Market intelligence solutions remove the guesswork from decision-making, giving you actionable, data-driven insights into market trends, operator preferences, and competitor actions.
But how do these solutions really drive results for your business?
In this blog, we’ll walk you through the key ways market intelligence can boost your performance and solve common challenges in the food industry.
Food & beverage market research helps you understand your operators, spot trends early, and stay ahead of the competition. Without it, you’re making decisions based on guesswork, which can be risky.
Here’s how market research can help you make more informed decisions:
If you’re a food & beverage distributor, knowing which products are in demand can help you stock the right items. And if you’re a food manufacturer, understanding what ingredients are trending can guide your product development.
Market intelligence solutions are your competitive edge. They help you make smart decisions based on real data, not just hunches. Whether you’re a food manufacturer, distributor, or part of the restaurant tech industry, these solutions can transform your foodservice operations.
Here’s how market intelligence solutions can make a difference for your foodservice business:
Knowing your audience is half the battle. With market intelligence, you can identify your operators, what they want, and how best to reach them.
This means you can create targeted marketing campaigns that speak directly to your ideal customers. Instead of casting a wide net, you focus your efforts where they matter most.
For example, if you’re a food & beverage manufacturer, market intelligence can show you which regions are seeing a rise in demand for plant-based products. With this information, you can tailor your marketing campaigns to target these areas specifically, boosting your chances of success.
Market intelligence also helps in refining your product offerings. You can develop products that meet current operator demands by understanding market trends and customer behavior. This reduces the risk of launching a product that doesn’t resonate with your target audience.
Let’s say you’re developing a new snack line. Market research might reveal that there’s a growing interest in low-sugar, high-protein snacks. With this insight, you can tweak your product development to meet this demand, increasing the likelihood of a successful launch.
Pricing is a critical aspect of any business. If the price is too high, you might drive operators away. Price too low, and you could be leaving money on the table.
Market intelligence platforms provide valuable insights into competitor pricing, market demand, and operator willingness to pay, helping you set prices that maximize profitability.
For instance, if you’re a distributor selling to restaurants, knowing the average price point for similar products can help you position your products in a competitive market. This attracts more operators and ensures you’re not undervaluing your offerings.
A smooth supply chain is vital for reducing costs and ensuring timely deliveries. Market intelligence can help you identify potential bottlenecks, optimize inventory levels, and forecast demand more accurately.
For example, if you’re a food distributor, market intelligence might reveal seasonal trends that affect demand for certain products. With these data insights, you can adjust your inventory levels accordingly, reducing waste and improving supply chain efficiency.
One of the biggest benefits of market intelligence is its ability to uncover new opportunities. Whether it’s a new geographic market, a different operator segment, or an emerging trend, these insights can help you expand your business in ways you might not have considered.
Imagine you’re a restaurant tech company. Market intelligence could reveal that a particular region is seeing a surge in new restaurant openings. This could be a prime opportunity for you to market your software solutions to these new businesses, helping them get off the ground with the right tools.
You need market intelligence to stay competitive. It allows you to track competitor activities, from product launches to pricing strategies. The information you gather can help you adjust your own strategies.
For example, if you notice a competitor is gaining market share by offering a particular type of cuisine in their restaurant database, you might consider expanding your own offerings in that area. This proactive approach ensures you’re not just reacting to market changes but staying ahead of them.
Finally, market intelligence can help you build stronger relationships with your operators. By understanding their preferences, you can offer more personalized experiences. This not only increases operator satisfaction but also boosts loyalty.
If you are a food manufacturer, you can tailor your product offerings to meet the preferences of a particular operator by knowing that they prefer local ingredients. Operators will feel valued by this personalized approach, strengthening your business relationship.
Staying on top of market trends is a major challenge in the foodservice industry. Brizo FoodMetrics gives you the data you need to stay on top. Brizo FoodMetrics helps by giving you up-to-date data that keeps you competitive. You can improve everything from product development to operator relationships with these insights.
Ready to see the difference?
Try Brizo FoodMetrics’ market intelligence platform and use actionable data to qualify and close leads better. Start your FREE trial today.
