The food and beverage industry is a competitive and ever-growing landscape. Achieving success in such a vast and dynamic market requires forward-thinking and precision planning. With a wide array of data to sift through, keeping track of trends and opportunities can be a challenge. Luckily, businesses have access to tools and strategies such as foodservice market intelligence, which can help franchisors leverage market insights to expand their brand.
Foodservice market intelligence is a data-driven approach to understanding the food and beverage industry. By leveraging various sources of data, such as menus, sales, customer feedback, and more, businesses can get a better understanding of the market’s current and future trends. With comprehensive market insights, franchisors can make better informed decisions on where and how to expand their businesses.
Sales Prospecting in the Foodservice Market
For franchisors looking to increase market share, sales prospecting is a great way to explore and identify new leads and opportunities. By utilizing foodservice intelligence, franchisors can effectively target and prioritize potential leads based on customer behavior, presence and volume of menu prices, and more. With detailed insights into market trends, businesses can create targeted campaigns that focus on specific locations and customers. For example, a franchisor could identify areas with higher concentrations of high-end restaurants and tailor their campaigns towards those customers. These campaigns can not only increase market share for the franchisor, but also increase revenue and drive growth.
Marketing to the Foodservice Market
Using foodservice intelligence to develop targeted campaigns is only the first step towards success. To maximize growth, the marketing platforms and strategies a franchisor creates should be tailored to the foodservice industry. With a deeper understanding of consumer behavior, franchisors can create campaigns that not only speak to customers but also influence decision-making. Targeted campaigns can drive greater brand awareness, and attract customers from target markets. Additionally, detailed market data can help franchisors create campaigns that are multi-dimensional and foster a deeper emotional connection between the customer and the brand.
Find Kitchens & Expand Operations
Foodservice market intelligence not only provides a way to gain more customers, but also streamline production and operations, allowing businesses to expand and grow. Leveraging unique datasets, franchisors can identify potential expansion locations with ease. By matching customer trends with location specific data, franchisors can find the best possible production centers and strategically expand their businesses. Additionally, foodservice market intelligence can help inform decisions on predictions related to inventory, customer wait time, food waste, and much more.
Data Enrichment
Leveraging foodservice market intelligence to drive growth comes with its own set of challenges. To ensure accurate and relevant insights, it is important to have an adequate dataset. Data enrichment strategies, such as Brizo’s, can help to ensure businesses have access to the most relevant and comprehensive market data. These datasets can be integrated into existing systems to give businesses more confidence in their decisions, as well as reduce operational and marketing costs.
Foodservice market intelligence is an invaluable tool for franchisors looking to expand their brands in the vast and dynamic food and beverage industry. By leveraging data-driven strategies, businesses can gain a better understanding of the market and make more informed decisions. In addition to increasing sales and marketing prospects, businesses can use foodservice market intelligence to find the most ideal production centers to expand operations. When used properly, foodservice market intelligence is an essential part of a franchisor’s growth.
