How do you research your food service market?

1 Define your objectives

Before you start your research, you need to have a clear idea of what you want to achieve. Your objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). For example, you might want to find out how many potential customers live within a 10-mile radius of your location, what kind of cuisine they prefer, and how much they are willing to spend on a meal. Write down your objectives and use them as a guide for your research.

2 Choose your methods

There are many ways to collect data about your market, but they can be broadly divided into two categories: primary and secondary. Primary research involves gathering information directly from your customers or prospects, such as surveys, interviews, focus groups, or observation. Secondary research involves using existing sources of information, such as reports, articles, websites, or social media. You should use a combination of both methods to get a comprehensive and accurate picture of your market.

3 Design your tools

Depending on your methods, you will need to design different tools to collect and analyze your data. For example, if you are conducting a survey, you will need to create a questionnaire with clear and relevant questions, as well as a way to distribute and collect the responses. If you are using secondary research, you will need to find and evaluate the sources of information, as well as a way to organize and synthesize the data. You should also consider the ethical and legal aspects of your research, such as obtaining consent, protecting privacy, and avoiding bias.

4 Conduct your research

Once you have your tools ready, you can start conducting your research. Depending on your methods, this may involve contacting your customers or prospects, visiting your competitors, browsing online platforms, or reading documents. You should follow a systematic and consistent approach to collect and record your data, as well as to check for errors and discrepancies. You should also be flexible and adaptable to any changes or challenges that may arise during your research.

5 Analyze your results

After you have collected your data, you need to analyze it to find patterns, trends, and insights. You can use various techniques to analyze your data, such as descriptive statistics, cross-tabulation, correlation, or regression. You should also use visual aids, such as charts, graphs, or tables, to present and interpret your results. You should look for answers to your objectives, as well as any surprises or gaps that may require further research.

6 Apply your findings

The final step of your research is to apply your findings to your food service business. You should use your findings to inform your decisions, such as your menu, pricing, marketing, or location. You should also use your findings to monitor and evaluate your performance, as well as to identify new opportunities or threats. You should also share your findings with your team, partners, or stakeholders, and seek feedback and suggestions for improvement.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?