Navigating the competitive and fast-growing foodservice market can be difficult for business owners and execs who are considering launching a product or expanding into new territory. Knowing which opportunities to go after and being able to make informed decisions about the best ways to market to customers are key for success. That’s why modern foodservice businesses are turning to account-based analytics programs to gain more comprehensive insights into their prospects and guide sales, marketing and product development decisions.
In this article, we’ll discuss what account-based analytics programs are, the benefits they offer to foodservice businesses, and how to leverage the data they provide to make more well-informed decisions. Let’s jump in!
What are Account-Based Analytics Programs?
Account-based analytics programs provide comprehensive insights into accounts using a variety of data points that are tailored to the foodservice industry. These points include in-depth menu data, restaurant tech coverage, and sales prospecting. The programs specialize in finding kitchen locations and guiding expansion of restaurants and food companies.
The data provided by account-based analytics programs comes in many forms. It can include customer profiles, sales history, marketing data, geographic data, and more. All of this data can form a more complete picture of the restaurants and foodservice companies that companies are targeting for sales and product expansion.
What are the Benefits of Account-Based Analytics?
Account-based analytics provide a variety of benefits to foodservice businesses, but a few of the biggest benefits are cost savings, cost avoidance, and time savings.
Cost savings are realized with account-based analytics because they allow businesses to target customers more efficiently, meaning they don’t have to waste time and money on campaigns that won’t reach their desired targets.
Cost avoidance is another major benefit of an account-based analytics program. When businesses have more comprehensive customer insights into their current and prospective customers, they can make informed decisions that will reduce customer churn. This not only helps preserve customer lifetime value, but also minimizes the cost associated with acquiring new customers.
Lastly, time savings are a major benefit of leveraging account-based analytics. With comprehensive customer data and insights into current and prospective customers, businesses can better plan their efforts and understand which opportunities to pursue. This leads to shorter sales cycles and faster customer onboarding, which can have a major impact on the bottom line.
How can Foodservice Businesses Leverage Account-Based Analytics?
Foodservice businesses have a wide range of options for leveraging account-based analytics programs to gain a better understanding of the customer landscape and find the best opportunities for growth.
For example, foodservice businesses can use account-based analytics to inform their sales prospects. By analyzing customer data, foods can identify potential prospects that match their target criteria and base their sales efforts on these insights.
Additionally, account-based analytics allow foodservice marketers to better understand customer needs and develop more effective marketing plans. This is particularly advantageous for small companies that need to maximize their marketing budget. For example, a small foodservice business can use the data provided by an account-based analytics program to identify customer needs, tailor their messaging and develop campaigns that are more likely to drive conversions and increase customer engagement.
Finally, foodservice companies can use the data provided by an account-based analytics program to expand their operations. With the right data, foodservice businesses can swiftly identify new kitchens and use the insights provided to develop production strategies, network with new suppliers and seek strategic partnerships that can help them build their brand and accelerate growth.
Conclusion: Leverage Account-Based Analytics to Guide Your Foodservice Market Strategy
In today’s highly competitive foodservice market, companies that want to remain competitive and successful need to take advantage of all the data available to them. That’s why more and more foodservice businesses are turning to account-based analytics programs to gain deeper customer insights and make informed decisions that will maximize their growth potential.
From identifying the best sales prospects and maximizing marketing dollars to expanding operations and finding new kitchens, account-based analytics programs can be a powerful tool for foodservice companies looking to streamline their research and decision-making processes.