As franchisors strive to find the best opportunities for franchise growth, they must consider all the impacts that local tastes have on the success of a location. They must understand the local food and beverage market and how trends and data.com/en/platform/’ target=’_blank’>menu items can affect sales, as well as how kitschy local fair can compete with a strong menu offering. Identifying the right techniques for analyzing menu and price points can help franchise companies decide where in the country to build out their next convenience store, food truck, or restaurant.
Menu and price analysis for franchise growth requires understanding the competitive landscape through data. This is where companies such as Brizo come into play, providing insights into the food service market with data fields unique to the industry, like in-depth menu data and restaurant technology coverage. Having the proper data in hand can help franchisees properly assess their market opportunities, or even jumpstart a completely new market.
Sales Prospecting in the Foodservice Market
Using data-driven insights and analytics, sales prospecting efforts can be set up to identify areas that are prime for a new franchise location. Through the analysis of multiple markets, franchise companies can better target their investment, understand customer needs and determine the right price points. This effort is critical for helping franchisees decide where to lay down their roots and avoid costly mistakes, and data enriched with the right unique fields can help them identify overlooked market opportunities.
Marketing to the Foodservice Market
Using foodservice market intelligence, marketing to a foodservice market can become more targeted and effective. With the right data in hand, networks and campaigns can be built inwardly, or customized to fit customer needs best. Data can also help determine where customers might find the price points they are after, and help decide if a franchise can offer something cost effective that meets their demands.
Find Kitchens and Expand Operations
By having data-driven insights into the foodservice industry, franchisors have the ability to streamline the production of new menu items, further their brand presence, and strategically expand in markets they already occupy. This information can help determine how to fit into an existing market, outflank competitors, and attract the customers that a particular franchise company is looking for.
Data Enrichment
At the heart of a successful expansion is data enrichment. By having the latest and most comprehensive market insights, plus technical insights such as restaurant technologies, a franchise can make decisions with confidence. This allows for clear data-driven decision making, where the franchisor can best pinpoint the local preferences, menu item popularity and pricing strategies for their business.
Successful franchisors make use of data-driven insights in determining where to expand their network of locations. Through evaluation and analysis of menu items, pricing strategies and the competitive landscape, a franchisor can make better decisions on where and how to move forward. Whether it’s determining where to open a new store, or how to increase marketability of an existing location, having the right data in hand makes all the difference.
