The foodservice market is an ever-evolving landscape that is full of potential. With a wide variety of different businesses, patrons, technologies, and more, there are countless opportunities to identify and capitalize on emerging trends. Businesses can gain a better understanding of their markets, their competition, and their customers by leveraging data to inform their decisions.
Data-driven research and analytics into the foodservice market can help companies succeed in multiple areas, from sales prospecting to competitor research and marketing. Companies can gain insights into the market and find their footing in the industry by understanding the market’s trends and leveraging their data-led intelligence to make strategic decisions.
For those who are just starting out with research and analytics into the foodservice market, there are several steps to consider. Every company has different needs and goals that they should take into account as they dive into the data.
BECOMING FAMILIAR WITH RELEVANT DATA
The first step to getting started is to become familiar with the kinds of data that can be leveraged to gain insights into the foodservice market. This can take the form of consumer research, which focuses on understanding the behaviors, preferences, and habits of individuals when it comes to food. It can also involve restaurant and menu data to give businesses an understanding of what menu items restaurants are offering and how those are performing. Other kinds of data that can be utilized include technology trends, sales data, customer reviews, and more. By creating a clear understanding of the data available and the ways in which it can be used, businesses can accurately tailor their approach to make the most of the market’s potential.
LAYING OUT SPECIFIC GOALS AND KPI’S
Once a business has become familiar with the data, the next step is to create a plan. Laying out specific goals and key performance indicators (KPIs) allows a company to measure progress and to track how their efforts are panning out. Setting up standards and targets gives a company a clear path and allows them to focus on results and progress. This can involve setting revenue targets, creating storyboards with insights that can be used for marketing purposes, and tracking the performance of any technology-related initiatives that the business is undertaking. It’s important to define success clearly, as this allows the business to accurately gauge progress and make tweaks or adjustments to their approach as needed.
ADDRESSING ANY POTENTIAL POLITICAL OR ETHICAL ISSUES
In any research and analytics venture, there can be limitations concerning political or ethical issues. When it comes to the foodservice market, there are regulations such as data privacy laws to consider. Depending on the industry and region the business is operating in, there may be additional considerations as well. Companies should familiarize themselves with the political and ethical issues they may come across and address them prior to conducting any research. Proactively addressing these issues can help a business ensure that their research and analytics are being conducted in a responsible, compliant, and ethical manner.
SELECTING TOOLS TO SUPPORT THEIR INITIATIVES
In addition to addressing any potential political or ethical issues, businesses should select the right tools to support their research and analytics initiatives. Tools such as Brizo’s market analytics platform can provide businesses with deep insights into the foodservice market and enable them to make strategic decisions to help them succeed. By leveraging the right tools, businesses can save time, money, and effort, while still obtaining the insights they need to succeed.
STAYING UP TO DATE WITH CHANGING TRENDS
Finally, businesses should stay up to date with the ever-changing trends in the foodservice market. A thorough understanding of the market can go a long way in ensuring success. With the help of research and analytics, businesses can identify new trends, stay ahead of the curve, and make informed decisions to keep their businesses at the forefront of the industry.
Research and analytics in the foodservice market can open the door to endless opportunities and possibilities. By taking the right steps and leveraging the right tools, businesses can transform their approach to the market and gain a deeper understanding of the trends and dynamics that drive the industry.