Starting and running a restaurant franchise can be a daunting and complex task. It requires a great deal of research, capital and dedication. But what about those who already have a successful franchise and are looking to expand or those just getting started? Developing an understanding of the foodservice market is essential for making informed decisions. While understanding trends, competitive positioning and other areas of the marketplace may seem overwhelming, there are steps that can be taken to gain robust market intelligence.
Market intelligence for restaurants can be defined as “the process of gathering, interpreting, and analyzing data related to the foodservice market to make informed decisions that will enhance a brand’s profitability”. This may include researching competitors, exploring local markets, analyzing consumer trends, identifying growth opportunities, and assessing the best pricing strategies.
Brizo is a foodservice market intelligence platform that can help restaurateurs achieve the market intelligence needed for success. With Brizo’s insights and data, deep and targeted research of the foodservice market can easily be done. Its features include in-depth menu data, restaurant tech coverage, sales prospecting, marketing capabilities, and data enrichment.
Sales Prospecting
An important element of gaining market intelligence is utilizing sales prospecting to identify potential locations, new product offerings, and pricing. Brizo’s solutions focus on selling more restaurants to the same people using demographic and psychographic data to develop an in-depth understanding of what consumers want. Utilizing powerful data-driven insights, Brizo can help restaurateurs uncover new sales opportunities.
Marketing to the Foodservice Market
Marketing to the foodservice market is a vital part of increasing profitability. By understanding the needs and wants of the consumer base, restaurateurs can better target their messaging and reach the intended audience. Brizo provides data insights to help identify target customers, develop effective marketing plans, and measure success.
Find Kitchens and Expand Operations
Making informed decisions about expanding a restaurant counts on understanding new markets and the local competition. Collecting insights about untapped markets and exploring new locations help restaurateurs make informed decisions. Brizo’s market intelligence platform assists in finding and evaluating new kitchen locations, menu items, and pricing.
Data Enrichment
Accurate data is imperative for businesses of all sizes. Brizo provides more comprehensive market insights to enhance systems and help businesses make decisions with more confidence. By collecting high-quality data and analyzing it in an intelligent way using artificial intelligence (AI) and machine learning (ML), restaurateurs can get a better understanding of the current market and its needs.
The essence
Market intelligence is essential for successful growth and expansion within the restaurant industry. Utilizing a platform such as Brizo can help restaurateurs stay ahead of the competition by providing robust market insights. With Brizo’s insights and data, deep and targeted research of the foodservice market can be done. Utilizing powerful insights, restaurateurs can optimize marketing efforts, uncover new sales opportunities, find kitchens to expand operations, and accurately enrich data systems to make confident decisions.
