Is your business ready to make the most of the foodservice market and its incredible opportunities? To access the best industry insights and data, engaging with a menu analysis firm can be an invaluable decision for businesses of any size.
As the restaurant and foodservice industry advances and embraces emerging technologies like never before, it is important to always be one step ahead of the competition. There are a plethora of moving parts in the foodservice industry as well as numerous analytics firms out there as well.
Each firm offers different capabilities, features, reports, packages, and pricing models and the amount of data available can be overwhelming. To make an informed decision and maximize efficiency, there are certain things to consider when examining menu analysis firms. This article will discuss the top 10 things to consider regarding menu analysis firms.
1. Specialization: Every business has different goals, vetting needs, resources, and customer requirements. It is important to research a menu analysis firm that suits your specific needs and there are firms that specialize in certain restaurant and foodservice areas. Reviews and testimonials are helpful to understand which menu analysis firm is the best fit for you.
2. Capabilities: Each firm is different and therefore, their capabilities may vary. Some provide customized reports, others have extensive database solutions. Furthermore, understanding the capabilities of the firm can give businesses an idea of the type of in-depth potential it holds for them.
3. Reports: A company’s reporting capabilities are key. Does the firm offer in-depth insights with customizable views to suit current needs? Or are they limited to static reports? Understanding the reporting capabilities is the first step to understanding the capability and breadth of the services that the firm provides.
4. Data Sources: Corroborative research is essential for any industry and the foodservice industry is no different. A good menu analysis firm will bring multiple sources of data to the table. From online reviews to supplier databases to user surveys, the diversity of sourcing data and understanding of the restaurants’ nuances is key.
5. Cost: While the cost of engaging with a menu analysis firm should not be the prime factor for selecting a firm, cost is an important element as the affordability and pricing of services will have a bearing on ROI. Look for professional services that offer competitive prices and long-term deals that extend beyond a short-term project.
6. Flexibility: As the restaurant industry responds to new trends, emerging technologies, and customer preferences, the ability to adjust strategies quickly is essential. A flexible menu analysis firm is key as having the opportunity to customize and adjust queries and reports is a necessity, especially when responding quickly to current market conditions.
7. Accessibility and Support: Messaging, consultation call services, online chat are all integral parts of mentioned menu analysis firms. Accessibility and support from the unit are beneficial aspects to consider when selecting a firm.
8. Profiling: Does the firm offer user profiling to help businesses to segment customers, to conduct market research, or understand customer preferences through user surveys? Profiling is an important part of any menu analysis firm.
9. Historical Performance: Access to historical trends and patterns can provide valuable insights into mitigating future risks and capitalizing on opportunities.
10. Industry Expertise: It is important that the firm is an expert in the restaurant or foodservice industry and not just an analytics or software firm, solely. Leveraging a firm with experience and industry knowledge is a strong asset.
A menu analysis firm can provide access to invaluable insights and data to help businesses take their operations to the next level. Rigorous research, understanding the requirements and desired outcomes, and solid evaluation of the top 10 considerations when selecting a menu analysis firm are necessities for optimal success.
