As a franchisor seeking to expand and understand local food trends across multiple regions, market intelligence can serve as a powerful tool for data-driven decision making. By leveraging comprehensive market insights, the food & beverage industry can make quick and informed decisions when considering a new restaurant. With the right data, product innovation, strategic growth, and sales and marketing opportunities become more accessible than ever. Here, we examine the unique advantages of market intelligence in the foodservice sector for business success.
Sales Prospecting in the Foods Service Market
In the foodservice market, sales prospecting provides an invaluable source of insight into potential customers or restaurant locations. Data-driven market intelligence allows sales teams to map out customer decision-making phases ahead of time and target buyers with a more tailored approach. In addition, market intelligence can provide sellers with a comprehensive picture of different purchase techniques, trends, and competitive analysis to help them develop more successful strategies and tactics to close more leads.
Marketing to the Foodservice Market
Successful marketing in the foodservice market relies on cutting-edge data-driven insights. From identifying consumer trends to developing the perfect narrative for each target demographic, market intelligence can provide extensive data-led industry analysis. Furthermore, market intelligence can provide powerful guidance on consumer behaviors, helping businesses plan, test, and optimize their marketing efforts more efficiently.
Find Kitchens & Expand Operations
Finding the perfect kitchen to meet the needs of a brand’s product launch or expansion can be a challenge in the foodservice industry. Utilizing market intelligence provides comprehensive insights to make well-informed decisions and drive operational success. With market intelligence, companies can find specific locations that are best for product placement and analyze customer demographics to gauge the likely success of a product launch. This helps to streamline the whole process of production innovation and expansion.
Data Enrichment
Any business’s success relies heavily on the quality of the data they have at their disposal. To ensure accurate decision making, businesses must continuously strive to enrich their data systems with reliable, comprehensive market insights. Market intelligence provides businesses with detailed industry intelligence that can enhance their present systems and encourage more confident decision making.
