In this ever-changing landscape of foodservice and technology, restaurants need to understand their customers when making decisions regarding pricing, menu, operations, and marketing. This is why market intelligence platforms are becoming more popular and Brizo is a leading one. But what exactly is a market intelligence platform and how can it help restaurants? In this article, we will cover everything from the basics of market intelligence to how it can be used to inform decisions for your restaurant.
What is Market Intelligence?
Market intelligence is data and insights that helps restaurants, and other businesses, make informed decisions. Market intelligence allows restaurants to measure customer loyalty, analyze key competitors, explore opportunities in new markets, track industry trends, and identify strategic locations. By understanding these factors, restaurants are able to identify areas where they can optimize operations, optimize menus, and even launch new initiatives.
Evaluating Market Intelligence Platforms
When evaluating a market intelligence platform, it is important to assess the quality of the platform’s data and insights, its usability, and its ability to provide actionable insights.
First, data quality is paramount. A good market intelligence platform should provide data that is up-to-date, accurate, and comprehensive. It should be sourced from reputable sources, such as restaurant reviews or industry reports, and should be organized in an intuitive way that makes it easy to access and analyze.
Second, usability is key. A platform should be easy to navigate and search. It should also be intuitive, so that users can quickly find what they need. It should also be visually appealing, providing attractive visuals to aid in understanding the data.
Finally, the platform should provide actionable insights from the data it collects. A market intelligence platform should provide insights from the data, such as customer preferences, industry trends, and opportunities, so that restaurants can make informed decisions.
Using Market Intelligence Platforms
Once a market intelligence platform has been evaluated, it is important for restaurants to use the platform to their advantage.
First, the platform should be used to uncover trends in customer loyalty. Understanding customer loyalty can help restaurants make decisions regarding pricing, menu offerings, and promotions that will help drive customer loyalty.
Second, the platform should be used to explore opportunities in new markets. Identifying new markets allows restaurants to find untapped audiences and increase their customer base.
Third, the platform can be used to track industry trends. Knowing industry trends allows restaurants to identify opportunities, adjust strategies, and make decisions based on data.
Finally, the platform can be used to identify strategic locations. By identifying strategic locations, restaurants can increase visibility, garner more customers, and ultimately, increase sales.
Key point
Market intelligence platforms are invaluable tools for restaurants looking to make the best decisions for their business. Evaluating market intelligence platforms and using them strategically can help restaurants identify untapped markets, increase customer loyalty, uncover industry trends, and find strategic locations. By doing so, restaurants can become more successful and competitive.
