It’s here: the next generation of Brizo FoodMetrics is waiting for you. Learn more.
It’s here: the next generation of Brizo FoodMetrics is waiting for you. Learn more.
As the food service industry becomes more competitive, foodservice providers, from restaurant chains and independent operators to suppliers and manufacturers, must understand how to make the most of data analytics in order to gain market insights and capitalize on market trends. But how does one make sense of the plethora of options for a restaurant market analytics system?
The challenge of evaluating a restaurant market analytics system can be daunting. Fortunately, the right analytics system provides foodservice providers with much-needed insights into the market for them to make informed decisions and be more successful and profitable. This guide will provide an overview of the essential features of a restaurant marketing analytics system and how to evaluate and use them.
Data Sources
A restaurant marketing analytics system will use data from public sources such as census data, sales tax records, and restaurant sales and menu data, in addition to proprietary sources such as surveys and customer feedback. The data should be curated and organized to make it easier for users to extract insights and trends. It should be easy to compare data sources and obtain a comprehensive overview of the industry.
Technology Platform
A restaurant marketing analytics system should have a intuitive and user-friendly interface to easily access the data. It should enable users to quickly identify patterns and trends, create custom reports, and generate insights. It should also enable users to build customer and prospect segments and track performance over time.
Analytics Tools
Analytics tools should allow users to gain insights into customer and competitor behavior in a restaurant’s market. This can be done via deep dive analyses of trends, including customer segmentation, menu analysis, sales and promotions, and marketing activities. The system should also have visualization capabilities to enable users to create interactive maps, charts, and graphs.
Audience Insights
Audience insights are essential for accurately targeting customers and understanding consumer behavior and trends. The restaurant marketing analytics system should enable users to assess individual customers against demographic and lifestyle profiles. It should also enable users to identify potential new customers with similar demographic and lifestyle profiles, in order to effectively target them.
Price/Performance Analysis
The restaurant market analytics system should enable users to evaluate and compare product performance against market benchmarks, competitor performance, and customer preferences. This data should be used to inform pricing decisions and product selection optimization.
Summary
Because of the growing competition in the restaurant industry, understanding how to evaluate and use a restaurant marketing analytics system is essential in order to gain market insights and stay ahead of the pack. As the food service industry is constantly changing, a restaurant market analytics system should provide data from reliable and trustworthy sources, use technology to make data accessible and user-friendly, have analytics tools to assist in uncovering key insights, and enable users to analyze customer behavior in order to make informed decisions.
