Exciting news: Brizo FoodMetrics has been acquired by Datassential! Learn more.
Whether you’re already a franchisor with an established presence or entering the franchising market for the first time, understanding consumer eating habits is essential to successful expansion. By leveraging data and menu technology, you can make well-informed decisions about where to set up shop and reach your target audience. All factors should be taken into account when evaluating a potential site – especially when expanding into a new market.
To drive growth and anticipate consumer trends, franchisors must track sales and analyze menu items as well as get a 360-view of the market. Brizo provides a valuable toolbox to help with this, providing deeper foodservice market understanding and analysis. This data empowers you to develop highly targeted research and prospecting of the foodservice market with unique data fields specific to the food service industry.
Menu Analysis
To attract customers, franchisors need to not only keep up with changing tastes but also anticipate those tastes. Through menu analysis, you can gain valuable insights about the preferences of local customers. Knowing what’s currently popular can help you craft a menu that will win over customers and keep them coming back.
The process starts with a thorough evaluation of current menu items and sales trends from competitors. Track the most successful dishes, identify what they’re doing differently than you and look for hidden gems in other local eateries. This will inform potential menu items and allow you to get ahead of the curve.
Technology
Aside from menu items, franchisors should also stay up-to-date on technology that can give them an edge. Implementing the right tech can save you time and money and also attract a new wave of consumers – from seamless payment options to modern ordering systems.
By understanding the latest trends and most convenient options, you can establish a competitive advantage. Taking the time to gain an in-depth understanding of the local market and its competitive landscape can yield valuable insights.
Growth Prospects
Once you have the data you need from the market, you can begin to actively prospect for growth opportunities. The data you’ve gathered can guide decision-making from both a sales and marketing perspective.
Knowing what customers are looking for and understanding their preferences can serve as the basis for targeted sales prospecting to ensure maximum outreach. Additionally, marketing can be undertaken with confidence with the assurance of reaching the right target audience.
Expansion
To maintain eligibility for franchising opportunities, it’s essential to be proactive and publicly display growth prospects and plans. The data gathered by Brizo can be used as evidence to back up a business development strategy for expanding into new markets and to provide a comprehensive basis for calculating investments and growth forecasts.
The foodservice market is changing constantly and franchisors must keep up. A comprehensive understanding of consumer habits and access to reliable data is crucial for staying ahead of the competition. With the help of Brizo’s insights, you can better prepare your business for growth and anticipate market trends.
