In a highly-competitive environment, understanding the food & beverage market can be a challenge. With insights from data-backed analytics of the foodservice market, business owners make informed decisions and create impressive marketing strategies to win more customers. As foodservice market intelligence services such as Brizo provide deeper market understanding and analysis, many brands are utilizing these reports for their prospecting, marketing, and operational needs. Here are the top 10 things to consider when reading food & beverage reports:
1. Current Trends: Foodservice market analysis usually includes the latest trends so that businesses can better understand the current state of the industry. Reading the report allows business owners to refine their strategies and tap into emerging opportunities.
2. Dish Analysis: A hit or miss in the restaurant industry is typically dependent on its dishes. Reports often feature a dish analysis to help business owners understand what dishes are resonating with customers. They can use this to better tailor their offerings to capture the audience’s attention.
3. menu Analytics: Pricing is a key factor in customer decisions. Reports may provide an overview on menu item analytics, such as pricing and popular menu items. This can be a wonderful way to understand a competitor’s success.
4. Expansion and Development: Using data-driven insights and analytics, restaurants can make informed decisions to expand their brand and market. Reports can display detailed analytics on the shift in customer demographics and local market trends.
5. Reviews & Ratings: As customer feedback is critical in the restaurant business, food & beverage reports provide insights on customer reviews and ratings. This is important in testing out ideas, understanding customer complaints and figuring out what works best.
6. Interactive Demographics: Reports are segmented into various interactive demographics that break down where customers are coming from, their age group and their preferences. This sets the groundwork for better decision-making.
7. Customer Segmentation: Industry reports can provide a clear distinction between customer segments and their interest in the menu. This allows restaurateurs to better target customers and maximize revenue.
8. Supplier Intelligence: Reports can provide a comprehensive view of suppliers and help business owners make knowledgeable decisions. It can provide insight on the competitive landscape and pricing for related services.
9. Restaurant Technology: Here, restaurateurs can learn more about the latest technological advancements in the food & beverage field. Reports help determine the best options and pricing for technology-driven solutions.
10. Sales Prospecting: For businesses that are looking to expand, reports provide an in-depth look into our foodservice market. Research and prospecting helps businesses uncover new business opportunities and close deals faster.
Reading food & beverage reports can be a pivotal step in helping business owners expand its market share and maximize its potential. Utilizing the insights and analytics gathered from the report allows an in-depth view of the foodservice industry. With the right tools and resources, business owners can make well-informed decisions and be successful in the food & beverage market.
