Foodservice market research and analysis can be a daunting challenge. For data providers, there are a range of possible stakeholders, target markets, and use cases to consider. And, while organizations are regularly investing in this area, there are still a lot of unanswered questions and levels of complexity that come with the work.
In this article, we will explore the range of frequently asked questions (FAQs) around market research and analytics in the foodservice market. We will also discuss the major areas of focus for restaurant technology providers and end with a list of ways that data enrichment can help you find success.
Before delving into the strategic aspects of research and analysis for restaurant technology providers, it’s important to examine the basics. To start, what is the definition of a foodservice market?
A foodservice market is defined as an environment that serves as a platform for food and beverage services. This includes restaurants, catering suppliers, food and drink manufacturers, and other related services. It is the physical or online marketplace where buyers and sellers interact to receive or supply food, drink, or related services.
It’s no surprise then that market research and analysis play an important role in this arena. Restaurant technology providers need to be aware of what is happening in the foodservice market in order to not only remain competitive but also to best position their product or service for success. As such, there are some key areas of focus for restaurant technology providers when it comes to researching and analyzing the foodservice market.
The first area of focus is understanding the market dynamics and customer demands. This means understanding current and forecasted trends, as well as the key players in the market, such as restaurant chains, meal delivery companies, food manufacturers, and retailers.
The second area of focus is understanding the competitive landscape. This includes looking at what the competitors are doing, their strategies, their offerings, and their customer base in order to better understand how your product or service could disrupt or add value to the market.
The third area of focus is understanding the product or service offering. This involves researching the target audience, the main use cases, the different pricing models, and the market viability of the product or service.
Finally, the fourth area of focus is understanding the pricing and technology. This includes researching pricing levels, technology trends, market demand for technology and software, and customer preferences for different features and functions.
For restaurant technology providers, the task of researching and analyzing the foodservice market can be overwhelming. However, it’s important to take the necessary steps to understand the key areas within the market in order to make the best decisions for product or service success.
Data enrichment can be a valuable tool when it comes to researching and analyzing the foodservice market. With the right tools and resources, data enrichment can provide the insights needed to understand market dynamics, customer wants and needs, competitive forces, pricing facts and trends, and technology preferences.
By leveraging data enrichment and the best available analytics tools, restaurant technology providers can uncover the key insights they need to make strategic and informed decisions when it comes to their product or service.