The snacking sensation has continued to grow – “Sales of specialty food and beverages hit $127 billion last year, up 15% from 2014, and much of the growth was fueled by millennials’ snacking trends…”
So, what does this mean for foodservice? More and more people are taking to grabbing snacks rather than sitting down for a meal in a restaurant. How do foodservice manufacturers stay on top of their bottom line when eating out may be declining?
Foodservice Manufacturers Need to Embrace Data Analytics
The answer is data analytics. It’s imperative that foodservice manufacturers are focused on analyzing their contracts and making sure they are identifying new opportunities and making adjustments to contracts where they may be losing money.
Review your actual vs. estimated volumes to see if there are areas where you need to improve your pricing strategy. Look for patterns where products are being regularly purchased but aren’t on contracts. There are so many ways analyzing data will help food manufacturers improve their bottom line. Check out You Need to Know How Big Data Improves Trade Spend to learn more about the benefits of data analytics for foodservice manufacturers.
If you are missing out on opportunities to improve your overall pricing strategy and contract management strategy, then you need to invest in a trade promotion management solution that provides insights into your data. Contact GoSimple today to request a demo and learn how you can improve your business.