Market research in the restaurant industry is becoming increasingly important for data providers who are looking to gain a competitive advantage. As more and more restaurants and foodservice operators turn to digital solutions to manage their operations, research becomes critical in order to develop successful products and services that are tailored to their needs. In order to stay ahead of the competition, providers need to conduct thorough market research, which means looking at all elements within the foodservice market.
As restaurant technology providers, there are a few things to consider when researching the foodservice industry. Here are the top ten areas to focus on when conducting market research in the restaurant industry.
1. Menu Trends: Being aware of current menu trends and what customers are looking for is essential. Knowing the latest flavors, items, and trends that customers want will help providers tailor their solutions to fit the market’s demand.
2. Restaurant Technology: Understanding what technology is being used in the restaurant industry is important in order to ensure that the provider’s solutions are up to date and competitive. This includes things such as online ordering systems, mobile apps, and loyalty programs.
3. Customer Segmentation: Who are the target customers of restaurants and other foodservice operators? Analyzing this data can help providers develop solutions that are geared towards a certain demographic or age group. They can also determine what type of customer each restaurant and operator is trying to attract.
4. Price Point Analysis: Knowing the average price range of restaurant items is essential in order to develop the best pricing model for the provider’s solutions. Taking a deep dive into the pricing of each menu item can provide valuable insights into the price sensitivity of potential customers and how to best tailor a solution that meets their needs.
5. Social Media Activity: Restaurants and foodservice operators are increasingly using social media to communicate with customers. Analyzing the types of content they are posting, how often they post, and the types of responses they are receiving from customers can provide valuable insights into how providers can tailor their solutions to better meet the needs of the industry.
6. Foot Traffic: For restaurants and other operators, foot traffic is a key metric for success. Looking at the foot traffic of certain locations and regions over a period of time can provide valuable insight into the market and help providers focus their solutions on certain regions or locations where the demand for their products is highest.
7. Competitor Analysis: Knowing the competition is an essential step in market research. Understanding who the major competitors are, what products they offer, and what strategies they are using can provide providers with the information they need to develop a competitive edge.
8. Delivery Trends: With the rise of delivery services, it is important for providers to understand how restaurants and other operators are using these services to reach customers. Looking at what methods of delivery restaurants are using, the types of delivery meals they offer, and how they are promoting delivery can provide critical insights into the market.
9. Food Safety: Food and restaurant safety is paramount in the industry. Analyzing current safety regulations, past safety issues, and how restaurants and operators are addressing food safety concerns can help providers develop solutions that are tailored to the needs of the industry.
10. Consumer Insight: Ultimately, providers need to research what it is that customers are looking for from restaurant technology solutions. Looking at things such as customer reviews, customer surveys, and interviews can provide invaluable insights into what customers are expecting from restaurant technology providers.
No matter if you are a provider of restaurant technology solutions or a foodservice operator yourself, understanding the market is key to success. Conducting thorough market research and analyzing all of the above elements is essential in order to develop effective solutions. It is the only way to tailor your solutions to the needs and expectations of the industry.
