The restaurant and foodservice industry has grown exponentially over the last decades. With the rise of consumer demand for convenience and accessibility, and franchises providing ever more options for customers, Restaurant Chains have become an integral part of our culture. In 2023, the restaurant industry is estimated to have hit record highs as upstart and emerging chains both in the United States and globally have made their way to the top of this continually evolving market.
For those looking to join the fray and open their own chain, or invest in the fastest-growing restaurant companies of the upcoming year, understanding market data provides valuable insights as to where the industry is new, and where the potential for growth lies.
As foodservice technology evolves, more advanced and deep data-driven insights are becoming widely available to anyone interested in researching food trends. With a thorough understanding of the trends and the consumer of the 21st century, as well as an ability to recognize new opportunity space, the ambitious restaurateurs of the upcoming years will thrive in the booming market.
Sales Prospecting in the Foodservice Market
For those starting a restaurant chain or investing in an existing business, sales prospecting is essential in order to develop an up-to-date understanding of the foodservice market. Detailed reports on current and prospective customers, consumer preferences, market competition, restaurant chains, new technologies, and industry trends allow for informed decisions when setting up operations.
Equipping sales teams with accurate and event-related market intelligence before embarking on a new venture can provide invaluable insight and confidence when engaging with potential leads. Additionally, leveraging this data can provide a better understanding of the opportunities and threats in the market, and enable sales teams to provoke innovation and adjust their strategies in response.
marketing to the Foodservice Market
Once a business has developed an understanding of its target customer base, understanding the unique trends of their consumer is the next step in the chain’s success. Leveraging data-driven insights to draw a picture of who the restaurant’s customers are, what their behaviors are, and how they interact with the restaurant, can help to develop strategic and effective marketing campaigns that can outlast the perfectly placed celebrities or catchy catchphrases.
Having quality information on how customers search for restaurants, discover dishes, and order their meals, can further help to craft the perfect loyalty program or food subscription service. Investing time and effort into developing a successful marketing strategy is essential for any foodservice business, and tapping into reliable data sources and insights helps to negate risk and uncertainty when running the campaigns.
Finding Kitchens & Expanding Operations
As local, national, or international restaurant chains expand their reach, location plays a critical role in the success of the chain. Opening a new location can be an expensive and risky endeavor if done without proper market research and feasibility checks. Leveraging market data and insights can help to pinpoint the right locations and demographics to target, so that the opening of the new restaurants can produce higher returns.
Moreover, foodservice insights can help provide a better understanding of competitors in the area, the trends of the local market, as well as valuable input into local pricing and promotional strategies. With a comprehensive and detailed overview of the specifics of these new areas, owners and investors can make more informed decisions when planning ahead.
Data Enrichment
As restaurant chains and foodservice providers look to take their operations to the next level, data enrichment technology can be used to help streamline some operations and make better decisions with confidence. Featuring relevant and up-to-date data such as customer reputation, staff qualifications, detailed operational costs, and a comprehensive database of market intelligence, foodservice-specific technology can be used to monitor conditions in different areas and make quick and informed decisions regarding levels of production, pricing, menu development, and other essential operations.
Last reflections
As the foodservice market continues to evolve, so too does the data and technology available to those hoping to join the ranks and grow their business. With comprehensive and in-depth foodservice market intelligence and research, prospective owners, investors, and operators can develop a greater understanding of the market, identify new opportunity space, and leverage data-driven insights to inform decisions.
