Restaurants are facing increasing competition from new entrants, innovative players, and technological advances. To remain competitive in such a dynamic and complex industry, restaurants must understand customer behavior, current trends, and their own unique competitive advantages in order to stay ahead of their competition.
That’s where competitive intelligence can help. Competitive intelligence (CI) services can provide valuable insights into the changing food service market. By monitoring the industry, collecting data, and analyzing key trends, restaurants can gain actionable insights that help them better compete in the industry. This article will discuss the top 10 things to consider when looking for a competitive intelligence service for restaurants.
1. Market Sensitivity: Knowing the market is key to staying ahead of the competition. Make sure the competitive intelligence service you choose provides deep market insights and understands trends on a macro, micro, and localized level.
2. Food Industry Knowledge: Industry knowledge is critical to understanding customer behavior and needs. Look for a CI service that is knowledgeable about the food industry, so you can tap into their expertise and stay informed on the latest industry trends and advancements.
3. Technology Ecosystem: Restaurants need to have a firm grasp of their technology stack in order to leverage advances in data and software and stay ahead of the competition. Make sure the competitive intelligence service you select understands the restaurant industry’s technology ecosystem and can provide in-depth recommendations and insights.
4. Menu Analysis: Menu analysis is important for understanding customer behavior and trends. The CI service you choose should provide menu analysis tools so you can quickly gain insights and identify key trends.
5. Consumer Habits: Understanding consumer habits is critical for staying competitive. A CI service should provide actionable insights into consumer habits, such as meal selection, food preferences, spending habits, and more.
6. Sales Prospecting: Looking to expand the reach of your restaurant? Make sure your CI service provides sales prospecting tools that connect you with new customers and help you unlock new revenue opportunities.
7. Market Expansion: Understanding the local market is important to launching in new cities and expanding your customer base. A CI service should provide detailed insights into local markets so you can make informed decisions when expanding your restaurant.
8. Data Enrichment: It’s important for restaurants to have access to comprehensive and up-to-date market data. Make sure the CI service you select can provide data enrichment tools to supplement your existing data and insights.
9. Reporting And Analysis: Knowing how to make sense of data is key to staying ahead of the competition. Look for a CI service that provides comprehensive reporting and analysis tools to quickly surface actionable insights.
10. Knowledge, Training, And Support: A CI service should provide knowledge, training, and support to help restaurants understand and use the data correctly. Make sure the service you choose is committed to helping you maximize the insights you receive and turn them into meaningful outcomes.
By considering these 10 points, restaurants can find the ideal competitive intelligence service for their needs. With the right CI service, restaurants can gain access to the data and insights they need to make informed decisions and unlock new opportunities for success.
