I’m Benjamin Chan, the Executive Director of Protegie Consultancy, and I help F&B entrepreneurs like you to grow their businesses.
This is going out to all the struggling F&B business owners, restaurant operators, managers, who are suffering from terrible sales month after month. I understand that business is tough with the poor economy and the tight job market. With over seven thousand F&B establishments, the F&B industry in Singapore is highly competitive, and consumers are spoilt for choice. Your job isn’t made easier by high rental costs and high turnover rate.
“According to Singapore Business Review, the F&B industry is projected to experience a decline in 2017.”
That's why I've written a guide to walk you through the practical methods I've used to double or triple the revenue of local F&B businesses, with successes such as Meat N’ Chill and Shukuu Izakaya.
Is F&B marketing really necessary?
First up, many of you may have an idea about what marketing is, but not many F&B businesses are executing it effectively. Why is this so? Is it a lack of know-how? Or a lack of guidance? Or a lack of manpower?
By not implementing proper marketing strategies, you are probably wasting tens of thousands of dollars each month. Imagine if you could bring an extra 3-4 more customers to your restaurant per day for a month. That's an extra 90-120 new customers in a month alone (without even considering the compound effect). How much money are you leaving on the table? Assuming that you make a $10 sale from each additional customer, this brings you an additional $900-$1,200 a month. And these are just modest numbers.
How is your business currently doing?
Let's take a closer look.
- How often do you check your average spending per customer? (You can't increase these numbers without knowing what they are.)
- How well do you know your target customers? (These are customers who love your food and are not afraid to pay a premium for it.)
- Is your menu strategically crafted to maximise profits? (Most likely, your profit margins aren't constant throughout the menu. The popular and best-selling dishes may not make you the best profits.)
Having spoken to dozens of different F&B business owners, we understand that many of you are already heavily preoccupied with roles such as food preparation and management. Why not let us support you in the marketing and systemisation of your restaurant? We approach F&B marketing with a data-oriented and methodological framework that has won us loyal clients. We’ll be posting more articles specially designed to help your restaurant increase profits, so stay tuned!