With the high stakes foodservice industry constantly undertaking innovation and adaptation, it is critical for food providers to keep up with the fast-moving trends. The need to understand consumer behavior and preferences, market pressures and competition, innovations and technologies – all while increasing operational efficiency – is what drives food service and manufacturing businesses to get started with market intelligence platforms.
Brizo provides a comprehensive suite of data and market insights that enable restaurant owners and food service providers to gain deeper insights into the current market trends, better understand customer behavior and segmentation, and craft strategies for efficient execution. Insights and analytics available on Brizo are specifically tailored for food service industry, providing unique data fields and comprehensive sales and marketing prospecting tools that help drive business success.
In this article, we will look into the various benefits of incorporating market intelligence platforms for restaurants and how to get started.
Benefits of Incorporating Market Intelligence Platforms
Foodservice providers benefit from incorporating market intelligence platforms in several ways. Here are a few primary benefits of leveraging market intelligence platforms to grow business:
1. Sales Prospecting
Customer segmentation and prospecting is a key factor in success for businesses in the foodservice industry. Market intelligence platforms like Brizo provide comprehensive data sets, which allow sales and marketing teams to gain deeper insights into customer behavior and segmentation, and craft more targeted campaigns for efficient execution. This enables them to make informed decisions on prospecting and segmenting customers, resulting in increased sales and ROI. Additionally, restaurant owners can acquire competitor intelligence, better understand consumer preferences, and monitor industry trends for better decision making.
2. Marketing
Data-led insights are essential for effective marketing in the foodservice industry. Market intelligence platforms like Brizo provide comprehensive data sets,which allow marketers to focus on targeted campaigns and drive high-quality leads. With detailed consumer segmentation and segment-specific insights, marketing teams can easily create personalized campaigns that are more effective in driving higher conversions. In addition to this, marketers can also monitor industry trends, competitor performance, and customer feedback to craft campaigns that have the best impact.
3. Kitchen Expansion:
Market intelligence platforms allow food service providers to build an effective R&D process to find new kitchens that meet all production requirements. With efficient access to comprehensive data sets, food service providers can easily identify which kitchens have the necessary resources and meet their production standards. This allows them to quickly expand operations, which can result in higher production rates and increased ROI.
4. System Enhancement:
With data insights from market intelligence platforms, restaurants can enrich their systems by having more comprehensive market intelligence. This aids managers in making more informed decisions based on data-oriented insights. This helps create a data-driven tactical and strategic decision making process, which can help to increase operational efficiency and improve ROI.
Getting Started With Market Intelligence Platforms
Getting started with market intelligence platforms is an important step in any foodservice provider’s journey to success. Here’s how you can get started:
1. Research:
Before you start using any market intelligence platform or service, it is important to conduct sufficient research. Make sure to read reviews, compare different services and platforms, and determine the best fit for your business. Ensure to identify all the features that your business will need and check the availability of those services or features in different market intelligence platforms.
2. Set-up and Configuration:
Once you have identified the best market intelligence platform for your business, you will need to go through the set-up and configuration process. This process typically includes onboarding with the platform, importing your data, configuring the settings or preferences, and checking the customizations available. Make sure to use the best practices to customize the platform to best suit your business needs.
3. Monitoring and Optimization:
Once your market intelligence platform is set-up and configured, you will need to monitor and optimize it for maximum efficiency. Monitor the insights and data from the platform to ensure your strategies are working and make changes as necessary. Optimize your business strategies with the insights from the platform and ensure that your business is always up-to-date with the latest trends and market demands.
The core message
Market intelligence platforms are essential for restaurant and food service providers looking to succeed in the fast-moving food industry. With the key benefits of leveraging market intelligence platforms outlined in this article, it is easy to understand why these data-led services should be critical components in driving success. By conducting research, setting up and configuring the platform, and monitoring and optimizing it, restaurant and food service providers can rest assured that they are making the most out of their market intelligence strategy.
