As a franchisor looking to rapidly expand into a populous and diverse market such as the United States, understanding the consumer eating habits of the target area is essential for establishing a successful location. But what many franchisors don’t consider when assessing their prospects in a new area is the utility of sophisticated market intelligence and insights into the foodservice market. Leveraging data driven analysis and menu information can create invaluable advantages when strategically planning and targeting prospective locations.
With in-depth menu data and comprehensive restaurant technology coverage, it can be difficult for a franchisor to consolidate and organize the sheer abundance of data that has become available. This is where tools like those provided by Brizo can prove to be a valuable asset, providing more efficient and effective means of collecting, organizing, and analysing the data in order to make better-informed decisions. Comprehensive market intelligence and analytics can be accessed to better understand consumer habits, food trends, and other industry insights.
Sales Prospecting with Foodservice Data
Applying data-driven insights to sales prospecting is one way a franchisor can increase the likelihood of success in setting up a new location. With an in-depth analysis of the foodservice market, the franchisor can target businesses and restaurants that have similar offerings to their own, as well as other industries that may be a natural fit to support the franchise’s offerings. Additionally, a comparison of average menu items and pricing can be conducted in order to properly price goods within the new location. With the ability to collect data points on delivery frequency, menu items most often ordered, customer traffic patterns, and menu repeat, a franchisor can use the data to better meet consumer expectations and demands.
Marketing to the Foodservice Market
For a franchisor looking to expand operations, it’s essential to have a comprehensive understanding of the consumer trends within the given area. This type of market intelligence allows the franchisor to better segment and target potential customers. Leveraging customer data from the foodservice industry can provide the franchisor with demographic information, online and offline behaviour, and any other essential info needed to attract, convert, and close more leads. Social media campaigns and marketing materials can also be tailored to match the customer preferences and trends uncovered through the analytics of the foodservice industry.
Finding Kitchens & Expanding Operations
In addition to locating an ideal location for expansion, an in-depth analysis of the foodservice market can be used to identify potential growth in the industry, leading to possible expansion opportunities. This could be in the form of additional kitchens and restaurant expansion patterns. The franchisor can keep an eye out for new restaurant openings, food trucks, and local caterers, as well as unique restaurants and food vendors that may provide the franchisor with an edge in the competitive foodservice industry. Furthermore, portfolio planning and innovation can be executed with confidence thanks to the full understanding of the foodservice market gleaned from a comprehensive market analysis.
Data Enrichment
Having access to comprehensive market insights and analytics can provide invaluable assistance when making investment and expansion decisions. Leveraging data-driven insights can give a franchisor a competitive edge in understanding customer needs and wants. This market intelligence can prove to be invaluable in terms of prospecting, marketing, and expanding operations, as well as increasing the accuracy of investment decisions. All of these advantages come thanks to the comprehensive market insights available for the foodservice industry, allowing franchisors the confidence to make decisions with more accuracy and precision.
