Arming your business with an effective restaurant market intelligence program can give you an invaluable edge in a competitive marketplace. With accurate data-driven insights, you can better understand the needs of customers, research competitors, and uncover the most efficient and cost-effective strategies for marketing and sales.
Brizo, a restaurant analytics platform provider, offers a board and diverse set of data for in-depth foodservice market understanding and analysis. Our data allows for highly targeted research and prospecting of the foodservice market with unique data fields specific to the food service industry. Our insights include in-depth menu data, restaurant tech coverage, and highly tailored sales prospecting in the foodservice market. With Brizo, you’ll have the knowledge and data you need to successfully attract, convert, and close more leads, streamline production innovation, expand your brand, and enrich your system with more comprehensive market insights.
In this guide, we’ll walk through the most effective methods for evaluating and understanding your restaurant market intelligence program, so you can confidently make decisions and capture even more of the market share.
Jump-Start Your Restaurant Market Intelligence Program
The first step to any effective market intelligence program is to build out a thorough understanding of your industry, customers, and competitors. To accomplish this, you’ll need to have a combination of access to data, market feedback, and industry reports that give you a clear view of the foodservice landscape.
Data is one of the most valuable tools when gathering intelligence. At Brizo, we have access to menu data across multiple restaurant segments, including casual, family-style, fast-casual, fast-food, U.S. chain and independents, and expanded web menus. By analyzing menu price points, ingredients, new items, and restaurant locations, we can determine competitive pricing, trends, and areas for expansion. We can also uncover innovations and emerging trends in the restaurant sector and anticipate what’s to come.
Additionally, collecting market feedback from restaurants can provide invaluable insights into customer behavior, preferences, and experiences. For example, feedback from our restaurant tech coverage offers real-time insights into the digital infrastructure of restaurants, their customer engagement profiles, and menus. With customer and prospect feedback, you’ll have a greater understanding of the experiences merchants are looking for. This can help you adjust your product offerings and services as necessary to better meet customer needs.
Finally, you’ll want to leverage industry reports to measure business performance and continually monitor emerging industry trends. Through industry reports, you can learn about the size of the market, emerging trends, and key factors that influence decision making. Additionally, you can track industry-specific segments and trends to better understand the components that make up the competitive landscape.
Boost Sales Prospecting with Comprehensive Data Analysis
Effective data gathering and analysis can inform your strategies and decisions for sales prospecting. With foodservice market intelligence, you can gain a deeper understanding of your target market, uncover demographic consumer trends, and analyze potential customer acquisition channels.
At Brizo, we break down our database into select segments to better target potential customers. This includes geography, ethnic and religious backgrounds, and taste preferences. Additionally, we provide data on customer dining preferences and menu items, customer service ratings, and menu features. With this data, you can start to segment your market and determine who is most likely to purchase your products and services.
We also provide information on financial stability, cost controls, and cash flow to help you identify customers with the capacity to purchase your offerings. Additionally, you can assess customer demographics to identify appropriate target markets and effective messaging for marketing efforts.
Enhance Your Market Insights with AI and Predictive Analysis
AI and predictive analysis can take your restaurant market intelligence to the next level. By integrating artificial intelligence into your platform, you can utilize state-of-the-art algorithms to build predictive models and uncover numerous insights not available from typical market intelligence.
Using algorithms, you can establish predictive patterns of customer behavior and better target campaigns and pricing efforts. Our platform employs natural language processing (NLP) and machine learning algorithms to track the sentiment of customer reviews, analyze and compare customer feedback, and create recommendations for further improvements.
Additionally, we leverage AI to better segment customers based on their preferences and the findings of our data analysis. Using data points across demographics, feedback, menu data, and customer reviews, we can generate powerful insights and predictive analysis that help refine product offerings, attract more customers, and close more leads.
At Brizo, we use predictive analytics models to help forecast food-related trends and consumer buying habits. From the information we gather, we can anticipate the type of foods customers will likely purchase in certain areas. We can even predict which ingredients will be more popular in certain parts of the country.
Engage and Retain Customers with Tailored Strategies
With comprehensive market intelligence data, you can segment customers and target prospects with tailored strategies. By understanding each individual customer’s preferences, tastes, and location, you can build better customer strategies and develop effective loyalty programs.
At Brizo, we offer data-driven insights and analytics to help your sales team better identify new prospects and tap into untapped customer segments. With personalized insights, your sales team can quickly access customer history and spot potential for growth.
Once you’ve acquired customers, our insights can also help you better retain them. Through customer segmentation, you can identify your most loyal customers and determine why they are most likely to use and purchase your product. This helps you tailor marketing campaigns, reward loyalty, and deliver a better product to existing customers.
With powerful market insights and analysis, you can make more informed decisions about customer acquisition, retention, and pricing. As a result, you can more effectively target and engage with customers, increase sales and revenue, and better position your restaurant in the market.
Summary
Having an effective restaurant market intelligence program can give you the insights and data you need to understand the needs of customers, battle competitors, and capture more of the market share. At Brizo, we provide an extensive and comprehensive set of data for deeper foodservice market understanding and analysis. Our insights include in-depth menu data, restaurant tech coverage, and highly tailored sales prospecting in the foodservice market that allow you to jump-start your restaurant market intelligence program.
With comprehensive data analysis, AI and predictive analysis, and targeted customer strategies, you can maximize your market insights to improve customer acquisition, sales, and retention. With the right market intelligence program in place, the market is yours to capture.
