For restaurant owners and foodservice professionals, understanding the foodservice market is key to staying relevant and ahead of the competition. On top of specific food trends, specific restaurants’ menus, customers’ preferences, production capacity, and labor costs, entrepreneurs in the food industry must also understand the wider trends of the market. At the same time, understanding the available restaurant technologies can help to make informed decisions that can enhance operations and make processes more efficient.
Brizo provides a board and diverse set of data for deeper foodservice market understanding and analysis. With data that looks at the different facets of the restaurant market in such detail, one can easily identify the main points to focus on when researching the latest and upcoming food trends, restaurant technologies, and market prospects. Here are the top 10 things to consider for credible cuisine when it comes to researching the foodservice market:
1. Food Trends: As mentioned earlier, entrepreneurs in this space need to understand the food trends in their region, as these can have an immense impact on their operations’ success. Keeping tabs on the latest menus, ingredients, food preparation methods, and the general customer experience are all key components to food trends and should be monitored closely.
2. Restaurant Technologies: Investigating new restaurant technologies can help to make informed decisions that can benefit the business. Technologies such as reservation and delivery systems, automated ordering processes, and customer-facing mobile apps can enhance customer experiences, reduce operational costs, and make processes more efficient.
3. Restaurant Insights: Gaining a better understanding of restaurant menus, including promotions and pricing trends, is essential in today’s market. This goes for both full-service and fast-food restaurants, both of which offer unique challenges to remain competitive. Knowing the different ingredients, preparation methods, and prices will help inform and enhance operations.
4. Production Capacity: Restaurants need to carefully consider their operations’ production capacity. Understanding the potential customer base, the expected customer volume for different times of day, the availability of ingredients, and the necessary equipment and staff are factors that must all be taken into account when mapping out production capacity.
5. Regional Data: Being able to dissect and understand the regional market is key to obtaining insights that can be applied to different business models. From the different dining preferences of customers in different parts of the region to the labor costs and pricing trends in different locations, knowing the regional market is essential in making informed decisions.
6. Menu Engineering: Understanding the different elements of menu engineering is essential in creating a menu that suits customer needs and preferences. Menu engineering includes menu design, menu items mix, and pricing strategies, which are all related and should be handled with care.
7. Target Customers’ Preferences: As diners, customers often look for certain characteristics in restaurants, such as the design, environment, and atmosphere. Knowing the target customer’s preferences and adapting the restaurant accordingly can make a big difference.
8. Social Media: Leveraging social media platforms to reach a broader audience is essential in today’s market. Knowing the different platforms and their different algorithms, as well as understanding customer engagement can help to advertise and promote a restaurant’s offerings more effectively.
9. Competitive Data: Analyzing the different competitive data points, such as pricing, promotions, menu items, customer reviews, and consumer length of stay can help to understand the different competitive factors impacting the market.
10. Growth Prospects: Knowing the wider industry growth prospects can help to prioritize resources in order to maximize potential growth and success. Analyzing industry events, conferences, seminars, and networking opportunities can prove insightful.
Using the data and insights provided by Brizo can help to understand and unlock the potential of the foodservice market, enabling the development of strategies, processes, and technologies that can improve operations and ensure continued success.
