In today’s fast-paced and ever-changing foodservice industry, it’s crucial for businesses to stay ahead of the competition. But with so many players in the market, it can be difficult to determine the best way to differentiate your business and appeal to consumers. This is where market research comes in. By conducting thorough market research, businesses can gain valuable insights into consumer preferences and trends, as well as their competitors’ strategies and offerings. This information can then be used to make informed decisions and develop effective marketing and business strategies that can give your business an edge in the competitive foodservice landscape. In this blog, we’ll explore the benefits of market research and how it can help foodservice businesses navigate the complex and competitive marketplace.
Market research can help foodservice businesses to identify the trends, needs and preferences of consumers in their market, allowing them to tailor their offerings accordingly. By understanding these insights, businesses can better position their products and services to meet the demands of their target audience. Additionally, market research provides an opportunity for businesses to discover the strategies and tactics that are currently being employed by their competitors, enabling them to stay ahead of the curve.
Types of market research that can be utilized in the foodservice industry include:
• Qualitative research – such as focus groups and interviews, this type of research helps businesses gain valuable insights into how customers feel about their products or services, what motivates them to purchase, and what barriers they may be facing.
• Quantitative research – such as surveys and polls, this type of research helps businesses measure customer preferences in a more quantitative way. It can also help businesses gain an understanding of the size of their target market and how it’s changing over time.
Overall, market research is a powerful tool for foodservice businesses to gain better insight into their customers’ needs, behaviors, and preferences. It can help them stay ahead of the competition by identifying new trends or anticipating upcoming shifts in customer demand. By utilizing market research, foodservice businesses can make informed decisions that will ultimately lead to increased sales and growth.
Market research findings can be used to help businesses gain an edge over the competition in several ways. By utilizing customer data, businesses can identify areas of improvement and focus their efforts on making changes that will create a more meaningful customer experience. This can include changes to product or service offerings, pricing models, promotional strategies, and even the way products are presented.
Businesses should also consider utilizing market research findings to better understand customer preferences and trends in the industry, which can help them stay ahead of their competitors. By having an understanding of current trends, businesses can respond more quickly to changes in the market and adjust their offerings accordingly. Additionally, they can use this information to create unique marketing
Effective market research is essential for businesses to stay competitive and up-to-date with current industry trends. Through conducting market research, businesses can gain valuable insights into customer behavior, preferences, and needs. This helps them create a more meaningful customer experience by making informed decisions about product or service offerings, pricing models, promotional strategies, and even the way products are presented. Additionally, they can use this information to develop unique marketing initiatives that will help them stand out from their competitors.
There are many examples that prove successful market research from different foodservice industries. One of these examples, as studied from different sources such as Nation’s Restaurant News, is The Cheesecake Factory.
The Cheese Factory used menu engineering to identify their most profitable items and launched a new menu with fewer items and a focus on their bestsellers. They analyzed sales data and customer feedback to determine which items to keep, remove, or update, resulting in increased profitability and operational efficiency. The strategy was successful, as they reported a 4.9% increase in sales in the first quarter of 2018 after launching the new menu.
Mars Food conducted market research and identified trends and consumer preferences for sustainable and plant-based protein options. Based on this research, the company launched the Healthy Planet Protein line that includes vegetarian and plant-based options made with sustainably sourced ingredients and eco-friendly packaging. The product launch was successful, with increased sales and positive reviews, demonstrating how market research can help foodservice producers develop new products that meet consumer needs and increase market share.
It is clear that market research is essential for navigating the competitive landscape in foodservice. Market research provides valuable insights into what customers want, allowing businesses to make informed decisions about product development and marketing strategies. By leveraging this data effectively, organizations can gain a better understanding of their target audience and create products that will satisfy customers while driving growth. Ready to take your foodservice company to the next step through market-research? Contact us, and skyrocket your business with the latest insights.