From understanding what data fields are available to researching the menu data for restaurants to deciding on marketing approaches, this guide will lay down the basics of foodservice market research. Even having a basic knowledge of the target market, local food trends, and market activity can equip founders and entrepreneurs to make better decisions.
Understanding the Foodservice Market and Its Insights
Before getting to the details of how to start researching the foodservice market, it’s important to understand what type of insights and information are available. At Brizo, we specialize in providing detailed data fields specific to the food and beverage service industry. Our data insights include in-depth menu data and tech coverage, as well as local food trends from restaurants and chefs.
These market insights are invaluable for founders and entrepreneurs as they seek to grow their businesses. With an array of data points, entrepreneurs can get a better picture of how their target market spends their food budget, and develop better strategies for success. Our data can be used to personalized prospecting, strategic marketing and operations planning, as well as enhance existing systems with better market insights.
Researching Menu Data for Restaurants
One of the main components of researching the foodservice market is understanding the menu data for restaurants. Knowing which types of dishes, ingredients, and flavors are popular in a particular area can be incredibly insightful. A thorough evaluation of menu data can help founders set up their own menu items or curate their list of offerings.
Additionally, observing menu trends in the market can help entrepreneurs forecast, plan, and budget for food and beverage item pricing. Understanding the menus for restaurants in the local area can also inspire founders to experiment with new dishes, ingredients, and flavors.
Marketing to the Foodservice Market
Once the data for the foodservice market is more fully understood, it’s time to think about marketing to the foodservice market. Having an accurate understanding of the target market and any local food trends can help founders create more effective marketing campaigns. By creating customized content and visuals, businesses can personalize their message to meet the preferences and needs of their target audience.
Utilizing services like Brizo can also help with lead generation and building brand recognition. Our full suite of marketing services can help entrepreneurs quickly capture the attention of their target market and expand their customer base.
Innovating in the Kitchen
Knowing the local food trends and evaluating the menu data from restaurants can also help founders make more informed decisions when innovating in the kitchen. Developing and creating new dishes, leveraging technology, or streamlining production processes can help entrepreneurs launch their brand effectively.
Innovation in the foodservice sector is not limited to the kitchen alone. Knowing the preferences of local consumers can help entrepreneurs craft a better end-user experience. This could mean providing delivery services or ancillary items, finding ways to make the customer experience smoother, or coming up with innovative new ways to serve food.
Finding Kitchens and Expanding Operations
Having detailed insights into the foodservice market can help founders find and secure kitchen space and other resources they need to expand their operations. Utilizing data definitions such as restaurant tech, food and beverage item pricing, and local trends can put founders in the position to make more informed decisions. From quickly placing kitchens and exploring operational opportunities to finding undiscovered and discounted products, data can be used to find the most advantageous options.
Data Enrichment for More Comprehensive Market Insights
In addition to getting the necessary data to conduct market research and operate more efficiently, entrepreneurs can use further data enrichment to make decisions with confidence. Data enrichment helps founders acquire better customer insights, find new opportunities in the market, and effectively build out their customer profiles. With improved market understanding, business owners can optimize their ROI, marketing efforts, and many more aspects of their operations.
