Introducing the foodservice market data revolution—an industry transforming phenomenon triggered by the exciting growth in restaurant technology providers, deliveries, and customer-oriented restaurant experiences. In response to the continuous shift, data science and analytics have surfaced as important drivers for success. With this technology, operators and suppliers are supplied with insightful reports that can help uncover the unknown in a restaurant business, reveal trends in the foodservice marketplace, and better explain performance insights.
The use of data to support restaurant growth and success is an ongoing trend in the foodservice market. Its role as a business enabler has already proven its power time and time again. Nevertheless, many foodservice companies fail to take full advantage of the abundance of data available, opting instead to relying on manual collection, which can be incredibly time consuming and complex. This is where data-driven, cloud-based market intelligence solutions provide a unique opportunity to unlock profound insights from the foodservice market.
Brizo, a trusted provider of foodservice market intelligence, bridges the gap between operators and essential data. By combining artificial intelligence, big data, and an intuitive user interface with a streamlined process, Brizo’s analytics solution empowers foodservice operations with comprehensive market insights and reports.
Foodservice Market Overview
With the entire foodservice industry changing rapidly each day, it’s important to understand the scope of the market and how growth is being affected. Foodservice market analysis covers all publicly available information related to restaurants, bars, fast food operations, caterers, vending/dining-related services, food trucks, cafeteria operations, and more. Usually, operator establishments are those that preceding a primary hospitality service, e.g., serving meals to customers who enter their premises for consumption.
Some essential data points that are captured through the Brizo platform include consumer spending habits, menu & pricing, customer demographics, customer feedback, and restaurant locations. All data points, when viewed together, give users an accurate and comprehensive picture of the marketplace. Additionally, our data indicates insights into operational technologies and services, such as reservation systems, online ordering, and catering platforms.
Market Data Playbook
Developing a thorough market data playbook is the first step in getting organized with market data. This document is essentially a manual on the strategy and steps for using appointed performance metrics to collect and analyze data. When developing an effective data playbook, operators should align it with their overall business goals and collect the types of data needed to support those goals. Creating a ‘Data Playbook’, is a great way to keep the data playing field organized and ensure all stakeholders can benefit from it.
For starters, restaurants should understand the technology providers in the space, identify the effects of the various delivery and online ordering services, and develop an understanding of customer sentiment through consumer feedback. Incorporating rating and review data is a solid starting point as customers provide valuable and raw insights on a restaurant’s strengths and weaknesses.
Another essential piece of the data playbook is analyzing how customer spending patterns can impact sales. This involves researching spending trends for a particular region, menu items, customer type, and time periods; understanding why these customers are spending more or less frequently; and identifying how to best match spending habits with order type.
Lastly, restaurant operations should understand how their competitors are performing in the same areas. Monitoring the activities of competitors in the same geo-locations helps to understand what supply, menu offerings, and prices are in the market. Having this knowledge helps operators gain an advantage over the competition and make more informed decisions when it comes to differentiating their business.
Closing Thoughts
Analyzing the food service market can be difficult and time-consuming. However, with the help of market intelligence, operators can unravel the most powerful market insights and knowledge baked into helpful and intuitive visuals and reports. In the long run, this can help increase visibility into a business, improve customer insights, and ultimately, help restaurants grow and remain competitive.
At the end of the day, understanding the foodservice market is all about identifying the specific customer demands and accommodating them—from maintaining a lower food cost to delivering more excellent guest experience. With the data pioneers at Brizo, organizations can find the insights needed to keep their industry moving and to ensure they make the most informed decisions on their long-term growth.
