Beverage data is a valuable asset to the foodservice market. With growing consumer demand for variety, drinks are now taking center stage in foodservice outlets and menus. While food may have been the primary focus of many restaurants in the past, now a great beverage selection is just as vital in establishing a successful restaurant. There are a number of essential topics that must be thought about regarding beverage data in order for success in the food service industry.
For restaurateurs, managing beverage data provides crucial insight. Knowing what’s popular in specific regions can help a business cater effectively to local tastes and help to drive sales. The data also allows businesses to track not only what is selling but also trends in the industry which can guide decision making for the future. The data can also help develop insights on customer behavior, such as which occasions they typically choose certain beverages.
When considering beverage data, there are 10 relevant topics to consider –
1. Beverage Insights – The importance of staying ahead of industry trends and customer preferences within the marketplace, whether it be through menu changes, packaging and promotions or through understanding customer behavior using beverage data insights.
2. Menu Optimization – The data can provide valuable insight into which drinks are being purchased and how the customer is engaging with various drinks, enabling successful menu optimization.
3. Sales Trends – By understanding the sales trends of different drinks, a business can determine which drinks are popular at different times of the year, such as seasonally or during holidays.
4. Promotion & Packaging Changes – Knowing which drinks are being chosen the most and what customers want to see in terms of packaging and promotions enables more effective marketing approaches.
5. Price Point Insights – Understanding changing customer preferences for price is essential in offering an attractive beverage selection.
6. Best-Selling Drinks – Beverage data can provide an insight into which drinks are most popular in different parts of the country.
7. Category Trends – Knowing which categories of drinks are being ordered more often can help inform purchasing strategies and future expansions.
8. Competitor Comparison – Comparing the performance of different drinks against relevant competitors can be extremely beneficial for uncovering opportunities or areas for improvement.
9. Product Differentiators – The data can suggest which elements of a drink are causing it to be popular, enabling product differentiation strategies.
10. Data-Driven Decisions – Incorporating beverage data into decision making will ensure strategies are informed by current performance levels and competitive intelligence.
With the right insights, foodservice businesses can make better-informed decisions, be ahead of the trends, optimize their menus and create alcohol beverage concepts that allows them to gain an edge in the industry.
