What are the best methods for conducting competitor analysis in F&B operations?

3 Use analytical tools

The third step is to use analytical tools to organize and interpret the data you have collected, and to identify the key insights and implications for your F&B operation. Depending on your objectives and preferences, there are various analytical tools you can use, such as SWOT analysis to evaluate the strengths and weaknesses of your competitors, Porter's five forces analysis to assess the level of competition in the industry, benchmarking to measure and compare your performance against your competitors, and perceptual mapping to visualize how customers perceive your products or services in relation to your competitors.

4 Apply the results

The final step is to apply the results of your competitor analysis to your F&B operation, and to use them to inform your decisions and actions. You should identify your competitive advantages and disadvantages, as well as the gaps and opportunities in the market. Additionally, you should observe the best practices and innovations of your competitors, as well as the threats and challenges posed by them. Furthermore, you can use the analysis to develop or revise your mission, vision, values, goals, strategies, tactics, marketing mix, customer segments, or performance indicators.

5 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?