When looking to dive into the latest trends of the foodservice market it can sometimes prove to be a challenge to assess the dynamics and movements that are taking shape within the industry. To tackle this task, restaurant technology providers and market analysts are provided with a range of data to inform their deeper understanding and analysis of the market. Having access to rich market intelligence such as menu items, restaurant technologies, market trends, and customer behavior data, gives these providers and analysts the edge. It’s an invaluable tool for making data-driven decisions in order to optimize their growth and sales operations.
In this guide, we’ll dive into how leading restaurant technology providers are evaluating and understanding the fastest-growing trends of the foodservice market, and how data-enriched insights are helping them to use research and prospecting to make better business decisions. We’ll also look at how the data is used to help in expanding operations, marketing to potential customers, and helping to prospects those wishing to grow in the foodservice industry.
Data-Driven Insights and Analytics
By using data-driven insights and analytics, restaurant professionals are able to more effectively target consumers. The use of various data fields at the disposal of these providers and market analysts can lead to powerful market intelligence that can help to better inform the understanding of regional and national trends and trends in other specific industries. Furthermore, using rich menu item data – such as prices, ratings, menus, and even ingredients – can help provide a clearer understanding of how restaurant owners and consumers shop around the market.
Data-driven analytics will give restaurant technology providers the ability to track up-trending menu items within the foodservice industry as well as monitor the rate of customer loyalty across different food types. Computing this information will provide a better overall picture of the market, giving restaurant owners insights into what they should offer – and how much – to maximize their potential.
Marketing to the Foodservice Market
Attracting, converting and closing lucrative leads should always be top of the agenda for those wishing to take advantage of the foodservice industry. By utilizing data-enriched insights, restaurant technology providers are now able to better hone and tailor their marketing and advertising messages for specific segments of the market.
Being able to market to the right people at the right time and with the right message can be a valuable asset to those looking to convert and close more leads, as well as maximize profits. Using the data available to gauge interests in the foodservice market can provide restaurant owners with invaluable information, such as what promotional materials should be used, which platforms should be used to best reach potential customers, and what messaging should be used to further engage and attract potential customers.
Find Kitchens & Expand Operations
Management and operational decisions play a crucial role in the success of any foodservice business, making it more important than ever for restaurant owners to understand trends and take part in kitchen production optimization and strategic brand expansion. With the help of data-backed insights and analytics, restaurant technology providers can help to streamline production innovation and inform decision-making for the benefit of both the business and its customer base.
By using detailed data from the market, restaurant owners are able to get a clearer idea of the competition and what products and services they should be offering in order to stay ahead of the curve. They can also use their data-backed insights to help discover new kitchens and expand their operations to new markets, with the knowledge that their prospective customers will be more likely to convert due to carefully measured messaging and strategy.
Data Enrichment
Your data is only as good as the system it’s housed in, and restaurant owners are no different. Having the ability to house more comprehensive market insights in their systems allows restaurant technology providers to provide more precise information. The data can then be used to predict customer behavior more accurately, measure trends more accurately, anticipate customer needs, and make more informed decisions.
Data-driven insights and analytics can also provide restaurant owners with the resources to better monetize their systems and services, by enabling them to accurately forecast sales and performance. This, coupled with rich insights into customer behavior, mean that restaurant owners are better placed to understand the needs of their customer base, refine and adjust their services to meet those needs, and better predict the success of their business.
In the end
Diving into the foodservice market intelligence and understanding the trends can be a difficult task for restaurant technology providers, but with the assistance of data-driven insights and analytics, their journey can be made a whole lot easier. Being able to market to the right customers with the right message, expand operations, and provide enriched data to make smarter decisions can lead to a more successful and prosperous business venture.
