The foodservice market is a highly saturated one, with an estimated 984,000 foodservice establishments in the United States that employ 15.1 million people, making it a smart industry to target. But how exactly do you market to and capitalize on this massive industry? While it’s impossible to go door-to-door to each foodservice establishment, you can leverage account based analytics to tackle your target market with more efficiency.
Account based analytics refers to the process of examining and analyzing key data points of organizational accounts. When done right, an account based analysis can provide you access to the type of data that can accurately identify decision makers and lead to new business prospects.
Organizations are complex and evolve quickly. Account based analytics helps food and beverage companies target the right people in dynamically changing industries by thoroughly understanding each business’s technological and financial position. This is an area that is often overlooked when evaluating account based analytics solutions. Here we discuss how useful account-based analytics systems are for restaurant owners.
Understand Your Market with Data
Data-led industry insights are imperative for companies who want to stay ahead in an ever-evolving landscape. With account based analytics, food and beverage companies can quickly and effectively understand their target market within the foodservice industry. That includes developing a wealth of data-driven consumer knowledge to hone in on their target demographics, and uncovering their purchasing habits.
Your data can help you identify key restaurants and cuisines that are popular in regions. This can help you refine your strategy for focusing on a particular market or niche.
Highly Target Audience With Data-Driven Insights
Data-driven insights can provide your sales team with more targeted prospecting strategies for the foodservice market. Instead of blanket marketing campaigns, you can reach the right people with localized marketing that caters to their needs and wants. This applies to both online and offline activities, such as by developing unique campaigns for different geographical markets, or developing unique campaigns for different customer segments.
Data-driven insights can also help you convert more leads, improve the customer experience and reduce customer churn rates. Make sure your account based analytics system provides you with detailed non-financial metrics, so you can better understand the customer journey and the points of frustration. This can help you make more informed decisions regarding where to allocate your budget and resources to provide your customers with enhanced experiences.
Find Kitchens and Expand Operations
Account based analytics systems can help you effectively manage resources with predictive market insights. Your data can provide you with detailed, real-time information pertaining to the market demand, the competition and areas that are ripe for growth. With account based analytics, you can quickly identify and secure new kitchens, resulting in better price points and expand operations into new markets.
Data Enrichment for More Comprehensive Insights
Data enrichment is essential for an accurate understanding of the market and for making decisions with confidence. Through data enrichment, you can fill in gaps and missing information such as staff counts, contact contact information, menu items, and past reviews. By further enriching your account data, you can uncover actionable insights into the foodservice market that can greatly benefit you.
Overall
Account based analytics systems are critical for companies operating in the foodservice market. With the right data and insights, companies can leverage this intelligence to better understand their target markets, target the right people for their products or services, and gain a deeper insight into the dynamics of the foodservice industry. Instead of imagining what could be, companies can now make decisions with confidence and agility based on data-driven insights.
