Foodservice is an increasingly competitive market and understanding local food trends is key for success in the industry. For franchisors looking to expand their business boundaries, getting a thorough understanding of the food service landscape is paramount. This article provides insight into the top ten things to consider when researching food service trends, enabling you to strategize and succeed in the foodservice market.
data is at the heart of success in the food services industry. Knowing which customer classes are worth targeting, what menu items may be experiencing increased demand, and which locations are more likely to be successful are all found through leveraging data. Although many businesses prefer to crunch numbers themselves, services like Brizo can provide insights into different specific data fields that can give the profoundness of analysis needed to gain an edge in the industry. Menu data capabilities and tech coverage insights will help your team make definitive decisions about the food service market.
Sales prospecting is one of the key fundamental facets of researching food service trends. Having the ability to identify key customer segments and then create targeted messages based on market research will help to successfully close the lead gap. By establishing a relationship with customers by providing them with tailored offerings, you can be sure to successfully penetrate the market and capture the most popular trends.
As any marketer who has dealt with the foodservice industry can tell, having expertise in data enrichment is extremely helpful for devising marketing plans. Knowing what customers may need will give these marketers the ability to craft campaigns that provide the services that best suit the customer’s needs. This approach can help any company make it into the best-of-list.
Finding and expanding new kitchen operations is fundamental to any food service provider’s success. Being able to identify a new market opportunity for production innovations, new menu items, or reviving a classic menu item can take your business to new heights. With foodservice market intelligence, franchisors can be sure to make the appropriate decisions when venturing into a new market.
Although data is a powerful tool to understand the food services market, traditional methods for researching consumer behavior, such as interviews, focus groups, surveys, mystery shopping, and direct observation should not be overlooked. By combining data-driven insights and analytics with traditional market research, franchisors can be sure to stay ahead of the curve and identify truly successful food service trends.
Now that the fundamentals have been thoroughly discussed, let us take a look at the key components of researching food service trends.
1. Utilize market intelligence and data-driven insights.
2. Establish individualized sales prospecting.
3. Understand successful data enrichment strategies.
4. Identify relevant kitchen operations for growth.
5. Leverage traditional methods for market analysis.
6. Use customer feedback to determine success metrics.
7. Inform operations of signage updates.
8. Incorporate online reviews and ratings to differentiate the consumer experience.
9. Redefine the market by catering to untapped customer segments.
10. Monitor competitors for ideas and opportunities.
By thoroughly understanding the ten components of researching food service trends and putting them into action, franchisors can be certain to gain a competitive edge in the industry and grow their business with confidence. With the right knowledge and insights, businesses can be sure to identify the right trends and increase their customer base.
