Fishbowl, Inc., the leading provider of marketing and analytics solutions for the restaurant industry, has conducted a study of restaurants in the United States and found that many brands struggle to collect reliable competitor price data– and most of those brands are overpaying for competitor intelligence.
Conducted in early 2019, the study concluded that many restaurants in the US invest far too much time, money, and internal resources collecting competitor menu data that even they consider subpar. Nearly 70% of surveyed restaurants actively collect some form of pricing intelligence on their competitors. 60% of these utilize internal resources for collection, such as a manager, supervisor, or mid-level employee, whose time would be better spent fulfilling customer service roles in-restaurant. The data is strained further by the fact that 95% of those collecting data only do so on three competitors. Despite the effort and expense, approximately 50% of respondents claimed that their data is only “okay” and contains errors and significant gaps in data.
Recognizing the struggle many restaurants face in their efforts to obtain quality, affordable, market-level competitor price data, Fishbowl is launching PriceWatch™ – a report that will provide relevant and current price data that will empower restaurant operators to make informed pricing decisions. Fishbowl specializes in collecting prices and synthesizing data from a wide variety of restaurants and industry segments. Reports are detailed but streamlined – and include an optional data download that can easily be integrated into existing internal analyses. Fishbowl’s dedicated data team ensures that the information it provides is timely, accurate, and complete so brands can focus on what they do best – delighting their customers.
“Restaurant sales are local, which means understanding the pricing pressure that local operators face is necessary when making menu and pricing decisions. Fishbowl’s goal is to provide restaurant brands with the data they need to make better menu decisions. One critical piece of that data is an understanding of what’s going on in local markets. We are delighted to have reached a point that we can make reports available for all restaurant brands via a wide variety of options and price points that work within virtually any budget,” said Tama Looney, Vice President, Research & Analytics, Customer Development for Fishbowl.