From sales intelligence to competitive insights, product analytics apps are changing the way restaurants build business. Now, you can understand your competitors’ strategies, strengthen your sales position, and expand operations with more complete product analytics. Whether you’re a supplier, restaurateur, or tech provider, it pays to understand the various components of a quality product analytics app.
In this article, we’ll walk through the top 10 aspects to consider when it comes to restaurant product analytics apps. We’ll start this discussion by looking at the primary purpose of product analytics applications and the different features you can expect.
1. Primary Purpose of Product Analytics Apps
Product analytics applications offer insights into the foodservice market at large, allowing restaurant owners, suppliers, and tech providers to make more informed decisions. By collecting a wide range of data, product analytics apps help users identify market trends, discover their competitors’ strategies, and source leads.
2. Sales Prospecting and Lead Generation
Sales prospecting and lead generation are two of the most important services offered by product analytics applications. Product analytics applications provide various filters, including region-specific data, menu items, and volume of sales, that allow users to identify prospects within the food service market. With this data, you can quickly and accurately identify potential leads and new sales opportunities.
3. Enrichment of Internal Data
In addition to identifying new prospects, product analytics apps can also help enhance existing customer data. Product analytics applications provide a variety of data points that you can use to enrich your customer information, such as receipts, promotions, and menu items. By having greater visibility into customer data, tech providers can improve their user experience and the effectiveness of their operations.
4. Menu Data
When it comes to understanding the foodservice market in its entirety, there’s no substitute for menu data. Product analytics applications offer access to detailed menu data, such as ingredients, entrée prices, and most popular dishes. With this information, tech providers can better assist their customers in developing systems and improving the accuracy of their estimations and predictions.
5. Market Predictions and Forecasting
Product analytics apps can provide valuable market predictions and forecasting services. By leveraging internal data, menu items, and competitor analysis, product analytics applications can give users a better understanding of the foodservice industry and its trends. This allows tech providers to anticipate customer needs and stay ahead of the competition.
6. Competitive Intelligence
Competition in the foodservice industry is fierce. Fortunately, product analytics applications can help users better understand what their competitors are up to. Product analytics apps can provide valuable insights into competitor operations, such as menu items, promotions, pricing strategies, and customer demographic information.
7. Expansion of Operations
Product analytics applications also allow restaurants, suppliers and tech providers to expand their operations. By providing market insights and menu data, product analytics apps can help users identify opportunities for new products and services. With this data, tech providers can strategically expand their brand and production innovation.
8. Optimization of Campaigns
Product analytics applications can also be used to identify markets, trends, and tactics that can be used to optimize marketing campaigns. By providing insights into the food service industry and customer demographics, product analytics apps can help users tailor their campaigns to the most effective audience.
9. Customer Desirability Evaluation
Product analytics applications also provide users with the data they need to evaluate customer desirability. Product analytics apps can be used to identify customers that are likely to convert and prioritize lead generation. By gaining visibility into customer data, tech providers can target and acquire customers that offer the most potential for sales and growth.
10. Data Security
Finally, it’s important to consider the security of the product analytics application. Product analytics applications may store and process a large amount of data that needs to be protected from malicious actors. As such, it’s important to ensure that the product analytics app is thoroughly tested and meet security standards before being deployed.
Product analytics apps offer a variety of features that can help restaurants, suppliers, and tech providers gain a better understanding of the foodservice market. From sales prospecting to competitor research, product analytics applications can be used to support every area of operations and take businesses to the next level.
