The regional F&B industry is evolving at a fast pace amid fierce competition and rising customer demand for innovation. Given the current climate, building a successful business is becoming more of an art than a science. Manal Syriani, managing director, WAY Consultants, explains
In order to compete, entrepreneurs nowadays need to deliver innovative concepts while maintaining popularity beyond the Maturity phase in the concept lifecycle. In fact, the restaurant lifecycle is becoming shorter, with a unique and differentiated offering at its core.
Furthermore, the new generation of consumers are constantly seeking authentic dining experiences and placing a high value on price vs. quality ratios.
Set a strong platform for growth that engages many elements.
1. Create a distinguished concept that is easy to engage and identify with
A successful concept embeds a touch of innovation, allowing the outlet to distinguish itself from the competition, while maintaining relevance to meet consumers’ needs in the long run. The concept should also be flexible to allow for constant innovations and the introduction of new trends without affecting the core identity of the brand.
2. Be consistency in quality of products and services offered which is the main generator of guest loyalty and repeat business
Quality offerings are centered on the operating philosophy of the restaurant and are not necessarily a synonym for high average checks. Consistency, on the other hand, has its roots in strong operating procedures and control systems that are customer oriented. The flow of operation in a restaurant should be well designed to allow efficiency and open communication with guests and employees.
3. Be visibile through social media and online platforms
This allows consumers to interact with the concept on the go. Bloggers, influencers and opinion leaders are the subliminal representatives of your client base, and more often than not the determinants of the purchase decision. Building bridges with the online community through honest and transparent relations will keep the concept on the map and close to your consumers.
4. Solicit feedback and build on it to improve the business and keep up with the new trends in the market
The most insightful feedback on your operation is that which is obtained from your customers and your employees. Customer feedback that is integrated in the operation leads to repeat business and word of mouth, which remains, to date, the most effective advertising technique. Employee feedback, on the other hand, will allow you to perfect your operations and to keep tabs on trends and innovative ideas in the market.
5. Rely on intuition – always a good strategy
By definition, intuition is the result of experience and knowledge accumulated through professional life and infused with the core values of an individual. For that reason, our intuition in business is usually a solid compass to include in the decision-making process when building your concept.