For the food and beverage franchise looking to expand its operations, an in-depth analysis of the local foodservice market is a critical process. With the right data, insights and analytics, a franchise can more easily identify, evaluate and outpace their competitors as they push the boundaries of their service and commerce. With Brizo’s board and diverse set of data, franchisors are given a more comprehensive set of tools for deeper understanding and analysis of the foodservice market.
Foodservice menu analysis rules the industry. A carefully constructed or revised menu can help draw in new customers, increase sales and facilitate customer loyalty. Through data-driven insights and analytics, franchisors can pinpoint areas for growth, better understand the competitive landscape and fine tune their marketing outreach.
In this article, we aim to understand the pros and cons of menu analysis, with a focus from the franchise perspective. We shall cover topics including:
Understanding competitive landscapes
Marketing to the foodservice market
Evaluating food and beverage trends
Understanding Competitive Landscapes
Foodservice analysis begins by understanding the competitive landscapes. By reviewing the menus of competing locations, franchisors can better identify pricing strategies used by other locations. Pricing strategies, including bundles and discounts, are part of a strategic effort to maintain consumer loyalty and increase sales. Strategic menu development can encourage customers to purchase items they might not have ordered and keep them ordering more frequently.
Franchisors can also analyze the competitive menu to identify any omitted items or ingredient modifications, as well as any regional specialties or recent trends. Identifying the trends that are most attractive to local customers can help a franchisee create more effective marketing campaigns and develop more inviting dishes. For instance, a West Coast-based franchise could feature the popular West Coast sourdough bread or Lonely Planet Bistro’s exclusive House-made hot sauces.
Sales prospecting is another major advantage of menu analysis. Franchisors can use the insights obtained through the analysis to focus sales efforts and target prospects in the foodservice market. Analyzing menu items and specialties of other foodservice establishments can enable franchisors to better understand the sales potential of an area and target the most likely acquisitions. The insights provided by foodservice analysis can also lead to more targeted messaging, allowing enterprises to reach an audience that’s most likely to purchase their products and services.
Marketing to the Foodservice Market
Menu analysis aids in marketing outreach as well. With the data obtained, enterprises can measure customer preferences and create marketing campaigns tailored to the local foodservice market. Whether it’s a new product launch, a discount promotion or a multi-faceted loyalty program, franchisors can create strategies that resonate more strongly with the local customer base.
Franchisors can also use menu analysis to craft content marketing campaigns. Content marketing is a powerful way to build relationships with customers, and an in-depth analysis of the local foodservice market can help target and engage potential customers with timely and relevant messages.
Evaluating Food and Beverage Trends
Foodservice market analysis also allows franchisors to monitor local trends in food and beverage consumption. Examining the menus of other establishments can provide insight into what types of menus have been successful and can help identify any gaps in the local market. For instance, an up-and-coming trend such as veggie burgers or a specialty dish such as Mississippi-Style BBQ might not be on the menu elsewhere, but could be a hit with local customers.
Foodservice menu analysis provides an opportunity to explore different food and drink items based on popularity. Franchisors can review the menus of similar establishments in other geographical areas to determine if they can capitalize on a trend before it’s widespread or incorporate existing popular items into their own menu.
Data enrichment is the last major advantage of foodservice menu analysis. Franchisors can use this analysis to improve their systems with more comprehensive data and further understand the market. Additionally, data enrichment can help uncover hidden opportunities, such as customer locations or packages that could be beneficial to a franchise’s business. Furthermore, data enrichment can help sharpen a franchisor’s decision-making capabilities by providing timely and accurate insights on market conditions and consumer behaviors.
Menu analysis is a valuable tool for launching, expanding and sustaining a food and beverage franchise. Menu analysis provides a wealth of data that can discover untapped opportunities, better understand the competitive landscape, develop effective marketing campaigns and more. By gaining insights from menu analysis, foodservice enterprises can more easily spot trends and target local customers with the most relevant messages that resonate with them.