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Few things can be as pivotal or confusing for restaurateurs as navigating the ever-changing food & beverage landscape. Knowing the right customers and drivers for high-performing restaurant operations is key. Many restaurateurs rely on market intelligence apps like Brizo to inform decisions on sales, operations, marketing, or even expanding their businesses. But, relying solely on data-driven insights to make these decisions could be a mistake without further evaluation.
In this article, we examine the benefits and risks of using market intelligence apps like Brizo for restaurateurs, from prospecting sales to marketing strategies to opening new locations. We will explore the data insights these apps provide, followed by how that information may be misinterpreted or impact a restaurant’s operations. Let’s dive in and explore the opportunities and limitations of using market intelligence apps for restaurateurs.
Pros
Restaurateurs can benefit from market intelligence apps like Brizo in many ways.
Prospecting Sales
One of the greatest advantages of using market intelligence apps is to prospect sales. For example, platforms like Brizo can analyze customer preferences, trends, economic indicators, or local competition to help restaurateurs select the right dishes, attract new customers, increase sales, and lower expenses. Brizo also helps restaurateurs understand customer experience in greater detail by providing menu data and restaurant tech coverage. All the data provided by the platform can also enable restaurateurs to inform their pricing and assess the value of their products.
Marketing to Foodservice Market
In addition to helping restaurateurs attract new customers, market intelligence apps can also help guide their marketing efforts. For example, restaurateurs can use platforms like Brizo to analyze changes in their industry, customer feedback, and influence their target markets by providing relevant information about their products and services. The platform’s data also allows restaurateurs to track customer loyalty, diners’ reactions to marketing promotions, and general changes in trends. Through this analysis, restaurateurs can better understand their targeted consumer base and tailor their efforts more effectively.
Find Kitchens & Expand Operations
With insights beyond simple statistics, such as economic indicators and regional food preferences, restaurateurs can use market intelligence apps to quickly assess new market potential for their brands. Restaurant intelligence apps like Brizo provide more comprehensive market data and insights, which allow restaurateurs to make decisions on expanding their operations with more confidence and efficiency. They can also analyze a new area’s food trends and understand local food preferences to determine if they should start looking for a kitchen in a particular area.
Data Enrichment
Finally, restaurateurs can use market intelligence apps to enrich their data. By accessing in-depth customer reviews, insights into the competitive landscape, pricing and trends, restaurateurs can gain a complete understanding of the market and inform their strategies with confidence.
Cons
However, using market intelligence apps may also come with some risks.
Misinterpretation
Data analysis often relies on a significant amount of upfront labor, and interprets information that can be subjective to individual interpretation. Misinterpretation of the data can then lead to costly mistakes in decisions. Misinterpretations can also arise when using various vendors and trying to synthesize proprietary datasets from each vendor.
Lack of Human Context
Available datasets may also be limited and unable to capture relevant insights into the local context or nuances of certain situations. For example, market intelligence apps may not take into consideration increases in rent or changes in consumer tastes that are highly localized. Additionally, data science is developing, and technologists may not always have the answers to the questions that restaurateurs are seeking.
Security
Finally, calculation errors and security breaches are also an issue to consider when using market intelligence apps. Data systems can malfunction or be hacked, resulting in data loss that could be unrecoverable. While security threats are rare, restaurateurs still need to consider them when conducting their business.
Concluding perspectives
Using market intelligence apps is one of many ways restaurateurs can stay ahead of their competition and make decisions more confidently. These platforms provide data-driven insights, including restaurant tech coverage and menu data, that can help restaurateurs inform their customer targeting, sales prospects, marketing settings, or expansion plans. However, restaurateurs should be aware of the risks associated with using these apps.Only with the right awareness and critical evaluation can restaurateurs take full advantages of the opportunities that market intelligence apps provide.
