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As the foodservice sector evolves and the industry needs increasingly more complex data to achieve success, restaurant market intelligence tools have come to the forefront to help companies remain competitive. Businesses must navigate an intricate web of data to gain insights into current markets, customer bases, and industry trends. With the emergence of restaurant market intelligence tools, companies are now better equipped to leap obstacles in the foodservice sector.
Market intelligence tools are designed to provide businesses with tools, data, and insights to succeed in an ever-changing foodservice market. Aggregating customer data, sales, and industry trends, market intelligence tools help frame the competitive landscape, inform decision-making, and make informed decisions about customer loyalty and marketing campaigns. While the tools can help restaurants make better decisions, they come with their own unique advantages and considerations. Here are the top 10 things to consider when evaluating restaurant market intelligence tools.
1. Comprehensive Insights: Not all market intelligence tools are created equal. When choosing a tool, assess the data included and make sure it is comprehensive. Core insights should include in-depth menu data, competitor analysis, customer segmentations, sales tracking, and industry trends.
2. Industry Specific: Make sure the market intelligence tool is customized to the food service industry. This will ensure you are getting the right insights and avoid having to deal with the hassle of inaccurate data or insights.
3. Accurate Predictions: Many market intelligence tools provide insights that are pulled from predictions generated by advanced algorithms. Assess the accuracy of the tool to ensure it can provide reliable and up-to-date insights.
4. Technology Integration: Look for a tool that seamlessly integrates with existing technologies and systems. Being able to track performance and analyze data within the same platform is a huge advantage and saves time and money.
5. Easy to Use: At the end of the day, it’s all about usability. A market intelligence tool should be intuitive and user friendly so that stakeholders can understand the insights and act on them without any difficulties.
6. Cost: Restaurant market intelligence tools vary in price point and the ones that provide more comprehensive and accurate data will usually cost more. Compare tool costs and make sure you are getting the features that you need at a competitive price point.
7. Support: Market changing data can provide you with immense opportunities, but those insights won’t make much sense without proper support. Make sure the company provides professional support to help you better understand the insights you are receiving.
8. Responsive Design: Market intelligence technology should be optimized for mobile. A tool with browser-based and mobile apps will offer more convenience and enable users to access data and insights on the go.
9. Security: Security is crucial when dealing with customer and market data. Assess the security features of the tool to ensure data is being stored and transferred in the most secure way.
10. Expandable Platform: Look for a tool that offers room to grow. As your business evolves, you need a tool to grow with you. Look for one that is customizable, flexible and can be easily adapted to fit the needs of a growing business.
With the emergence of restaurant market intelligence tools, businesses are now better positioned to leverage customer data, sales insights, industry trends and more to inform decision-making. By understanding the top 10 considerations when evaluating restaurant market intelligence tools, businesses will be able to make a more informed decision to support the success of their operations.
