For franchisors looking to deepen their understanding of local food trends, and assess the viability and potential for further expansion of their market, leveraging custom research and data analysis can be an invaluable tool. With a comprehensive tool like Brizo, available data fields related to the foodservice industry can be incorporated into actionable insights, offering the franchisor a holistic view of not only their current prospects and market standing, but potential opportunities for growth as well.
In this guide to evaluating and understanding foodservice custom research, we will take an in-depth look into what types of analysis and data fields are offered, why they can be essential for franchisors to better understand their markets, as well as the best practices for their application.
Sales Prospecting in the Foodservice Market
The first and perhaps most successful application ofcustom research and data analytics for foodservice sales prospecting involves using insights to both identify new opportunities as well as by identifying the most effective techniques for targeting and converting those leads. Knowing the exact details of the market and consumers who comprise the demand for your product or service helps take the guesswork out of sales plans. Some of the data fields available through Brizo that can contribute to successful sales prospecting include:
-Detailed demographic information of all consumer segments, from population and household data to target region wealth and age groups
-Location data surveys that provide information about the major population centers for each region
-Insights in to current menu trends and associated pricing for restaurant items
-Advanced analytics, such as sales forecasting and customer clustering
By taking advantage of all of the data points available, franchisors can tailor their sales strategies to better reach potential leads, target the right places to open new stores or restaurants, and maximize customer conversion.
Marketing to the Foodservice Market
Aside from sales, custom research can be invaluable in crafting a successful marketing plan for the foodservice market. By leveraging data management, expert measurement, and analytics, marketers can gain a comprehensive understanding of what key drivers will engage their target consumers. Demographic and payment information combined with feedback surveys and other analyses can help marketing teams quickly identify what the consumers are looking for, and craft a narrative that aligns to that understanding.
Further, data driven analytics also helps with the attendance and engagement of advertising campaigns. By providing insights into customer actions and behaviors, marketers can ensure that their campaigns are hitting the right audiences, and are engaging with consumers. Doing this through market intelligence can help provide a much needed insight into the ROI of marketing plans, and ensure that campaigns are hitting the right metrics.
Find Kitchens & Expand Operations
Data-driven market intelligence is also very useful in expanding the operations of a franchise or restaurant. By running detailed analyses on geographic areas to identify potential customers, and incorporating unique attributes to breaking down specific menus or price points, custom research provides vital data to inform decisions surrounding the opening of new locations or strategic partnerships. This allows the restaurant or franchise to stay ahead of any potential expansion, and ensure that they are best positioned to capitalize on emerging trends.
Data Enrichment
In addition to helping with the sales & marketing process, as well as the expansion of operations, custom research in the foodservice market can also help with data enrichment. By providing analysis opportunities for a wide array of industry related data fields, like restaurant supply chain, customer loyalty, and dietary preferences, businesses can gain a much more comprehensive view of the customers and the market. This helps to build a much more detailed view of the target audiences, and offers insights for how that data can be incorporated into the running of the business.
At the end of the day, custom research can be invaluable for businesses of all sizes in the foodservice industry. By leveraging the data fields and insights offered by competitive tools like Brizo, franchisors can explore the full potential of their markets and brand, and position their businesses for success. Of particular note, is that understanding the local food trends can open doors to further expansion, giving franchisors the opportunity to maximize their opportunities and growth potential.
