How to Start Research & Development in Food Service Market

Research And Development Restaurant

As suppliers in the foodservice market, staying ahead of the competition and getting to know current purchasers has become an arduous task. While understanding the foodservice market can be difficult, research and development provides a foundation of knowledge that gives you a distinct competitive edge over competitors. By studying the changing landscape of the foodservice market, you can analyze trends to make more informed decisions about your business.

Research and development (R&D) in the foodservice market requires staying ahead of the competition and remaining informed about trends and opportunities. This means mastering industry-related topics such as menu data, restaurant tech, sales prospecting, marketing, data enrichment, kitchen expansion and more. No matter the endeavor, there are some fundamental steps you can take to get started with R&D in the foodservice market.

Choose the right research tools

When it comes to R&D in the foodservice market, the right research tools are critically important. Despite the abundance of available tools, only a few are suitable for research purposes. For one, RELIEF, a platform designed for tracking restaurant ecosystems, provides comprehensive analytics to get updated insights on key data points. With Brizo, prospective merchants have access to comprehensive market insights that covers menu and restaurant data. Additionally, marketing and competitive intelligence tools like SpyFu’s help establish up-to-date market trends, so that you don’t have to waste time and money embarking on a fruitless endeavor.

Undertake competitor analysis

Another crucial element of R&D in the foodservice market is understanding the landscape. You may understand your own position, but if you don’t have an acute awareness of other competitors, your strategy can suffer from a lack of strategy. Take time to study your competitors: explore their pricing, menu offerings and target audience. Then, use social media analytics to keep tabs on their progress. This way, you will know what others are doing, how well they are doing it and what you can do to stay ahead of the game.

Make use of data sources

Data sources, such as restaurant reviews, foodservice menus, and technology trends, are some of the most important elements of conducting research. You’ll need to pinpoint the trendiest restaurants and understand what has made them so successful. This information can be used to identify potential new trends in the sector and to bring value to the market. Utilizing sophisticated tools like Brizo can provide you with additional data about regional and sector-specific menus. Without a thorough study of available datasets, it’s almost impossible to develop customized strategies for individual businesses and stay ahead of the competition.

Engage in collaborative research

In order to stay up to date with restaurant trends, research and development in the foodservice market should always include engaging in collaborative research. Working with clients, partners, and other stakeholders lets you leverage the understanding each party has in areas like menu selection, service structure, and operations. This shared insight can be used to explore opportunities for growth and generate innovative ideas for restaurants.

Leverage data-driven insights

As a restaurant, it’s essential to leverage data-driven insights for key decisions. Such insights make way for highly strategic planning and help you determine an optimal course of action. Collecting and analyzing such strategic insights, you can bring more value to your partners and strategize accordingly. Insights like the Brizo platform can give you access to menu data and restaurant tech coverage, leading to a better understanding of trends in the sector and how to best capitalize on them.