In the foodservice industry, understanding the competitive landscape, trends, and sector changes are integral to success. This requires a deep research completing market analysis to understand and compare different types of foodservice reports and their respective pros and cons. With today’s technologies, data enrichment tools allow for ever-deepening analysis of potential markets and comparison of multiple foodservice report insights.
Brizo data intelligence provides detailed insights on the foodservice industry, enabling prospects to leverage the most comprehensive market data from restaurants and their menus. This includes menu item searches, pricing research, sales forecasting, and demand forecasting to enhance operations and strategic expansion of brand initiatives.
This article will explore and evaluate the various types of food industry reports available to industry leaders and innovators and analyze the pros and cons associated with report selection.
Types of Food Industry Reports
Food industry reports offer insights to measure the performance of individual restaurants, pizza stores, coffee markets, and other foodservice establishments. Reports may be geographically concentrated to provincial or state lines or industry-specific in scope. Experts classify reports into two primary categories; i.e. company-specific reports and marketplace assessment reports.
Company-Specific Reports
Company-specific reports deliver easy-to-interpret results by presenting performance data summaries for individual companies in the marketplace. The summarization process entails evaluation of financials, sales, and customer reviews, among others in order to analyze and identify market trends. These are generally narrative-based summaries, and can prove helpful to franchise owners seeking to differentiate themselves from existing competitors.
Most of the resources for constructing such company-specific reports are available in the public domain such as financial documents and online customer data libraries, and are supplemented with paid subscription services.
Marketplace Assessment Reports
Marketplace assessment reports are created by assembling data from different companies to explore what’s active in the marketplace. They provide assessors with a comprehensive understanding of the industry landscape, and further evaluate changes in the marketplace over time.
With this kind of report, assessors can deduce facts such as regional preferences, customer reviews, and pricing structure. This report type helps provide insights about customers and companies and allows the assessor to make better informed decisions on expansion of operations and measures to quickly adapt to changing trends.
Pros and Cons
Despite its advantages, the use of food industry reports comes with several challenges, both of which must be evaluated to decide the right type of report for any given situation. It is important to consider the key pros and cons of such reports to make an informed decision.
Pros
Comprehensive information about the foodservice marketplace.
Data-driven insights and analytics.
Market intelligence to streamline production innovation and strategically expand potential client base.
Comprehensive market insights for more informed decision making.
Cons
Sources for company-specific reports are often incomplete or inaccurate.
Data collection for marketplace assessment reports may be time consuming and expensive.
Data may be outdated or incomplete depending on the formation of the report.
Incorrect or incomplete data may lead to missed opportunities.
End thoughts
Food industry reports are valuable resources that provide insights to assessors for business operations and expansion strategies. As it stands, assessing the pros and cons of such a report is a crucial step to choose the right type of report to meet the desired objectives.
The data and insights provided by—such reports equip assessors with the information they need to measure performance, compare businesses, and adapt to changing environments. While surveys, financial documents, and the public domain serve as primary data collection sources, many subscription-based services offer more comprehensive insights and analytics.
It is important to understand all the potential benefits and challenges associated with food industry reports and make informed decisions accordingly.
