the restaurant industry is constantly evolving, trends and preferences change over time. It is important to regularly review your data to ensure that it is still accurate and up-to-date.
Actionable Insights
Once you have analyzed and interpreted your data, the last step is to draw actionable insights from it. This could include insights into customer preferences, emerging trends, potential opportunities and threats, and regional differences. These insights can be used to develop and refine your marketing strategy, adjust pricing and menu, and inform decision making.
The bottomline
Getting started with foodservice statistics can be daunting, but the rewards are well worth the effort. By following the steps outlined in this article – from selecting the right data provider to drawing actionable insights – you can gain valuable insights that can help you better understand the current landscape and make informed decisions.
