Sizing Up the Food Service Industry with Market Trends Forecast

Content Massive Blog Images - Image-027

Food Industry Forecast

At the end of June 2020, at the peak of the COVID-19 pandemic’s impact on the restaurant industry, just under 4 million U.S. restaurant jobs had been lost, with food industry profits decreasing by over $25 billion. As sectors cautiously open up and begin to re-establish operations, the costly lessons endured by restaurants and other food outlets have had a lasting impact, driving the of need insightful market research and analytics as businesses strive to restructure, adapt and grow. With expert foodservice market insights, restaurateurs can now more confidently move forward, leveraging their data to inform strategies for customer targeting and consumer engagement.

When it comes to catering to the needs of their potential guests, franchisors need to fully comprehend local market trends, or risk becoming stale in the face of intense competition. To that end, leveraging the powerful analytics available today can provide armed with the facts and understand the food industry forecasts. Brizo provides a suite of data and insights to give businesses the edge they need to thrive in the food service market.

Sales Prospecting

When thinking of the food service industry, few would consider the vital role of data analytics in this space. However, by combining and analyzing various sales-related metrics and market trends, brands can effectively create comprehensive sales strategies. With Brizo’s cutting-edge analytics, businesses can narrow down their target markets, reduce redundant processes, develop new pricing plans and make informed decisions to ensure that sales goals are met.

Marketing to Foodservice Market

With the right data analysis, marketing teams can effectively expand their markets and boost consumer engagement. Latent customer behaviors gleaned from market intelligence can be used to determine the methods for marketing and promotion that will best appeal to target populations. Marketers can identify target markets and tailor messaging and positioning strategies, improving customer acquisition and retention.

Finding Kitchens and Expanding Operations

With better informed expansion strategies, franchisors can plan to increase their production capabilities while leveraging powerful insights to drive revenue. With competitor and geographic market analysis, this type of research uncover the most lucrative investments and map out ambitious strategies to drive big wins. With the intelligence available, franchisors can expand current capacities and research for large-scale production with the knowledge that comes from data-driven market trends

Data Enrichment

Armed with the collective insights of the market, businesses now have access to entire range of metrics, from changes in menu items to customer relationship management strategies. Through effective data enrichment, businesses can identify potential growth opportunities, establish smarter pricing strategies, craft compelling menu items and gain a general understanding of consumer preferences in the market,

As the U.S. continues to navigate the delicate transition from the depths of the pandemic, businesses in the foodservice industry have the information and tools they need unleash their potential. By leveraging the data available they can drive changes in investment, operations, marketing and sales, ultimately ensuring their survival in one of the most competitive environments in foodservice today.