As a data vendor or supplier in the foodservice industry, you must be well aware of the nuances of the foodservice market and the competition therein. To stay competitive, you must have a clear and definitive understanding of the market segments and what they’re looking for when procuring products and services. To acquire this understanding, you must be utilizing a powerful data-driven restaurant marketing analytics platform.
But how do you evaluate and understand a restaurant marketing analytics program? At the most basic level, there are four core components to an ideal restaurant marketing analytics program: sales prospecting, competitive intelligence, marketing intelligence, and data enrichment. Each component consists of several different data sets and data models that power your platform. Let’s take a more in-depth look at each component.
Sales Prospecting
Sales prospecting is the key to acquiring profitable leads and building relationships with restaurant owners and operators. A comprehensive restaurant marketing analytics program should offer a range of features, including detailed information on restaurant locations, consumer preferences, and menu items. This data should be easily accessible and can be leveraged to target potential customers, build effective marketing campaigns, and forecast sales.
Competitive Intelligence
Comprehensive market trends and industry insights from the restaurant marketing analytics program can help you gain a competitive advantage. This data can be used to identify the strengths and weaknesses of the competition, analyze their pricing strategies, and understand customer behaviors. For example, data can be used to predict when restaurants may be opening new locations or when they may be modifying their menus.
Marketing Intelligence
With detailed insights about the foodservice market, you’ll gain a clear understanding of where to best target campaigns in order to acquire new customers. Advanced marketing intelligence analytics can help you gain a deeper understanding of customer journey, such as likes, dislikes and preferences. In turn, this level of understanding can open the door for more effective campaigns with higher conversion rates and ROI.
Data Enrichment
Data enrichment helps you fill in the gaps of your existing sales and marketing efforts. By combining different sets of data and intelligently connecting them, marketers can gain useful insights into their current and potential customer base. Furthermore, data enrichment allows for insights to be tagged and organized in order to quickly identify high-value opportunities and better target potential customers.
In order to best utilize restaurant marketing analytics, it’s important to thoroughly review and understand the data sets and data models the platform offers. As each component of the analytics program carries its own set of capabilities, it’s important that you are aware of the features a platform offers when deciding which insights and data points best reflect your customer base and market trends.
In summary, the restaurant marketing analytics program should be leveraged as a key tool in your marketing arsenal. By investing in a comprehensive platform, you can acquire market insights that could potentially provide you an advantage over the competition. By leveraging the four core components of restaurant marketing analytics: sales prospecting, competitive intelligence, marketing intelligence and data enrichment, you can ensure you’re making the most of the data available to you.
