The restaurant industry is an ever-evolving, highly competitive business. With the emergence of new technology, restaurants have access to unparalleled data collection, analysis and marketing tools that facilitate growth and improve efficiency. For vendors or suppliers attempting to penetrate the foodservice market, there are several considerations that are crucial for success.
From sales prospecting to competitor research, food service market analytics are key to understanding customer needs, identifying target markets, avoiding pitfalls and optimizing campaigns. Here is a list of 10 things to consider when selling to the foodservice market.
1. Tap into big data: In today’s world, large scale data is being collected and analyzed by the foodservice market at unprecedented levels. Whether it’s tracking customer patterns, measuring per-customer spending, analyzing website click rates, or researching competitors, data is a key for gaining insights into the foodservice industry.
2. Understand customer motivation: As a supplier, trying to understand customer motivation is essential for selling. Customer motivation can be based on a range of factors including price point, quality or convenience. By researching customer habits and competing products, financial and operational insights can be gleaned that can be leveraged when targeting customers.
3. Take advantage of new restaurant technology: New restaurant technologies are revolutionizing the industry. From apps that provides enhanced customer engagement, to decision intelligence tools for restaurant operators, these technologies are democratizing the restaurant customer experience and providing an opportunity for vendors and suppliers to capture consumer data in real time.
4. Analyze foodservice trends: Food trends are constantly evolving. Analyzing food trends across regions and sectors can help vendors identify growth opportunities and zero in on target areas that are likely to deliver success.
5. Utilize research prospects: Researching potential prospects is an important step in gaining an understanding of the market. Gaining insights into the financials and operations of each target prospect can provide valuable insight and help inform decisions when targeting potential customers.
6. Invest in sales prospecting tools: One of the best investments a vendor or supplier can make is investing in the right sales prospecting tools. Sales prospecting tools provide in-depth menu data and restaurant tech coverage – allowing suppliers to capture the most recent trends, identify competition and capitalize on growth opportunities.
7. Identify target markets: Restaurant technology is constantly evolving and capturing the attention of a wide range of users from owners to mobile users. Identifying target markets can provide vendors with insights into the type of products and services sought, and guide campaigns to direct focus.
8. Compete with established brands and upstarts: The foodservice market is full of competition, and while existing operators and established brands may seem daunting, there are many opportunities for new brands to gain a foothold in the market. Staying up to date with market trends can provide a competitive edge, and new, go-to-market strategies are helping new brands stand out from the competition.
9. Optimize campaigns: Technology and data analytics provide opportunities for vendors to gain insights into customer interests. With campaign optimization tools, vendors can target their message on a granular level, and ensure that campaigns are reaching their intended target audience.
10. Invest in data enrichment: Data enrichment is an important aspect of the foodservice market. With this technology, vendors can collect more comprehensive data on target customers, as well as the broader market. This allows vendors to make decisions with confidence, and more accurately personalize campaigns, products, and customer engagement.
With the right data and research, vendors and suppliers can effectively and efficiently access the foodservice market. By researching the market, analyzing trends, optimizing campaigns, and utilizing the latest technologies, vendors can power their growth and capitalize on opportunities.
