Posted in Marketing & Strategy Articles, Total Reads: 2801
, Published on 29 June 2013
Mapping the epicure’s behavior:
World is up for a fast and the furious decade. Earning Money is becoming harder and people have increased there working hours just for few extra bucks. If we talk about urban trends than it would not be wrong to say that rapid changes are seen in consumption, lifestyle, occupations and expenditures of people in the past decade.
World have a lot of options in the modern era. These options are up in every field and people have the money to experiment with these options with an urge to explore better choices. If we talk about options in Appetite, the rules are pretty simple. You will simply like a dish, or not. That’s all. IS that so? Probably if I have asked this question to you 10 years back you would have agree to me. But now, the shades of human character have changed. He has the money, so he likes to beserved well also, apart from decent food. People won’t hesitate to spend few extra bucks on the opposite restaurant just because the food is served there with compliment shots, instrumental music plays in the background and the blue color of the curtains matches with the light.
Image Courtesy: freedigitalphotos.net
People have money, what they don’t have is time. Except for Kids, now we wish that everything else falls in our lap instantly. This fact was first understood by Pizza makers and they are earning multifold of this common sense. In our so called busy schedule, getting a burger in MacDonald is almost as quicker as entering into the restaurant. Time is indeed money, and each saved second will bring profits to the business of the company.
With the rising urbanization, a whole new category of people have evolved, called as lower middle class. These are mostly the people who don’t have a good income initially, but urban cities have provided them healthy employment with decent wages leading to uplifted socio-economic status.
This category is proving to be the main reason for continued investment in food industry. The ventures having small set ups with ok quality food are earning a lot these days. New dishes have been invented for them and almost all the tastes of the world are made available at cheap rates. You can easily locate a Thela (stall) within 100m of your house serving Dosa, Chowmein, Burger etc .
Strategizing the Venture:
So what all things one should keep in mind while starting a food venture? It is to be remembered that good food is the cheapest luxury a person can have hence he won’t hesitate to invest a few more if he found the right thing at the right place.
So, let us start with the simplest vision “Business is People, not money. Former will knock your doors always with the latter.” Divide the vision into two parts. A.) Increase the number of customers. B.) Get your customers to come back. These should be the two broad heads under which we should strategize our venture. Managing both is equally important for a successful venture. Be it a big multi-chain restaurant, Local Hotel or simply a stall(thela) the two broad heads needed to be worked upon to earn profits.
For increasing the number of customers, you have to segment your market astutely. You have to be crystal clear upon the category of people you are targeting. Marketing your venture can vary from websites, pamphlets, TV and e -advertisement, rate sheet and simply mouth promotion depending upon the size of your venture. Selecting your location according to the target category will also ease out your burdens. Maximum expensive joints, chain restaurants can be found out in shopping malls, while local hotels and stalls at a crowded location in a town.
A Complete Dining Experience:
Setting up an adorable ambiance is the next matter you have to pay heed. A perfect light, music and curtain setting will pursue the customers to spend more amount of time, enjoy more number of dishes and pay a decent tip at the time of check out.
Now, getting back the customer is much more challenging than attracting him for the first time. Vision narrows down to only two things then, Consistency and predictability. Consistency should be reflected right in taste, service, attitude, dresses and all other arrangements that will collate a simple meal into an ultimate dining experience. This in terns leads to loyalty, profit starts building up and consistency is seen in results. Predictability can be kept on the customer’s side more than that of the owners. This is more of a precision in the mind of the customers what they exactly are going to get at your dining place. The quality of Cheese Pizza you get on Pizza Hut is completely different from Dominos; hence you never demand same dense stuffing of cheese on the Dominos Counter.
Mono Appetite Ventures:
Now moving from these family Appetite ventures, let us shift focus to Single person appetite ventures. Lucrative careers in distinct sectors are attracting students from all over the country to metropolitan cities. To add on, the percentage of single urban migrants is increasing exponentially who are leaving towns and villages and living away from the family at the cost of earning a decent livelihood. This whole new segment has flourished business options in amplitude for people looking for food ventures.
In comes the Tiffin service which offers you a full balanced diet right at your doorstep at very affordable prices. They also provide options of taking two meals per day, among breakfast lunch and dinner. Hence you can adjust your order according to your time table. You don’t have to find a partner too while going to a restaurant, as they offer thalis of all food categories which you can proudly eat all alone.
The best part of these food ventures lies in their autonomous investment. Here customers are not coming to you, but you are approaching them. Hence, the investment required varies according to the number of people you want to serve. You can start with minimum capital and slowly can expand business while adding more customers. You can ask your neighbor to eat along with you or go for big venture serving 100 customers. The choice is yours and you can bridge the gap accordingly.
Entering from the Idiot Box:
Again let us shift from a solo appetite venture. Now we will come you home and make you learn how to cook innovative dishes from the same items you currently use. This is just like a dream come true for the proud lady who wonders to receive accolades of the entire family, by preparing a tasty new dish at home.
The roots were laid way two decades back by Star chef Sanjeev Kapoor when he hosted the first episode of Khana Khazana. Cashing the gourmets urge has been followed since then .The success of this show encouraged other channels to start Food Reality Television Series and almost every TV channel started such a series. More than 15 million people have voted in the reality show Master-chef India with overall viewership touching 50 million. People have started seeing food industry as a lucrative career option. The competition is not limited to only TV reality shows, but you can find a large bench of chefs waiting eagerly to be hired in 100s of Hotel management Institutes of India. They have so much to offer you in taste, style, arrangements and innovation.
Encashing the precious Smile:
Food retailing is yet another branch of this giant tree of food Business. These include Sweet shops, Bakeries and Confectionaries. Food makes you happier than many other riches in the world. Matrimonies are fixed over a piece of Ladoo; rough moods are sorted out by a yummy chocolate and no birthday celebration is complete without a birthday cake. These precious feelings have also been cashed by companies like Cadbury, haldirams and other such ventures started nearby your home. They mostly enter your life from the Idiot Box and offer you a medium to celebrate, hail relationships and express feelings.
To conclude, venturing into the urban appetite is a very lucrative career option that earns you profits by encashing the new human urge of experimenting and innovating in what they eat. To add on, this sector requires an extra care in planning and management as you are not selling a commodity but taste and feelings. A good research on the viable options available, proper budget calculations and cash management options, close outlook on operations, proper marketing strategies and promotions all will add up you covert your dream of a good food venture into a great business. Moreover, you have to remain competent in all these traits throughout your business to earn regular profits.
Meanwhile, to end on a lighter tone, you can try your luck in master-chef season four as they are giving a cash reward of Rs.10 million to the winner.