The foodservice market is becoming increasingly more competitive and competitive foodservice professionals and restaurateurs are turning to data to gain an edge. Expertly capturing and analyzing data can give you the confidence to know which markets to enter, when. Account based analytics allow companies to create data driven strategies for each stage of the sales cycle.
Brizo’s data goes beyond demographic and psychographic data to include menu data and restaurant tech coverage, allowing for highly targeted research and prospecting of the foodservice market. Harnessing this data can help you find kitchens, expand operations, streamline production, and have greater confidence in marketing efforts. It can also allow you to pull tailored insights tosales prospecting, compare competitor performance and extract trends in the market.
Despite these benefits, a solid understanding of the pros and cons of account based analytics is necessary before implementing such a system. The following explores these factors in greater detail.
Pros of Account Based Analytics
The primary advantages of account based analytics are:
A Clear View of the Customer Journey – With account based analytics, you can get a holistic view of every customer from acquisition to retention. This will help you to identify gaps in your customer experience and optimize your selling processes.
Better Lead and Prospecting Capabilities – With more comprehensive databases and access to rep data, businesses can use account-level data to better target leads and prospects, gaining increased visibility into customer behavior.
Enhanced Visibility into Upsell/Cross-Sell Opportunities – With account based analytics, you can get a better view of upsell and cross-sell opportunities in order to leverage those applications to enhance customer relationships.
Data Quality and Accuracy – With this data, you can gain valuable insights into your own customer base and the market at large, so it is important that the data is accurate. With account based analytics, you can ensure that you have access to the most up-to-date and accurate data, which will help improve your decisions.
Real-Time Insights – Real-time insights can be used for a variety of purposes, such as optimizing sales processes, reducing workflow costs, and generating predictive analytics. With account based analytics, you can track changes in customer behavior in real-time and respond accordingly.
Cons of Account Based Analytics
As with any technology, there are also potential drawbacks to account based analytics:
Cost – Account based analytics require an upfront investment that may not be feasible for smaller businesses. As such, it is important to weigh the cost against the potential benefits of the technology.
Data Processing Issues – As data processing and storage can be complicated and time-consuming, there may be an initial period where implementation is slow. This may disrupt current processes, making it difficult to get started.
Data Privacy/Security – It is important to ensure that any data gathered through analytics is kept secure and protected from unauthorized access. Companies must make sure that their security protocols are sufficient before opting for account based analytics.
Lack of Flexibility – Many account-based analytics platforms are rigid and are not designed to adjust or scale with changing customer behaviors or regulations. This may cause problems down the line when you need to make changes to the platform.
Data Manipulation – With access to so much data comes the potential for data manipulation. Companies must ensure that their data is sourced ethically and that their practices meet the highest standards of data integrity.
Account based analytics can help foodservice professionals and restaurateurs make the most of their data. By using the right platforms, businesses can get crucial customer insights to make more informed decisions. However, it is important to analyze both the potential benefits and drawbacks of each platform before committing to an account based analytics system.