With the changing landscape of the foodservice industry, understanding the competitive environment and developing strategies to succeed and thrive is more important than ever. With the help of advanced technologies such as data science, artificial intelligence, and big data analytics, foodservice suppliers and retailers can gain deep insight into their target market and better position themselves for success. This article will go into detail of how to get started on a restaurant competitive intelligence solution and how to use the insights gained to make powerful decisions.
Sales Prospecting
Gaining access to your target customers and segmented audience is the first step towards creating an effective sales strategy. Using data enrichment and foodservice market intelligence, foodservice suppliers can find potential buyers and target them more accurately with tailored messaging. This can help drive higher conversion rates due to more focused contacts.
Competitive Intelligence
In order to succeed in the rapidly-evolving foodservice market, it is important to stay ahead of the competition. With a competitive intelligence solution, foodservice suppliers can identify key trends in the market and recognize which trends may affect their business. Insights gained from analyzing competitor behavior, location, menu items, pricing, promotions, and performance can be used to inform product development, price positioning, and overall marketing and sales strategy.
Data Enrichment
Data enrichment is the process of gathering and combining data from various sources to generate powerful insights into the foodservice market. With data enrichment, foodservice suppliers can discover hidden trends and understand consumer preferences to drive decisions such as product formulation, pricing, and marketing tactics. Data enrichment also helps foodservice suppliers gain deeper customer insights, allowing them to better segment their audiences and target them more effectively.
Data-Led Industry Insights
Data-led insights in the foodservice market enable foodservice suppliers to develop strategies to get seen and attract more customers. Using insights generated with advanced analytic tools, foodservice suppliers can optimize their marketing campaign to reach the right target audience and convert more leads.
Kitchen Expansion
Using data-led insights to find new kitchens, expand operations, and save time (and cost) is a great strategy for foodservice suppliers. Brizo provides a wide range of data specific to the food service industry that can help suppliers find new buying opportunities, discover potential expansion locations, and streamline production operations.
The main takeaway
Successfully navigating the ever-changing foodservice market requires more than intuition and guesswork. With a comprehensive solution that combines data science, AI, and big data analytics, foodservice suppliers can get the insights they need to stay ahead of the competition and drive meaningful growth. Whether used for sales prospecting, competitive intelligence, data enrichment, or marketing insights, foodservice suppliers have the opportunity to leverage data-led insights to make powerful decisions and optimize their strategies.
