With the restaurant industry being a competitive space, having up to date market intelligence is critical for creating an effective strategy to maximize yields for franchisors. Market intelligence helps franchisors identify and plan operations in the most beneficial locations, evaluate expansion and identify emerging customer trends. With the introduction of Brizo’s data platform, franchisors have the opportunity to gather deeper insights and analyze the foodservice market with more precision. Here, we explore the frequently asked questions around market intelligence programs for restaurants, and what they mean for franchise operations.
What is Market Intelligence?
Market intelligence is a broad field that focuses on the collection and analysis of data about the foodservice industry, the competitors, and the customers. It is used to inform strategic decision making. For franchises, market intelligence can provide valuable insights into areas such as menu analytics, restaurant tech trends, and opportunities for sales and marketing. Market intelligence helps businesses identify gaps in the market, develop pricing strategies, and explore potential for expansion.
What are the Benefits of Using Market Intelligence Programs?
Using market intelligence programs such as Brizo can bring numerous benefits to franchises. Program features such as menu analytics, sales prospecting, and data enrichment can help drive a data-led approach to:
• Attract, convert, and close more leads with targeted industry insights.
• Streamline production innovation and strategically expand the brand.
• Equip sales teams with data-driven insights and analytics.
• Enhance systems with comprehensive market insights and make decisions with confidence.
What Data Does Brizo Provide?
Brizo provides a broad and diverse set of data for deeper market understanding and analysis. Their data gives businesses the ability to target the foodservice market more precisely, with unique data fields related to the sector. Insights from Brizo includes menu data, restaurant tech coverage, sales prospecting, data enrichment and more. The platform is designed specifically for the food and beverage industry, allowing franchisors to gain unique insights from customer behaviors to strategize their decisions.
How Can Market Intelligence Programs Help with Expansion?
The right market intelligence program can be a valuable resource for expanding franchise operations. The data collected by Brizo provides key insights into local trends so that franchisors can see which locations are most beneficial for their expansion. With real-time customer data, franchisees can identify gaps in the market, develop pricing strategies, and explore potential for expansion. The platform also offers an array of location features, enabling franchisees to quickly determine the best locations for an expansion.
Conclusion
By leveraging market intelligence platforms such as Brizo, franchisors have the potential to generate bigger profits through targeted insights and data. The insights from advanced market intelligence programs can help with every step of franchising operations, from menu analytics to finding the right locations for expansion. With data-driven market intelligence, franchisors can craft an effective strategy to maximize yields and remain competitive in the market.
