Supporting local business has gained momentum in recent years because of the significant benefits not only to business owners and customers, but to the overall economy. They play a vital role in building strong communities, promoting economic growth and fostering innovation.
Local businesses operate within environments unique to their area and community and this is why it is critical that foodservice suppliers obtain data directly from local, Australian foodservice operators and not to rely on large global studies. Obtaining primary data provides information which is specific to the local market and includes an understanding on preferences, trends and cultural influences.
Global studies cannot capture the unique nuances as they lack the context of Australian business at a state level. Local primary data is more accurate and reliable because the data collection process is controlled, verified and validated. In contrast, relying solely on large global data studies may introduce the risk of incomplete or inaccurate data and extrapolation based on different market conditions. Local data is a more efficient use of resources as it can be tailored to the unique challenges and issues of a market, whilst with global studies, take a holistic view and cannot account for differences in demographics and cultural norms.
Primary data provides suppliers with a better understanding of their target market, enabling them to make informed, data-driven decisions. This helps with customised offerings, targeted marketing strategies and optimised supply chains.
With the seemingly unlimited amount of information available today, it is more important than ever to be certain that business decisions are made with the most accurate and reliable data available.
Food Industry Foresight offers a continuous information service providing suppliers with a complete view of the Australian Foodservice Market. It includes market size, market structure, distribution, insights and outlook. Contact us for more.
