Operating and expanding a restaurant franchise in a bustling foodservice industry is no small feat. It requires understanding and staying current on consumer trends and preferences, food quality and safety standards, and sales in order to remain competitive. Fortunately, there are options available for exploring local food trends, from leveraging sales data to gathering insights into the dynamics of the foodservice market.
It is now possible to access foodservice data easily, gain meaningful insights, and then apply those insights to gain a competitive advantage. By sourcing data from reputable providers and using data-driven strategies, you can gain a deep understanding of the foodservice market and its ongoing changes.
In this article:
to the Foodservice Market
Understanding the Insights Provided by Foodservice Data
Critical Considerations for Developing a Foodservice Data Strategy
to the Foodservice Market
The foodservice industry encompasses all businesses that prepare food outside of a person’s home and sell it directly to the consumer. This includes restaurants, cafés, catering companies, bakeries, and more, and it is currently one of the most vibrant and fast-growing markets in the United States. Statistics from the National Restaurant Association indicate that the foodservice industry sales (excluding retail and vending) rose to $806 billion in 2020, with nearly one million establishments.
Given the sheer size and complexity of the foodservice market, having a strong data strategy in place is essential. Data-driven decisions help increase efficiency and competitiveness, enabling businesses to anticipate changing consumer and business needs in real-time.
Understanding the Insights Provided by Foodservice Data
Foodservice data is a compilation of data points derived from countless sources, such as menu items, customer reviews, restaurant-level purchasing information, etc. It can be an invaluable tool, providing franchisors with powerful insights into food trends and preferences. Sourced from reliable providers such as Brizo, this data can further be enriched with additional information relating to competitive data, such as regional consumer taste patterns, local restaurant locations, etc. that can be used to inform strategic growth decisions.
Additionally, foodservice data can be used to evaluate various performance metrics, such as customer satisfaction, average ticket size, customer loyalty, location-specific sales and cost numbers, and more. This data helps business owners stay informed about successes and challenges and develop plans to boost restaurant sales and improve customer service.
Critical Considerations for Developing a Foodservice Data Strategy
When looking to develop a data-driven strategy, it is important to identify the goal of the business and the industry, as well as the target market. Additionally, it is helpful to invest in reliable data sources and understand the types of insights they can provide.
The ability to access timely and accurate data is essential for staying competitive in the foodservice industry, allowing businesses to make informed decisions, capitalize on opportunities, and respond effectively to challenges. By equipping sales and marketing teams with data-driven insights, businesses can ensure they are targeting the right markets with tailored messages and gaining an edge in the foodservice market.
Finally, comprehensive data helps business owners monitor performance and meet industry objectives. With market insights, businesses can identify areas of opportunity and strategically expand their brand.
Concluding perspectives
The foodservice market is a dynamic and competitive industry, and staying ahead requires access to the right type of data. With data-driven insights, franchisors can identify markets that fit their business goals and capitalize on opportunities, while also ensuring that their operations remain efficient and cost-effective. By investing in reliable data sources and understanding the data they contain, franchisors can create powerful strategies and understand changes in the foodservice market.
