The foodservice industry has long been a major pillar of the United States economy, with restaurant spending ranging close to $800 billion annually. Foodservice establishments serve up more than just food; they’re also responsible for creating jobs and sustaining local economies. What’s more, consumers’ eating habits are constantly evolving, as the current pandemic has impacted the way people order and consume food. As a result, many entrepreneurs are looking to capitalize on this ever-changing landscape and expand their part of the food industry.
But starting and running a successful foodservice business isn’t easy. It requires an in-depth understanding of consumer eating habits and the restaurant industry at large. Armed with data-driven insights, however, entrepenurs can seize new opportunities on the market and target emerging trends.
This article looks at the consumer eating habits of the US within the foodservice industry and how market intelligence can help entrepreneurs make informed decisions. By shedding light on the diverse range of data that’s available, readers will learn how to tap into the market and successfully expand their business.
Understanding the American Foodscape
To navigate the market, entrepreneurs should start by looking at the restaurant landscape and what it looks like across the US. Data collected by Brizo – a company that offers comprehensive market intelligence – provides industry-specific insights on the entire foodservice market. This enables businesses to look at sales prospecting, production and marketing from an informed perspective.
One of the key elements to consider are market trends, as this paints a picture of how consumer behavior is shifting and what the key drivers are. According to data collected by Brizo, restaurant sales and service during the first quarter of 2020 grew faster compared to the same period last year. From the first quarter of 2019, sales increased from $229 billion to $247 billion. This is attributed to higher sales in full-service and limited-service restaurants – the same trend was seen in the second quarter.
This indicates that the food industry still remains strong despite the economic downturn caused by the pandemic. Consumers are increasingly turning to delivery services or visit restaurants for takeouts. Customers have also become more loyal, with increased loyalty membership points reflecting a strong urge to stick with their favorite restaurant chain.
Getting a Complete Picture: Detailed menu Data and Restaurant Tech Information
Businesses should also drill down into the details of the foodservice industry, looking into menu and restaurant technology that drive competition and change in market. For disparities between states and understanding company-level sales, menu data provides insights.
Brizo provides comprehensive data and reporting on menu items, cooking ingrediants and analyze the nutritional value. Entrepreneurs can further compare menu items across food concepts and regions. With this information, businesses can plan and manage operations, identify price movement, and track ingredients and menu items.
On the technology side, restaurant tech development is rapidly changing and improving the customer experience – something restaurants should take into account. Technology takes many guises, with the most popular options being mobile order ahead, online delivery, and third-party delivery platforms.
As a result of the digital transformation, the industry now functions much differently than before. Artificial intelligence and personalized customer messaging, for example, are changing the way consumers order or pay for food.
Sales Prospecting and Competitive Intelligence
Sales prospecting is vital for the survival of a restaurant, and entrepreneurs should leverage data to grow their business and attract more customers.
The most effective methods to sales prospecting are broken down into three stages: researching the market and customers to identify who to target; developing tailored messaging and providing relevant promotions; and using the correct delivery channels to get the message across.
Having access to competitive intelligence can also help businesses stand out from the crowd. The foodservice market is highly competitive, and having an understanding of what competitors offer – such as menu items and promotions – cultivates better strategies and drives more targeted sales prospecting.
Marketing and Making Data-Led Decisions
Behind a successful business lies an effective marketing strategy. With a comprehensive strategy that takes into account the latest foodservice trends, entrepreneurs can effectively target, convert and close more leads.
One of the most effective methods to reach customers is a digital presence. With the help of in-depth industry insights, businesses can design effective online campaigns that focus on customer preferences. They can further inform their efforts by tracking customer behavior in order to meet customer demands.
Data enrichment is also a crucial part of the marketing process. With the help of more comprehensive market insights, businesses can accurately make decisions and take appropriate actions.
Expanding Operations and Find Kitchens
Expanding operations is another area of focus for businesses looking to grow their presence in the foodservice market. With the right strategies and data-led market insights, entrepreneurs can establish a restaurant that has the potential to become a major player in the industry.
In terms of finding the right kitchens, businesses should focus on quality and efficiency. Data intelligence allows for a broader understanding of restaurant operations and kitchen performance. It helps businesses to find kitchens that fit their brand and target customer base.
Competitor Analysis and Unlocking Success Across the US
Finally, businesses should be aware of competitor analysis and its role in the foodservice industry. Being informed on competitors’ tactics and strategies is essential for staying ahead of the curve.
Using data-driven insights, entrepreneurs can benchmark competitors’ performance and pricing strategies. This helps to keep up with the market, anticipate consumer needs, and take corrective measures if needed.
End thoughts
Making the right choices in the foodservice industry requires a data-oriented approach. By understanding the market, having access to detailed menu data and sales prospecting in restaurant tech coverage, entrepreneurs can make informed decisions that support their brand and target customer base. With the help of comprehensive market insights, businesses can successfully expand their operations and ultimately drive success.
