When you load up your product(s) on First Bite, we’ll calculate custom volume and revenue forecasts for every restaurant, cafe, and bar in the US.
Our revenue forecast model uses both product inputs and learned performance data to predict revenue and brand values for each chain. We analyze this product information against chain characteristics such as cuisine type, size, traffic, and menu attributes.
While these are just estimates, they unlock the ability to compare revenue potential for different chains, based on specific characteristics of your product(s).
To create a new product:
- Start on the products tab in Settings and click
create product
- Enter default sales data – you can always edit these later!
- Product Name - this is how your product will appear in First Bite; you can include its SKU, but consider naming each product something your team can easily recognize.
- Avg. quantity per unit - how much is sold per product (ie, package)
- Avg. revenue per unit - how much each product is sold for (ie, price to operator)
- Est. monthly churn rate - what percent of purchasing operators churn per month
- To include brand potential in your revenue forecasts, expand and enter brand value inputs:
- Value - how much you’d pay per new informed trial participant– ie, a new customer trying your product
- Avg. serving size - how much of your product would be consumed by a new informed trial participant
- Existing aided awareness - percent of the national target audience already aware of the product
- Existing national trial - percent of the national target audience that has already tried the product
- Click
Next, then enter an average monthly revenue made per product sold to restaurant.
- If certain cuisines are significantly higher or lower, add overrides
- 💡 example: if you sell meat, you might override the ice cream / yogurt cuisine to 0
- Click
Save.Allow up to 15 minutes for revenue estimates to be updated across First Bite.