For the restaurant and franchise industry, market intelligence is an essential tool for success. Market intelligence provides a comprehensive understanding of the foodservice industry, enabling successful identification and exploitation of opportunities. By assessing current trends and assessing potential markets for growth, intelligent evaluations of the market are critical for businesses.
Therefore, understanding how to evaluate and utilize market intelligence is essential for franchise owners, restaurant operators, and strategists within this industry. Armed with this knowledge, franchisors should be able to more efficiently optimize their operations and propel their brand into the future. This article, then, provides a guide for understanding and assessing market intelligence programs.
What is Market Intelligence?
Market intelligence is a comprehensive term that encompasses a wide variety of data sets and techniques. In simple terms, market intelligence includes gathering, analyzing, and interpreting data related to potential markets or target customers. The data can come from both primary sources (such as primary consumer research) and secondary sources publicly available data sources or databases.
Market intelligence is especially useful for businesses involved in the foodservice industry. As such, it is critical for franchises and restaurant operators to understand how to assess existing market intelligence programs and determine the best program for their needs.
Brizo: An Overview
Brizo is a data-driven platform offering powerful market intelligence for the foodservice industry. With its depth and breadth of data, Brizo equips franchisors and restaurateurs with the insights needed to make better informed decisions about expansion and market opportunities.
Through its unique menu analytics, in-depth market coverage, and restaurant tech reviews, Brizo offers key insights to help businesses understand the current market and capitalize on potential opportunities.
Sales Prospecting with Market Intelligence
Sales prospecting is a critical component of any market intelligence program. By using data-driven insights, businesses are able to more effectively and efficiently target prospective customers and identify potential areas for expansion.
For franchisors and restaurant operators, this could include identifying target customers, understanding their preferences, and utilizing cost-effective strategies for marketing and sales. With the right data and analysis, sales prospecting provides restaurant operators and franchisors with the ability to tap into data-driven insights to accurately assess potential customer markets and capture new sales.
Marketing to the Foodservice Market
An effective market intelligence program should also include efficient and targeted strategies for marketing to potential customers. Utilizing data-driven insights, franchisors are more capable of creating and executing strategies to attract, convert, and close more leads.
With powerful and accurate market intelligence, franchisors are able to take advantage of market trends and capitalize on their short-term and long-term objectives. Specific marketing efforts may include establishing partnerships, creating targeted campaigns, and leveraging social media to connect with potential customers.
Find Kitchens & Expand Operations
An insightful market intelligence program can also help franchisors streamline production innovation and strategically expand their brand. Utilizing comprehensive data, franchisors are better capable of identifying and targeting optimal market locations and executing on-the-ground operations.
Kitchen production is a key component of this process, and the right market intelligence can provide insights into the best kitchen setup and operation management. Such intelligence can also provide key insights into the necessary resources for expansion operations.
Data Enrichment
Finally, accurate market intelligence can be used to enrich existing systems and provide businesses with more comprehensive data sets. Enriched systems can then be used to make informed decisions necessary for growth, such as determining the efficacy of current strategies or evaluating new initiatives and programs.
For the foodservice industry, the right market intelligence can provide franchisors and restaurant operators with the data necessary to understand their customers and target markets. This leads to more efficient operations that propel their brands into the future.
