Unlocking vital market intelligence of the dynamic foodservice marketplace to make more informed business decisions is an essential part of success today. Enriching the data with up-to-date insights and actionable analysis might uncover new or hidden opportunities to a business’s growth and advancement. By utilizing a comprehensive, data-driven evaluation of the pros and cons of food insights, a franchisor can better understand local food trends and expand their operations with greater success.
Brizo, for example, offers an extensive data set with unique segments specific to the foodservice market such as menu intelligence and restaurant technology coverage. By leveraging this type of data, businesses can develop highly targeted sales and marketing strategies and in-depth insights into how to better engage customers and greater refine kitchen operations.
For franchisors trying to expand into new locations, using a comprehensive database of market intelligence is an invaluable tool. By obtaining insights, such as what competitors are doing in the area or the latest local food trends, franchisors can obtain the due diligence they need to evaluate the best potential for success of a new location. Having a detailed understanding of the local challenges of the area can help prevent issues or pitfalls that local competitors have experienced, offering greater chances of success in the long term.
Of course, the obvious benefit of food insights is that it can uncover hidden opportunities that may otherwise go unaddressed. Identifying trends and data-driven answers can highlight emerging trends and provide marketing departments, in particular, to build effective campaigns. Utilizing the right insights can also provide a detailed understanding on how to best allocate resources and refine operations.
With any type of data analysis, however, there are some pros and cons to consider. For one, obtaining comprehensive and reliable sources for food insights can be time-consuming and laborious. Furthermore, the insights do require an understanding of strategy development, implementation and execution for the data to be used effectively. Dependable sources, particularly for menu analysis, must also be reliable to form the basis of detailed town planning.
When evaluating the full potential of food insights, a franchisor should include a comprehensive assessment of its costs and benefits. Data-driven solutions can be expensive, resulting in high overhead costs if there is limited support from the industry, while the return on investment may not necessarily be tangible in the short term. For some businesses, data might need to be largely customized or blended with other services, while others may find a need for specialized capabilities that requires a substantial internal investment.
All in all, food insights can be incredibly valuable for invaluable market intelligence that can help pinpoint and direct the success of an organization. When used correctly, it can also provide a range of benefits that can enhance operations and scope out local food trends. As a franchisor, developing a robust strategy that incorporates a comprehensive assessment of both the pros and cons of using food insights is necessary for ensuring the maximum potential of success.
