What to Consider When Assessing a Foodservice Market
Many foodservice organizations struggle when trying to assess their current market or a new market that they are contemplating becoming involved in. Companies need to dutifully assess factors such as the size of the market, how much of the market is attainable, and the actions needed to succeed.
Companies should treat assessing growth opportunities in the foodservice market in the same way that they approach all other business operations. A thorough, data-driven assessment can help an organization examine whether or not they should invest further time and resources into trying to capture a part of a new foodservice market. Comprehensive data allows organizations to answer the important questions and make smarter business decisions.
The first step is to clearly define the market. This helps foodservice operators and owners to understand where to focus their research and determine what data to pull. In addition to geographical concerns, organizations need to take customer demographics and segments into account. Who will be buying the product and how can their needs be met?
Once the market is defined and demographic foodservice data has been collected, companies need to consider how much of a particular foodservice market they can capture. By identifying competitors and examining their own planned marketing strategies, foodservice organizations can estimate the share of the market that they will be able to capture and also identify new sales and marketing programs to help them achieve this.
Targeted analytical data tools like CHD Expert’s Easy2FIND database make it easy for operators and organizations to visualize the current foodservice market. With CHD Expert’s comprehensive data solutions foodservice professionals can identify new business opportunities and improve their sales and marketing campaigns.
Are you trying to capture a new market? If you want more information on how to determine if your business should invest time and resources into a new market, click below to download our fact sheet, “10 Questions You Should Ask When Assessing a Market.”
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