The modern food service and manufacturing industry world is a fast-paced, ever-evolving space. To keep up with the competition and stay on top of the market, data providers need to make sure they have the best market insights around. Restaurant insights can give a full picture of the customer experience, from sales prospecting and consumer trends to competitor analysis and deeper research into the foodservice industry.
With so many different data points to consider, it can be hard to know what to make of them all. To assist restaurant technology providers, here are the top 10 things to consider when seeking restaurant insights.
1. Sales Prospecting:
Sales prospecting is a key factor for any modern restaurant business. Having access to current insights will give your restaurant the edge in the market and help you identify and acquire more qualified leads. With the right data in hand, your team can target areas where your company can maximize its potential for sales growth.
2. Competitive Intelligence:
With competitive intelligence, you gain insight into potential competitors and how they’re performing in the market. This can be valuable for identifying gaps where competitors are not delivering the best experiences to customers. Utilizing industry-specific insights, you can discover where there are openings for you to create a truly bespoke experience that sets you apart from the competition.
3. Menu Insights:
With menu insights, restaurant technology providers can track what is popular among customers in the market. Knowing what’s in demand and what changes are being made can make a huge difference when designing new menus, as well as updating current ones. Keeping up with the competition in this way gives you a more accurate picture of what’s in vogue and allows for greater gains in customer loyalty and satisfaction.
4. Venue Analytics:
When it comes to restaurant insights, venue analytics are an invaluable tool. By gathering data from previous customer experiences, restaurant technology providers can gain a clear understanding of what customers expect when dining out. This insight can help make decisions on venue modifications and how best to utilize space to maximize customer satisfaction and increase revenue.
5. Consumer Insights:
Consumer insights help to paint a more accurate picture of the customer experience. Understanding customer demographics, likes and dislikes, as well as spending habits, can help create more effective marketing campaigns. With this information, you can accurately target customers who would be most likely to purchase your products and services.
6. Trend Analysis:
It’s important to stay up to date with the latest industry trends. Utilizing restaurant insights, you can generate trend reports to better understand the foodservice industry, and, therefore, create more effective reforms in your restaurant operations.
7. Restaurant Technology Coverage:
Knowing what kinds of technologies and work flows make up the restaurant technology of the market can help create a competitive edge. Making use of restaurant insights to get an understanding of how competitors are using technology to improve the customer experience can give you the upper hand in the food service industry.
8. Online Presence Stats:
Having an online presence in today’s digital world is key. Conventionally, restaurants would gain an entirely physical presence in the form of signage and buildings. However, more and more restaurants are now turning to the online world for their marketing and customer growth. Utilizing restaurant insights, you can identify how restaurant technology competitors are utilizing their online presence and customers’ reactions.
9. Data Enrichment:
Data enrichment can make all the difference when it comes to making decisions. Utilizing restaurant insights and the right data enrichment tools, you can add comprehensive market insights to your systems and decision-making process.
10. Kitchens & Expansion Research:
Before venturing further into the food service industry, it is important to have a full understanding of the market you’re working in. With restaurant insights, you can analyze key areas such as kitchens, culinary trends, and clear the way for business expansion without running into any obstacles.
No matter how large or small the restaurant business, the right insights can make all the difference between success and stagnation. With the help of Brizo’s market insights platform, restaurant technology providers can more accurately gain an understanding of the foodservice market and make better decisions to maximize their potential.
