As a restaurant or foodservice technology provider, critically assessing your restaurant market intelligence and tools of analysis is often a daunting task. With the increasing sophistication of restaurant technologies and the complexity of foodservice market analysis, it is imperative that you review your systems, capabilities, and strategies to ensure that you have the best tools available to progress your organization in the rapidly changing landscape.
Selecting the right restaurant market intelligence app means the difference between success and stagnation. To help you in this selection process, here are the top 10 things to consider when comparing restaurant market intelligence apps:
1. Usability: The usability of a restaurant market intelligence app can drastically affect the accuracy of your analysis. Make sure the app is easy to understand and interpret for all levels of expertise. The ideal app should be customizable to support future enhancements and have an intuitive and graphical interface.
2. In-depth Information: With the rise of competitor analysis, restaurants and foodservice organizations must be able to access a detailed and comprehensive understanding of the foodservice market. Make sure the restaurant market intelligence app you are considering provides you with extensive industry, consumer, and competitor information.
3. Real-Time Update: Your restaurant market intelligence app must have the capability to update essential information in real-time. This will enable you to take advantage of any significant changes in the market, such as changes in market share or the emergence of new entrants.
4. Variety of Reports: In order to provide meaningful and effective analysis, a restaurant market intelligence app must produce multiple categories of reports. Check to make sure the app you choose can generate report formats for both internal and external skill-levels.
5. Automated Segmentation: Segmentation is extremely important and necessary for food service organizations to ensure customer experience accuracy and optimize marketing strategies. The right restaurant market intelligence app should enable automated customer segmentation analysis in order to provide more actionable insights into customer behavior.
6. Historical Reports: Restaurants and foodservice organizations need to be able to track the past performance of their products, service, and actions in order to make informed decisions moving forward. A reliable restaurant market intelligence app should provide the opportunity to access historical data from reports and track the progress of metrics over time.
7. Analytical Analysis: The restaurant market intelligence app should provide comprehensive analysis that can easily and quickly be understood. This will allow supplies to interpret the data in order to make tactical decisions.
8. System Integration: Integrating the restaurant market intelligence app you select with your broader system infrastructure is essential. Analyzing all input sources together will provide more accurate and comprehensive results.
9. Reporting & Dashboards: Look for a restaurant market intelligence app that can produce both detailed and summarized reports. This will ensure that you can view and analyze your results in a variety of ways. Additionally, having access to a well-designed and flexible user dashboard will help you track your findings more efficiently and quickly make decisions.
10. Cost: The cost of the restaurant market intelligence app chosen should not be the only factor in selecting the right app, but it is important to consider the financial return on investment. Make sure that the cost of the app will match the size of your organization as well as the depth of analysis needed.
Choosing the best restaurant market intelligence app for your organization will depend a great deal on the size of your organization and the level of analysis needed. The top 10 considerations listed above provide a framework for selecting a restaurant market intelligence app that meets your specific needs. With the right market intelligence and analytical insights, your restaurant can better capitalize on market trends and breakthrough opportunities.
