The foodservice market is rapidly evolving, with new sources of data emerging to inform hospitality, food and beverage industry professionals. While data has traditionally been used to plan menus and drive sales, the rise of technology has enabled an unprecedented level of detail in understanding, analyzing, and capitalizing on market trends. To maximize the potential of beverage data, professionals should consider the following top 10 aspects when developing a plan of action.
1. The Global Food and Beverage Industry: Variation among countries, regions, and cultures can drastically affect the type of beverages served and the overall revenue for the industry. An understanding of the global landscape of the food and beverage industry is essential. Research and analysis will be needed to develop an optimal growth strategy for beverages in any given region.
2. Target Audience: Knowing who will be served is key to creating a winning beverage strategy. Identifying the target market’s priorities, preferences, and purchasing habits will allow for a tailored approach that best serves customer needs.
3. Location: Where a business operates has a direct impact on beverage sales. Understanding the local context and nuances of the region ensures beverage offerings are relevant and well-suited for the situation.
4. Brand Management: It is essential to stay on-brand in every aspect of the beverage program. Effective marketing strategies should be coupled with considerations for how the beverage lines will be consistently maintained in the long-term.
5. Innovation: New beverage products have the potential to drive customer demand and capitalize on emerging trends. To stay ahead of the curve, research should be conducted and strategies should be developed to ensure sustenance and success of novel products.
6. Sustainability: To mitigate negative environmental and social impacts of the beverage industry, businesses should work to reduce food and beverage wastage, consider sustainable sourcing, and take actionable steps to move toward a more sustainable business model.
7. Inventory Management: Properly managing inventory is essential to ensuring the success and stability of the beverage business. Monitoring costs, forecasting for seasonal demand, and considering storage space limitations are considerations that must be taken into account.
8. Regulatory Compliance: Restrictions on the sale of alcoholic beverages vary from state to state and country to country, and detailed knowledge of the local regulations is needed to protect businesses and stay within the law.
9. Menu Design: Companies should create a menu that maximizes the potential of the beverage offerings in a cost-effective and visually appealing manner. Considering customer feedback and staying up to date with emerging trends is key.
10. Technology: Technology can be harnessed to optimize virtually every aspect of the beverage program. Proprietary systems, such as data-driven kitchen management programs, can give insights into customer preferences and better inform all other components of the operation.
When it comes to taking advantage of beverage data, every aspect of the foodservice market should be reviewed. By considering the global context, target audience, location, brand management, innovation, sustainability, inventory management, regulatory compliance, menu design, and technological components, businesses can ensure that the data is interpreted correctly and leverage it to optimize the beverage program.
