It’s no secret that the foodservice industry is highly competitive, especially considering how segmented it is. Restaurants, grocery stores, distributors, and other areas of the foodservice industry all operate by different laws and regulations. Proper data collection and analytics are paramount to ensure that each type of business can stay competitive and maximize their respective potential.
This is where account based analytics come into play. Account based analytics allow for a deeper understanding of foodservice markets and the trends therein. Data can be collected from a variety of sources for highly targeted research and prospecting. Such information might include in-depth menu data, restaurant tech coverage, and sales trends in the foodservice industry.
Brizo is a leading provider when it comes to account based analytics for the foodservice industry. By using their vast data resources, businesses can gain access to valuable market insights and consumer data. This helps them gain a better understanding of what appeal to their target audience, as well as identify areas that need improvement.
Using account based analytics, businesses can also quickly identify trends both globally and regionally. This helps them evaluate customer trends, while also providing an understanding of where potential opportunities for growth lie. With the help of data, businesses can further optimize marketing efforts to gain more customers, and ultimately generate more sales.
Account based analytics also allows for greater insights into product sales. Brizo provides a comprehensive view of pricing, product popularity, product margins, and more. This helps businesses to identify the most profitable products and further optimize their product line. Furthermore, businesses can also use account based analytics to monitor competitor data, which can help them identify any new areas of opportunity before their competitors do.
For instance, with Brizo’s advanced insight tools, foodservice businesses can monitor the success of competitors when launching new products, menus, and pricing. Businesses can track other businesses’ performance in different areas, including sales trends and prices. This type of analysis can help to gain a better understanding of the market, as well as inform a business’s own product offerings.
Lastly, businesses can also use account based analytics to create accurate and precise financial models. Coupled with specific data sets, account based analytics enable businesses to quickly identify risk areas and come up with strategies to mitigate such risks. Ultimately, this helps businesses to manage capital and resources more efficiently.
Account based analytics are a must for businesses in the foodservice industry. With the help of data-driven insights and analytics, accurate financial models, competitor analysis, and customer trend tracking, businesses can stay on top of the ever changing market and make decisions with confidence.
