In the competitive food and beverage manufacturing world, staying ahead and having an edge is crucial. That’s why restaurant market data is a powerful source of information manufacturers can use to gain insights into market needs, consumer preferences, and the competitive landscape. By using data-driven insights to make informed decisions, manufacturers can get a leg up in the market and drive sales growth. So let’s dig in and explore how market research and real-time data can help food and beverage manufacturers achieve success and growth.
Menus offer particularly rich insights into food and beverage trends. From identifying emerging food trends (plant-based, paleo, keto, etc.) to identifying gaps in the market and catering to dietary preferences and restrictions, analyzing the market’s menu data provides a front-line perspective on what consumers are eating — and where they’re eating it — right now.
Anyone in foodservice knows the complex factors (raw food costs, competitive analysis, consumer demand, among others) that go into pricing menu items. Striking the right balance between profit and payout starts with an understanding of what’s happening on other menus in your market. By analyzing the market prices of menu items and add-ons, you gain valuable insight that enables you to refine your pricing and product strategy. You also get a clearer perspective of customer preference by gauging what they’re willing to pay, and whether they consider a premium for certain items worthwhile. By better understanding, the market’s pricing structure, food and beverage manufacturers can develop a pricing strategy that aligns with their operational goals and objectives, and ultimately drive greater success.
Analyzing menu ingredient data is at the heart of identifying current food & beverage trends. From meat- and plant-based items to wellness-driven ingredients such as turmeric, ginger, and collagen (which have been soaring in popularity), these are the foundational markers of food trends that you need to know about as a foodservice operator, manufacturer or distributor. And the key is not simply seeing them individually, but being able to view them at an aggregate level, in a way that lets you identify patterns that you can then leverage for your own growth strategy.
This is where restaurant maker data comes in. Seeing menus across the market, or across a particular region (e.g., where establishments are located) gives you that bird’s-eye view that is so crucial to informed, timely decision-making. Do operators in your market offer comfort food or healthy choices? Do they lean toward plant-based? Are there subtle regional influences you should know about? These are the insights that will help you develop a product strategy that aligns with the market trends and preferences.
Having data is one thing — ensuring it’s up-to-date and accurate is another. This is where real-time access is a game-changer in terms of competitive edge. Knowing it first, or faster, gets you moving sooner, so you can make informed decisions quickly and gain a measurable advantage over your competitors.
Even better: Combine that real-time market data with other research methods, such as consumer surveys. The result is a powerful enabler when it comes to understanding consumer preferences, and developing up-to-the-minute products that cater to that demand.
Another benefit of market research: helping F&B manufacturers understand whether or how their products are being used or mentioned on restaurant menus compared to those of their competitors. This provides valuable insights into product popularity and market share. It also helps identify new opportunities for potential partnerships with restaurants that could expand a brand’s reach.
There’s no substitute for current, accurate restaurant market data when it comes to staying ahead of the F&B curve. By acquiring actionable, data-rich insights, manufacturers, distributors and restaurant operators can target and accelerate their efforts, enabling them to prequalify markets more quickly, reduce customer acquisition costs, and close more deals.