As a franchisor looking to expand your brand and your reach, taking the necessary steps to understand the local food trends in your target market can pay off in spades. But when it comes to adult beverages, the research needed to launch your brand properly into the market might be unique compared to the usual initiative of scouting out local flavors indicating trends of your audience’s palates.
So, should you take the time and dedicate resources to collecting data on adult beverage research in your franchising area? Read on to learn the pros and cons of adult beverage research and how you can maximise your understanding of the market and yield the greatest reward.
What is Adult Beverage Research?
Adult beverage research is the practice of gathering data around the popular drinks in a certain area. This can mean anything from traditional liquors to wine clubs to specialized craft mixes that are gaining popularity in the area. It is designed to give franchisors key insights into the demographic’s preferences when it comes to alcohol consumption, and serves as a valuable tool to build and adjust a menu for the market they wish to serve.
The Pros of Adult Beverage Research
There are multiple pros when it comes to investing resources into adult beverage research.
Firstly, when franchisors gather the right data and invest in being among the first to incorporate these innovative beverage choices, they can directly reach out to the local audience. This helps to draw people in and encourages them to stay longer. It allows them to understand the specific tastes of the demographic and curate accordingly to actively appeal to their customers.
Secondly, adult beverage research helps franchisors to stay competitive in a space that is easily eclipsed by those who offer innovative drink selections. When a franchisor takes great strides to cater to the changing tastes of their customers, they are more likely to be selected and patronized.
The Cons of Adult Beverage Research
Though adult beverage research can be beneficial, there are some potential cons that are worth taking note of.
The greatest con to utilizing adult beverage research is the potential cost that comes with it. Gathering data, ordering new drinks, and training staff to understand ingredients and recipes require a financial investment that is not cost-effective for all franchisors.
Moreover, some areas don’t accommodate alcohol or have very few customers that opt for drinks when they are available. This can lead to an overestimation of the true customer base that would be interested in these beverages.
Gaining the Most out of Your Adult Beverage Research
If franchisors decide to dedicate time and resources to adult beverage research, there are some areas they should focus on for the best results.
First, the franchisor needs to find a reliable source for their data. For example, Brizo provides an array of data specific to the foodservice industry that can be used to conduct thorough and highly targeted research.
Next, they should focus on menu data to gain insight into food trends and restaurant tech coverage to explore the ways in which people order and engage with their drinks. The efforts done here will enable the franchisor to better understand the tastes and wants of their customers.
Finally, their sales teams need to be well prepared to take advantage of the data. Providing their sales teams with data-driven insights and analytics will equip them with the knowledge they need to understand the market in order to attract, convert, and close leads.
The use of adult beverage research to understand the nuances of a local market and its customers can result in impressive returns for franchisors. So long as the initial cost is seen as an investment, the results of having a franchising location’s bar menu more accurately reflect the local demand can vastly exceed the amount spent on the research.
For a successful franchisor looking to accurately curate their menu and best understand the connective tissue of the area, investing resources into adult beverage research can prove to be an invaluable measure. By obtaining the right data, expanding the menu selection to innovative drinks, and training sales teams to be exceptionally knowledgeable about the ingredients, customers can be more engaged and drawn in. The types of studies must be tailored to the location in order to be effective, but when done properly, adult beverage research can result in impressive returns and fruitful investments for the franchising company.