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Thailand: Sales tactics for survival in slump
Food vendors need to strive to expand distribution channels, offer items with good profits and collect data to better their strategies as part of a way to boost the chance of business success, industry pundits say.
Speaking at the virtual Robinhood Food Delivery Forum 2021 on Monday, Thanapong Wongchinsri, part owner of Penguin Eat Shabu restaurant, said sales in the restaurant business are estimated to decline by an average of 30-50% this year in Thailand.
To boost growth, restaurants need to find ways to increase customer numbers, expand distribution channels and push up spending per head.
As working from home becomes popular, delivery channels will play a significant role in boosting customer spending for vendors, he said.
There are many successful strategies operators can adopt, such as selling set menus or offering beverages with food to increase sales. Creating new delivery menus is necessary because it helps attract opportunities and draws more attention.
Additionally, they must offer profitable menu items and stick to promotions rather than price reductions because customers want value for money.
“Food operators need to create their own signature menus to gain brand recognition,” Mr Thanapong said.
Food vendors need to pay attention to data collection to gauge customer habits and come up with strategies to improve their businesses, said Nattapon Muangtum, founder and owner of Everydaymarketing.co, which presents marketing knowledge.
A wide variety of information can be collected, such as chats between vendors and customers through online platforms, popular dishes and time periods when orders come in, Mr Nattapon said.
Operators also need to assess which days in the week orders come in the most and be prepared.
“For example, during holidays, operators may discover that family diners come in more, so they need to be prepared for menus that suit households,” according to Mr Nattapon.
Vendors can even collect information on how customers at restaurants react when tasting food, how much is left over and whether they come back again.
“This information is valuable for vendors’ improvements,” he said.
Data can be gathered from vendors or shared with other merchants to collectively form promotions.
“Data must be gradually collected until we can form insights,” he said. “Data collection and analysis will yield favourable results for businesses in the future.”
Source: https://www.bangkokpost.com/business/2053075/sales-tactics-for-survival-in-slump