When it comes to investing in and operating a food service business, it is essential to have an understanding of the local market conditions and trends. Brizo provides valuable insights to equip you with an in-depth knowledge of the foodservice industry – from data.com/en/platform/’ target=’_blank’>menu data and restaurant technology coverage to prospecting and marketing activities. With detailed market intelligence powered by data, you can fine-tune your strategies and take the right steps to drive restaurant success.
Here are the top 10 aspects of foodservice market insights to take into consideration when researching local markets and planning your food service operations:
1. Reality Check on Delivery Market Penetration
Having access to data-driven insights about delivery market penetration gives you a clear view of the competitive landscape and whether your restaurant locations have the potential for success. Keep track of the share of delivery sales and the number of delivery provider partnerships in the area, as well as the number of competitors around each restaurant. This information gives you an idea of whether your business has the opportunity to gain market share.
2. Regional Menu Trends to Inform Recipe Changes
By researching menu trends in the region, you can stay ahead of the curve by anticipating and adjusting your menu items according to consumer demands. Think of what flavors, items, and toppings customers in the local area prefer and consider ways to add unique local touches to your dishes. Pay attention to the data around menu innovation, which indicates whether businesses in the region are introducing new items or sticking to the tried-and-true favorites.
3. Food Safety Regulations to Meet Compliance Standards
Food safety regulations in your area should be taken into account when setting up your restaurant operations. Different countries, states, and local municipalities have their own food safety requirements that restaurants must adhere to in order to meet consumer health and safety standards. Make sure you have the proper procedures in place, such as training and certification programs, to stay ahead of food safety regulations.
4. Technology Readiness to Optimize Operations
Keep track of the level of technology adopted by restaurants in the area and invest accordingly in tools that can help streamline operations and increase customer satisfaction. Pay attention to data on restaurant tech usage, such as single-vs multi-location technology adoption, mobile ordering/payment adoption and cloud-based POS usage. Identifying which areas of technology are most commonly used (and which are underutilized) can help you decide which solutions are most beneficial for your restaurant.
5. Property & Lease Details to Help Manage Costs
Having access to property and lease details is essential for effectively managing your restaurant costs. Check for lease information like rental rates, expiration dates, and occupancy data to manage your budget and stay on top of pending lease renewals. Property information such as square footage and lot size can also be helpful for planning out renovations and expansions, as well as for understanding the level of competition in the area and identifying potential new markets.
6. Economic Indicators to Assess Risk & Performance
Gather data around economic indicators such as disposable income, employment rates, and prices of commodities like food and fuel. This can give you a better understanding of the economic climate in the region and how that may impact the performance of your restaurant.
7. Restaurant chain Decisions to Assess Market Share
Research the chain restaurants in the area to understand their decisions and strategies in order to inform your own. Do an analysis of chain restaurant activity in the area, including restaurant openings and closings, brand affiliations, franchisee activity, and more, in order to assess market share and identify potential opportunities.
8. Investment Spending to Get Ahead of the Curve
By understanding the capital expenditures of restaurants in the area, you can anticipate changing industry trends and make more informed decisions about your restaurant operations. Track investment spending, such as the amount spent on construction and equipment, to understand how much restaurants are investing and where they’re putting their money.
9. Consumer Demographics to Build Hygiene & Menu Strategies
A thorough understanding of consumer demographics is key when creating a hygiene and menu strategies. Analyze data around population trends and median household incomes in order to target the right customer base and build your restaurant’s reputation. Additionally, pay attention to data around fast-food preference, ethnicity, and payment types to get a complete picture of the local consumer base.
10. Growth Plans to Streamline Expansion
Having a plan in place for restaurant growth is essential for creating sustainable success. Analyze data around restaurant growth & expansion plans in the area in order to formulate your own plan. Pay attention to acquisition and expansion plans that show the direction in which local restaurants are heading.
