The foodservice market is a vast and dynamic arena, with a range of new technology tools and services to help firms tap into these opportunities. But market research is always an essential part of understanding the industry and driving optimal business outcomes. As modern competitive threats increase and customers’ demands become more complex, adopting the right market research custom portal can be vital for gaining accurate data about the foodservice landscape.
Unlike standard market intelligence tools, a custom portal can provide access to deeper levels of market intelligence tailored to a particular brand’s specific needs. In this article we’ll discuss the top ten things to consider when selecting a market research custom portal, from data sources and quality assurance to possession costs and scalability.
Data Sources
The quality of data collected is of paramount importance, for without it any meaningful market insights will be impossible. To meet customer demands, ensure customer satisfaction, and maximize profits, firms need to leverage comprehensive data sources. A good market research custom portal should provide synthesized data from industry-specific sources collected from a variety of geographic regions and consumer profiles.
Quality Assurance
Accuracy is essential to any market research, and to achieve a high quality analysis firms need to pay particular attention to the quality assurance protocols in place. The best market research custom portals will provide a wide range of checks and balances to ensure data accuracy. Data should be rigorously validated, timestamps verified, and appropriate data interpretation protocols executed. This helps to ensure that all data sources are producing reliable results that can be trusted.
Costs
Of course, cost is also a major concern when selecting a market research custom portal. Firms must consider both the cost of purchase and the associated maintenance costs that come with using such tools. On the plus side, the cost of a custom portal is usually lower than that of using a variety of specialized market research tools. However, it is still important to examine the fees and fees associated with using a custom solution, as they can quickly add up.
Scalability
Business needs can change quickly, so it is important to select a market research custom portal that is able to flexibly scale with the ebb and flow of business needs. Look for solutions that offer a range of customization options and the ability to easily add or remove data sources as needed. Additionally, scalability also relates to the range of data analysis tools included, as many market research custom portals offer a range of analysis features so that firms can conduct more detailed research.
Usability
Building a data-informed strategy is a labor-intensive process, so firms should select a custom portal that is easy and intuitive to use. This means considering factors such as navigation, menus, and layout. The more user-friendly the system, the more likely it is that the research teams will be able to generate insights in a timely manner.
Security
Data is the utmost precious asset that should be secured to the highest levels. It is important to choose a market research custom portal that provides the most robust security measures to protect against threats, intrusion, and data loss. As the data is often used to evaluate competitors, considerations should also be made to ensure that no confidential information can be obtained.
Integration
Companies may already be using a variety of internal and third-party tools to manage and analyze their data, so the integration capabilities of the market research custom portal must also be considered. Many modern solutions allow for seamless integration with enterprise and cloud-based applications, CRM software, and other solutions that can assist in the process of analysis and report generation.
Reporting & Analysis
When selecting a market research custom portal, it is important to consider the depth and breadth of reporting and analysis features. For most of the insights to be useful, firms should look for comprehensive reporting capabilities, such as creating complex reports with targeted performance indicators and visualization tools that can be tailored to deeper levels of analysis.
Cloud-based
A cloud-based management and reporting solution can provide an extra layer of business analytics, making it ideal for businesses of all sizes. A cloud-based system allows for more real-time data, scalability, improved resource utilization, and better collaboration.
Support
When selecting a market research custom portal, firms should pay particular attention to the level of support available. It is important to assess the support team’s competency, availability, and response time in order to ensure that issues and queries can be resolved quickly and efficiently.
In the end
From sales prospecting to competitive analysis, understanding the food service market landscape can be a complex process for many firms. Selecting the right market research custom portal is essential for maximizing returns and gaining a competitive edge in today’s fast-paced foodservice marketplace. Make sure to consider these ten points before investing in a market research custom portal and make sure that the vendor you choose is capable of providing valuable insights.
