Growth in the food service sector has been strong in recent years, and restaurants of all sizes are increasingly looking to capitalize on this momentum by leveraging modern technologies, expanding their customer base, and strategically growing into new markets. While this surge of investment is exciting for the restaurant industry, it can also be overwhelming for new business owners who may not be familiar with the nuances of food service market intelligence.
Fortunately, data-driven insights can help restaurant managers make informed decisions around attracting new customers, delivering top-notch products, and scaling operations. In this guide, we’ll walk you through the process of understanding and evaluating the fastest growing restaurants in the United States.
Identifying High-Growth Opportunities
Though the restaurant landscape is dynamic and complex, it doesn’t have to be a mystery. By strategically utilizing market insights, prospective restaurant owners can identify local opportunities for high-growth.
Modern data-driven analytics platforms, such as Brizo, provide detailed insights into the larger food landscape. By analyzing menu data series, brand-level performance metrics, and market trends, these platforms enable users to understand different types of local growth and the characteristics of successful restaurants in any market.
For instance, a prospective business owner in Austin, Texas might be interested in exploring the fast-casual Mexican restaurant scene. By leveraging local insights and researching local opportunities, the user may discover a growing demand for elevated CaliMex restaurants.
The Brizo platform can help the user further identify the existing competitive landscape, pinpoint high-opportunity locations, identify emerging trends, and compare the potential restaurant’s performance against existing businesses. By leveraging this type of modern analytics platform, users can access critical insights and make better decisions when evaluating potential restaurant markets.
Establishing Performance Benchmarks
When evaluating a restaurant concept, it’s essential to establish performance benchmarks. Taking the Austin CaliMex example, users could use the Brizo platform to access hundreds of restaurant insights for the local market. Doing so allows users to compare their potential restaurant concept against existing similar concepts, providing invaluable data points for creating performance benchmarks.
Brizo’s competitive analysis tools, for instance, make it possible to compare performance metrics within a particular market. By analyzing average total sales, total transactions, and average check size for comparable concepts, users can create realistic benchmarks for their own restaurants’ performance.
In addition to competitive analysis, the Brizo platform can provide users with insights into the dynamics of the local market. This includes analyzing the impact of seasonality on sales, gauging the impact of individual promotions, and understanding the importance of customer loyalty in the market. With this type of information, users can build comprehensive performance expectations for their restaurant.
Using the Data
For restaurant owners and investors, data-driven analysis can be used to make informed decisions about a range of topics, such as menu creation, operations strategies, and marketing plans. Leveraging the insights found in modern analytics platforms can give users an advantage when opening their own restaurant.
For example, with the Brizo platform, users can access in-depth menu analyses and send targeted surveys to assess customer preferences and discover menu trends in their local market. This can provide valuable data points when creating the menu of a new restaurant.
In addition, users can access valuable insights into the restaurant technology landscape. This includes learning more about best practices for online ordering, POS systems, food delivery systems, and more.
Concluding concepts
Today’s restaurant industry is highly competitive and rapidly changing. Evaluating new restaurant opportunities can be daunting, but data-driven insights can provide the market intelligence necessary for success.
At Brizo, we provide detailed insights into the restaurant landscape. Our platform includes robust data fields specific to the food service industry, such as sophisticated menu analytics, comprehensive market trends, and restaurant tech coverage.
By leveraging our insights, you can make informed decisions about your restaurant opportunities and focus on building your brand.
