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Food and Beverages 2017-06-14

How to build an upper hand in fast evolving competitive market

Emergence of new trends, new technology and everything else has increased the competition.

By Executive Chef
How to build an upper hand in fast evolving competitive market

Food Industry is on an incredibly fast paced and ever changing evolution generating $700 billion annually. Staying and maintaining upper hand has become quite breathe taking in the restaurant business. It has taken a tremendous pace of growth which has led to competition. Emergence of new trends, new technology and everything else has increased the competition. So, the point is how to maintain your position in the massively growing competitive industry. It is the industry where an innovation in cuisine could take you to the heights and on the other hand, a bad customer experience could make you fall on to the ground. It is all about how you play the game and win it. You need to build an impact on industry.

There are five important factors restaurateurs need to pay attention to hold the market:

Understanding the changing environment: To win a game, one needs to understand the game. Restaurateurs need to keep themselves updated about the changing trend, emerging evolutions, technology, consumers’ demand and what their competitors are up to obviously. Researching about what has been done in the past and what needs to be done in present would enlighten the path itself. The way to perceive food has changed drastically. To continue leadership, restaurateurs need to be a step forward or be good enough that nobody can stand with you in the competition.

Keep an owl’s eye: Awareness is one of the foremost things to do in any business. It would help in engaging the crowd to the restaurant and in case if restaurant has lost the customers already then always remember you can get the same thing back if you play smart by introducing some innovation to the cuisine, decorate the ambience as per the trend, make quality and service the best thing at your place. Only awareness about consumers’ need and market trend should be followed. Industry is not limited to rich man’s pastime now, the time has changed.

Stick to the root: Go back to the roots concept would do magic. For example, Kareem Hotels Pvt Ltd is very famous in the industry after almost 100 years because they are stuck with their traditional recipes. You could even bring the traditional dish back with a slight innovation. Point here is that the cuisine must define flawlessness and sticking to the roots doesn’t mean to forget technology. Use technology for the beautification of the food, it shouldn’t ruin recipe’s core. Competition is increasing as new restaurants open every day and therefore it is the need of the hour to come with something really impressive to grab customers’ attention.

Source is vital: Ingredient adds taste to the dish same goes with the source channel for food industry. Sourcing up the right ingredient could make dish go wow. Sourcing up the right channel would present you the right material for the cuisine. Hence, it is very important to build up relevant sources is the key to success. As this industry is really competitive, restaurateurs have to focus on their right source channels.

Appreciate team efforts: Becoming popular in the market is not a one man show. Hold on to your team and rest is assured. Running a restaurant takes a lot, it consists the efforts of all the employees with employers. The team is the one who plays role to enjoy the success trophy. Restaurateurs always need to appreciate their team to have an upper hand in the competitive food industry because in a restaurant excellent food and service is always a team effort.

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