The foodservice market is rapidly evolving industry, reflecting the needs and wants of business owners, chefs, and food lovers across the U.S. In order to keep up with the ever-changing market, data can be powerful ally. By utilizing data, foodservice market professionals can deepen their understanding of the market and uncover insights to strategize, engage, and grow.
When it comes to data-driven insights for the foodservice industry, there are many questions around analytics, prospecting, marketing, and more. Like many industries, there’s much to learn and even more to uncover. To help with any questions that may arise, here’s a list of the most commonly asked questions about the foodservice market and the answers to match.
What Is the Foodservice Market?
The foodservice market refers to the customers, cuisine, and location where food and beverage products are sold prepared outside of a home or restaurant. This includes foodservice institutions, such as schools, hospitals, workplace catering, public eating places, vending and catering services. It also covers all forms of lodging services, such as hotels, motels and cruise ships. The foodservice market today, provides many customers with meals that go beyond just delicious; the quality, presentation, and variety these services offer require them to stay on top of their game.
What Are Some Data-Based Insights for the Foodservice Market?
Data-based insights into the foodservice market can provide many different types of information. Data can be used to uncover trends and develop strategies for marketing, prospecting, expansion, and more. For instance, data can provide insights around customer trends, menu data, top menu items, and pricing. It can also shed light on restaurant technologies, equipment usage, and supply chain insights. All of this data can help with developing marketing campaigns, making decisions around new locations and product offerings, and understanding trends both regionally and nationally.
How Can Data Be Used for Sales Prospecting in the Foodservice Market?
Data can be used for more sophisticated sales prospecting within the foodservice market. By targeting specific industry types, locations, and customer demographics with the utmost precision, businesses can find prospects that are more likely to become customers who will stay customers for years to come. Additionally, companies can more effectively measure customer behavior patterns over time, and use that to inform their strategy when engaging with prospects.
How Is Data Used to Market to the Foodservice Market?
Data-driven marketing insights can give businesses an edge when trying to engage customers in the foodservice market. By looking beyond traditional marketing tactics and uncovering data-backed industry insights, businesses are able to more effectively and efficiently target their prospects. Insights come from a myriad of sources such as menu trends, consumer habits, equipment usage, and more. When businesses are armed with this type of intelligence, they’re better equipped to engage and close leads.
What Steps Can Be Taken to Find Kitchens and Expand Operations?
If businesses want to find new kitchens and expand their business operations within the foodservice market, data-led insights can be their best friend. Through data-driven market intelligence businesses can identify locations that are likely to be successful, providing them with a leg-up when it comes to determining expansion opportunities. Additionally, data-based insights can be used to streamline production and develop new innovative products that better fit the needs of customers.
What Is Data Enrichment and How Can It Help the Foodservice Market?
Data enrichment is a process in which data is supplemented with additional, relevant information to create more comprehensive insights. In the foodservice market, data enrichment can help identify and fill gaps in the data. For example, by augmenting sales data with pricing information or customer data with demographic information, businesses can uncover more meaningful insights. With this type of information, businesses are more likely to make informed decisions that will lead to more successful outcomes.
