When it comes to understanding and analyzing the foodservice market, leveraging data and insights is critical for maximizing success. Whether it’s sales prospecting, marketing, production innovation, data enrichment, or even finding additional kitchen locations, having actionable analytics that are tailored to the foodservice market can open an array of opportunities for franchisors looking to expand locations and gain a thorough understanding of local food trends. Here are the top ten considerations a franchisor should take into account when it comes to food & beverage consumer research.
1.Sales Prospecting
Using data-driven insights and analytics can significantly boost a franchisor’s sales prospecting in the foodservice market. With unique data fields that are tailored to the foodservice industry, product sales can be targeted in ways never before possible, allowing franchisors to be able to make fast and efficient decisions in a market that is ever-changing.
2.Marketing
Data-led insights are also incredibly important when it comes to marketing in the foodservice industry. Understanding the target audience with extensive demographics is fundamental to create effective strategies to attract, convert, and close more leads. Perception and behavior of the public when it comes to food and drink in a specific region should also be taken into account when creating marketing campaigns.
3.Production Innovation
Production innovation is essential to keep up with market changes, and doing so in an efficient manner is of utmost importance. With foodservice market intelligence, franchisors are able to better strategize when it comes to streamlining production innovation and efficiently expanding their brand. Having the ability to collect, visualize, and analyze data allows them to make better data-driven decisions for the production process.
4.Data Enrichment & Analysis
Analyzing data from a board and diverse set of sources gives franchisors the opportunity to deepen their understanding of the foodservice market. Being able to enrich their systems by utilizing a larger data set can be incredibly beneficial for a franchisor to ensure their data is comprehensive, from menu items to restaurant tech coverage. Franchisors can make decisions with confidence by utilizing all the information presented.
5.Unique Data Fields
Focusing on unique data fields gives a franchisor an advantage when it comes to food & beverage consumer research. Knowing what target demographics are most impacted by certain menu items, pricing models, and other foodservice offerings can give invaluable insight into the regional population. Utilizing unique fields for sales prospecting, marketing, and production innovation can give franchisors an opportunity to maximize success with a greater level of detail than ever before.
6.Menu Analysis & Pricing Strategies
When diving into the intricate world of food & beverage consumer research, analyzing menu items, pricing strategies, and regional flavors can give a franchisor key insights when it comes to catering to the local population. Finding the right balance between diverse menu items, pricing models that target multiple demographics, and utilizing local flavors are all great ways to draw in more customers.
7.Technology Analysis & Adoption
Technology has had a major impact on the foodservice industry, and understanding the adoption and usage of restaurant technology can give a franchisor the advantage they need to stand out from the crowd. Knowing what technologies are trending in a specific region, and how well they are being adopted by customers can easily dictate how a franchisor approaches the region.
8.Restaurant Footprint
Analyzing restaurant footprints in a specific region offers franchisors a great opportunity to identify what type of restaurant they should launch and where. Having an understanding of the local food culture, pricing models, and menu items helps to quickly identify potential opportunities for expansion.
9.Exploring Regional Food Trends
As a franchisor, understanding the food trends of a region is essential when considering the menu items, pricing, and overall experience to provide customers. What may work in one area may not necessarily work in another; local tastes, ingredients, and preparation methods are all region-specific and need to be taken into account.
10.Competition Analysis
Reviewing the competition and understanding how they are positioning themselves against a franchisor’s offerings holds a lot of value towards a franchisor’s success. Keeping track of regional trends and analyzing what types of restaurants are the most successful in the area can give a franchisor a competitive edge.
Leveraging data and insights for food & beverage consumer research can open up numerous opportunities for franchisors to maximize success when it comes to sales prospecting, marketing, production innovation, data enrichment, and finding and expanding locations. Keeping in mind the key considerations of sales prospecting, marketing, production innovation, data enrichment, unique data fields, menu analysis and pricing strategies, technology analysis and adoption, restaurant footprints, regional food trends, and competition analysis can give franchisors the resources to stay on top of the foodservice market.
