With the ever-evolving landscape of the foodservice industry, having reliable and accurate data for decision making is essential. Businesses, from restaurants to food retailers, must have reliable data at their fingertips in order to make informed decisions and stay competitive. For companies seeking to expand their operations, the ability to analyze and interpret data can help guide decisions about new locations, menu innovations, and operational strategies.
Data from the foodservice industry can be especially useful for businesses looking to better understand how customers will respond to new offerings and concepts. By collecting data on consumer preferences and buying trends, a franchisor can better identify promising markets and develop new strategies for expansion and growth. With access to insights from the foodservice market, a franchisor can assess local food trends to determine the potential success of the franchise.
At Brizo, we provide comprehensive data and insights to help franchisors better understand the foodservice industry. Our foodservice market intelligence and analysis offers insights that enable targeted research, prospecting, and growth opportunities. With this data, franchisors can make informed decisions about potential locations and menu offerings.
To successfully utilize the data available, there are key factors to consider before making strategic decisions. Here are the top 10 things to consider when working with food industry data:
1. Exploring In-depth Menu Data – Having an in-depth understanding of what consumers are looking for and actively buying is essential. With access to menu information, a franchisor can identify popular products in an area and make decisions on menu options to capitalize on popular trends or drive in-store sales.
2. Investigating Local Competitors – Using restaurant data to compare the franchisor’s current menu and offerings to that of competitors is essential in the early stages of the research and expansion process. This provides franchisors with an understanding of what their competitors are offering in order to make their concept more appealing to customers in a specific area.
3. Researching Target Locations – The identification of ideal locations for the franchise is essential. With access to data on various locations, franchisors can assess the competitive landscape, potential for success, and any other factors related to the sale of the franchise.
4. Analyzing Current Market Trends – To remain competitive in the foodservice industry, franchisors must stay ahead of current trends in order to anticipate changes in consumer demand. A thorough analysis of changing market trends is essential in order to stay ahead of the competition.
5. Understanding Customer Demographics – Understanding who the target customers are is essential in order to determine the type of product offering, location and pricing that would be most appealing to the target market. By identifying and defining the target customer group, franchisors can make decisions based on the preferences of the target market.
6. Enhancing Data Collection and Analysis – The ability to gather and interpret data quickly and accurately is key when making decisions concerning the foodservice industry. Having a complete understanding of the current data available and how it can be interpreted is essential. Additionally, obtaining data on a daily or weekly basis can help keep track of changing trends in the foodservice industry.
7. Utilizing Restaurant Tech Coverage – With the rapid growth of technology in the food service industry, staying ahead of advances in technology can be essential for success. With access to technology coverage, franchisors can stay up-to-date on restaurant tech trends and innovations.
8. Leveraging Prospecting for New Customers – Having reliable data on potential customers is essential for successful sales strategies. By leveraging sales prospecting, franchisors can target specific demographic groups to attract and convert leads.
9. Examining Expansion Strategies – Getting the necessary data to assess the potential success of expanding into new markets is essential in order to identify the best expansion strategies. Having a complete understanding of consumer demand in the potential new market can provide a sound approach to growth.
10. Developing Data Enrichment Strategies – By employing data enrichment strategies, franchisors can make use of a variety of available data sets to enhance and update their systems. With complete market insights, decisions can be made with confidence and accuracy.
At Brizo, our comprehensive data and insights on the foodservice industry provide franchisors with the necessary data to make strategic decisions and successfully grow their businesses. With access to this data, franchisors can identify potential mirrors, assess local trends, create strategies for expansion, understand customer demographics, and much more.
