The foodservice industry is now rapidly changing. To keep up with the overwhelming rate of change, it’s important to understand the dining trends and preferences of people. With data-driven insights, franchisors now have the data and intelligence they need to innovate product offerings, stay up to date on food trends, and make more informed decisions about restaurant locations.
In this article, we’ll discuss how data-driven insights are transforming the food service market and what franchisors can do to take advantage of the numerous opportunities. We’ll explore the different data sources and how to access and use them, as well as insights from the data, new opportunities for expansion, and sales and marketing strategies.
What Data Is Being Gathered?
To better understand the present and future state of the foodservice market, data-driven insights are needed. Firms such as Brizo are providing this in the form of a detailed and comprehensive set of data. It offers menu-level analysis, sales growth and trends, restaurant technology coverage, and targeted sales prospecting.
In addition, many of the data sets are supplemented with dynamic industry insights such as reports from foodservice research firms, surveys from trusted sources, and market research studies dedicated to foodservice trends. With the assistance of data-driven insights, franchisors can gain a comprehensive understanding of their current foodservice environment and what changes or improvements may be needed to remain competitive.
Using Data-Driven Insights for Expansion
Data-driven insights can also be used to expand operations. This data can highlight opportunities for franchisors to expand into new locations or find a better fit for existing restaurants. Through the analysis of consumer preferences, sales trends, and menu characteristics, the data can provide franchisors with the perfect locations for new or existing restaurants.
Sales and Marketing Strategies
Data-driven insights can also be used to create more effective sales and marketing strategies for the foodservice market. Insights can reveal the type of customers likely to frequent a restaurant, what menu items will be popular, and other demographic details that can help adjust marketing strategies to better target customers.
Wrapping up
The foodservice industry is constantly evolving, and data-driven insights provide franchisors with the information they need to make the most of the current market. With insights from detailed and comprehensive market data, franchisors can gain insight into changes in food trends, identify new opportunities for expansion, and create more effective sales and marketing initiatives.
