With the rapidly changing foodservice industry, it is more important than ever for restaurants, foodservice providers and even tech providers to stay ahead of the curve and stay competitive. As a first step in staying competitive, market intelligence systems can give foodservice providers and tech providers invaluable insight into their marketplace. Market intelligence systems leverage data from a wide variety of sources to provide an invaluable window into the larger foodservice market.
In this article, we’ll look at what market intelligence systems are, how they work, and the benefits they can provide. We’ll also discuss how to get started on restaurant market intelligence systems and how to make the most of them for your business.
What is Market Intelligence?
Market intelligence is the process of gathering and analyzing data that is relevant to an individual business, industry or market. It is the process of using data to gain a better understanding of consumer demands, the competitive landscape, industry trends and the overall financial performance of the market. To gain insight into the foodservice market, restaurant and foodservice providers need to have access to these same data sources.
Market intelligence can come in many forms, from market research to competitive analyses and benchmarking. Companies use market intelligence to inform their decision-making when it comes to their product development, marketing tactics and overall strategy. This type of intelligence provides both a qualitative and quantitative understanding of a particular market.
How Does Restaurant Market Intelligence Work?
At its core, restaurant market intelligence works by leveraging data collected from a variety of sources, such as customer surveys, restaurant and foodservice menus, customer feedback, consumer ratings and reviews, online reviews, and more. It then uses this data to analyze all aspects of the foodservice market, from menu offerings to restaurant technology.
The data that is gathered by restaurant market intelligence systems is then synthesized, analyzed and presented in the form of valuable insight and actionable reporting. This reporting can be used to guide product development, determine the effectiveness of certain tactics, monitor market trends, and more.
Benefits of Market Intelligence in the Foodservice Industry
There are several key benefits to leveraging restaurant market intelligence in the foodservice industry. For one, it helps foodservice providers better understand their customers and the marketplace as a whole. By leveraging data from customer surveys, reviews, and menu data, foodservice providers can gain a detailed view of their customers’ preferences and habits, as well as their competitive landscape.
In addition to providing valuable insights into the customer and the marketplace, restaurant market intelligence can also help foodservice providers make informed decisions about product development, marketing strategies, menu offerings, and more. This can ultimately help them improve their business performance and optimize their strategies in the long run.
How to Get Started on Restaurant Market Intelligence Systems
For restaurants and foodservice providers, getting started on restaurant market intelligence systems can be a daunting task. The process begins with understanding the different types of data available and how to best use the data to gain meaningful insights.
One of the most important steps is to identify the data sources that are most relevant to your restaurant or foodservice provider. These sources should include both first-party (your own customers’ surveys and feedback) and third-party data (such as online reviews and ratings). Once you’ve identified the most relevant sources, you can begin to gather and analyze the data.
Before you begin to analyze the data, it’s important to contextualize the data. You’ll need to understand the demographics, psychographics, and the behaviors of your customers and the overall foodservice market. This process helps to ensure that the data you’re collecting is accurate and actionable.
Once you’ve identified the most relevant sources and contextualized the data, you’ll be ready to start analyzing the data. A good market intelligence software can help you to synthesize the data into meaningful insights. Such software can also help to automate the analysis process, allowing you to quickly and easily access the insights you need.
