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In the ever-iterating world of data data needs to be understood faster and monitored constantly. Software companies that serve restaurants, believe it or not, should focus their efforts on leveraging restaurant market intelligence tools. In that role, gathering acute and precise data surrounding restaurant trends, technology, and market changes should be chronicled in order to remain competitive. Now, you might ask: What is a restaurant market intelligence tool and how do I best measure and evaluate it? Well, this guide should tell you all.
Introducing Restaurant Market Intelligence Tools
A restaurant market intelligence tool is a software suite created for the sole purpose of collecting restaurant data. It provides comprehensive market insights and analytics tailored specifically for the foodservice industry. With the complex datasets collected, a business can answer complex questions about the trends, trends, and accuracy of their customer base. By any means necessary, such data is valuable to hospitality businesses, as it gives them enough to decide the best investments to make — from sales and marketing to production and expansion.
The successful use of restaurant market intelligence tools inherently relies on precision in data collection. The more accurate data your restaurant gathers, the more transformative insights it can garner. By combining numerous data points, such as customer’s exact taste and preference, promotions/discounts, and so forth, restaurant owners and managers are able to track, and thus, understand a restaurant’s ever-evolving customer base.
Sales Prospecting
When it comes to leveraging market intelligence in finding new catering and foodservice opportunities, the data collected is often taken from the sales and marketing departments of the restaurant. From streamlined contact databases to customer demographics and frequency of visits, restaurant market intelligence tools evaluate a customer based on their activities.
To get the most out of the customer’s data, sales representatives of a restaurant’s technological solution must understand it and apply it. For example, using sale opportunity analysis, Sales team can narrow down the key prospective clients while also considering purchase behaviour and interests of their customers. Doing so can help to limit the size of the segment while specifically targeting the correct sections of customers. With such insights in mind, the sales representative can prioritize and increase the probability of success.
Marketing to the Foodservice Market
Marketing tools, optimized with the use of restaurant market intelligence, are essential in understanding the difference between customer acquisition and customer loyalty. By collecting and storing comprehensive data about an individual’s behaviour and activities in the restaurant, both owners/managers and marketers are able to determine which techniques are most effective in marketing a product and/or service to a particular customer.
With such insights in hand, a business can then target their campaigns towards their customer base with laser-sharp accuracy. Companies that are utilizing restaurant market intelligence tools can tailor their campaigns to both the customer’s past and future behaviour. This can also help to evaluate the success of certain campaigns as they are inherently tracked in the data.
Find Kitchens and Expand Operations
Restaurant market intelligence tools are also being used to streamline operations and strategically expand a restaurant’s brand. Utilizing customer data to drive innovation and make strategic decisions, business owners are able to find new kitchens and merge with larger companies.
Data Enrichment
Data enrichment is used to make decisions with confidence. The input of data from restaurant market intelligence tools helps companies to acquire contacts more quickly, supports areas of operations, and push businesses forward. Restaurant owners and other stakeholders use our intelligence platform to better optimize their services and products.
Closing ideas
Restaurant market intelligence is the new essential in collecting data on customer behaviours and preferences. Business partners can approach decisions with more confidence, as well as target campaigns to relevant customers with laser-sharp accuracy. With the sophisticated data collected from restaurant market intelligence tools, partners are able to streamline production innovation, find new kitchens, and strategically expand their brand.
