Making informed decisions and staying ahead of the competition in the restaurant business can be difficult. It’s no secret that restaurant market intelligence platforms enable businesses to gain useful insights from data and become proactive vs reactive in their foodservice decision-making. In this article, we’ll take a look at the top 10 things you should consider when evaluating a restaurant market intelligence platform for your business.
1. Comprehensive Database: Look for a platform that provides a comprehensive library of data on restaurants, menus, trends, and insights across various geographic regions, like Brizo. A good restaurant market intelligence platform should provide an array of up-to-date information that helps you stay on top of changing and emerging trends, as well as perform deep dives into the data to help uncover new opportunities.
2. Detailed Menu Analysis: A quality platform should provide detailed menu analysis to help you better understand your industry and what your customers want. Having access to menu analytics helps you understand pricing points, identify menu item trends, analyze offerings from key competitors, and optimize forecasting and inventory decisions.
3. Sales Prospecting Tools: Make sure your platform offers sales prospecting tools that can help you target the most promising prospects and easily identify the best selling opportunities. With data-driven insights, you’ll be able to identify new customers, take a deep dive into their menus, and track the performance of each item.
4. Marketing Intelligence: Leverage restaurant market intelligence tools to gain a deeper understanding of consumer preferences when it comes to restaurants and other food-based establishments. Knowing what your customers want helps you tailor campaign tactics to enhance visibility and grow demand.
5. Restaurant Tech Coverage: Depending on what you’re trying to accomplish, look for a platform that offers comprehensive restaurant tech coverage. This type of coverage includes detailed information on the types of restaurant technologies currently in use and their anticipated development in the near future.
6. Data Enrichment: Data enrichment can help ensure accuracy and provide additional insight into your data to support more informed decisions. Choose a platform that enables data enrichment so you can enrich and enhance your own data sets for better market intelligence.
7. In-Depth Reporting: Select a platform that offers comprehensive in-depth reports and feedback on foodservice trends and analytics. Robust reporting capabilities enable you to monitor the success of your campaigns, analyze customer behavior, and track market developments to ensure you’re staying on top of the technology and trends needed to stay competitive.
8. Find Kitchens & Expand Operations: A reliable restaurant market intelligence platform should provide a wide variety of resources, such as mapping software, to help you quickly locate kitchen facilities to open or expand your operations. You should also be able to easily identify existing competitors and potential acquisition targets for your business.
9. Tool Customization & Enhancements: Look for a platform that offers customizable tools and user-friendly features that can be tailored to your specific needs, such as report builders and dashboards. Choose a platform that allows you to customize your experience and explore more possibilities with your foodservice market research.
10. Data Security: Whenever selecting a platform for any type of data, security should always be a main priority. Quality platforms have measures in place to protect your data, such as encryption and secure authentication.
By considering these 10 points, you can become an even better informed and well-equipped restaurant entrepreneur. With the right platform in place, you’ll be able to take advantage of powerful insight and analytics that will help your business prosper.
