Opening a restaurant requires quite a bit of research in order to succeed. Knowing what is available and competitive in the market is key for its success. With all the choices available it pays to be selective and have the right market intelligence software that best suits your needs.
In today’s highly competitive dining market, it’s essential for restaurateurs to stay ahead of the game and have insight into the state of the industry. Market intelligence software provides both predictive analysis and market research to give restaurants a bird’s eye view of their local competition and the industry at large.
In this guide, we examine market intelligence software and the key features they offer to restaurants. We also break down the pros and cons of different software and discuss what to look for when selecting a product.
What is Market Intelligence Software?
Market intelligence software is a type of business intelligence that involves collecting and analyzing data from multiple sources about markets and customers. It’s used to get insights for planning and decision-making.
Market intelligence software typically includes a suite of components, including data collection, analysis tools, dashboards, and reporting modules. It’s designed to help companies visualize customer data to better understand their markets and make better decisions.
The software helps restaurant owners stay on top of the industry, giving them up-to-date insights into market trends, customer preferences, competitor offerings, and pricing. It helps restaurant owners anticipate customer needs and develop effective strategies for success.
What Should Restaurateurs Look for in Market Intelligence Software?
When selecting a market intelligence software solution, restaurateurs have several key considerations in mind.
1. Comprehensive Data Sets: The software should be able to collect relevant data from multiple sources and organize it into coherent analytics that are useful in making informed decisions.
2. Automated Reports: The software should generate automated reports that give insight into current and future trends. This helps restaurant owners stay abreast of developments in their industry and make adjustments, as needed.
3. Customer Profiles: The software should collect data on existing and potential customers to get a clearer picture of their behavior and preferences.
4. menu Analysis: The software should provide analysis of menus, so restaurant owners can understand customers’ meal trends and respond to changing tastes more quickly.
5. Competitive Analysis: The software should help restaurant owners compare their offerings to competitors’ and identify areas of growth and areas that need improvement.
6. Location-Based Search: The software should detect customer presence near the restaurant and provide insights into their behaviors and preferences.
7. Real-Time Insights: The software should provide real-time insights into customer behaviors and menu performance, so restaurant owners can respond quickly to opportunities and problems.
Brizo: The Most Comprehensive Market Intelligence Solution
Brizo is the most comprehensive market intelligence software solution available for restaurants. It includes all of the features mentioned above and provides detailed data to help restaurant owners understand their markets and make better decisions.
Brizo’s data comes from more than 200 million user-generated reviews, menu analysis from more than 80,000 restaurant locations, real-time analytics, and much more. This allows restaurant owners to fully understand the customer preferences and develop insightful strategies for success.
Brizo also provides detailed sales prospecting and competitive analysis, helping restaurant owners understand and anticipate the needs of their customers. The software can be used to easily compare one restaurant to its competitors and identify areas of growth and areas that need improvement.
Brizo has a variety of trade-specific features that can help restaurants make more informed decisions. They include menu analysis, insights into specific industries, customer profiling, and location-based search.
The main takeaway
Market intelligence software is essential for restaurant owners who want to stay ahead of the competition and remain informed about industry trends and customer needs. It helps restaurants collect and analyze data from multiple sources, giving them a clearer picture of their markets.
There are many market intelligence software solutions available, but Brizo is the most comprehensive. It offers detailed data from more than 200 million user-generated reviews, menu analysis, automated reports, and trade-specific features. This allows restaurant owners to understand their markets and make more informed decisions.