If there's anything we can all agree upon, it is our love for food, followed by a cup of tea or coffee. Though we all declare our passion for food, people have different tastes and go-to restaurants.
Enters the F&B industry, which is here to deliver in all aspects. Let's get some facts out of the way.
First: Statista, "Revenue in the Food market amounts to US$158.60bn in 2022. The market is expected to grow annually by 8.85% (CAGR 2022-2027)."
Second: When it comes to the restaurant field, Statista states that "Revenue in the Restaurant-to-Consumer Delivery segment is projected to reach US$115.70m in 2022. Revenue is expected to show an annual growth rate (CAGR 2022-2027) of 13.26%, resulting in a projected market volume of US$215.60m by 2027."
Third: Egypt’s population rate is increasing quickly, with a total of 111,009,843 based on the latest United Nations data projections.
Now, what do these data tell us about the F&B industry? That the food and beverage industry will stay on top for a long time.
The more people increase, The more demand for food increases.
Data don't lie, and with the rise of social media, loyalty apps and extensive advertising tools are used to spread brand awareness and increase sales; here are the steps to create a perfect business launch.
So to dive into the F&B industry, what other factors should you have?
1- Do a Demand Forecast for your business.
Let's start from the beginning; what is demand forecasting?
Demand forecasting uses predictive analysis of historical data to estimate and predict customers' future demand for a product or service. Demand forecasting helps the business make better-informed supply decisions that count the total sales and revenue for the coming time.
Data can help you plan everything from inventory management to operational efficiency and branching out to make your business successful.
2- Have USP "Unique Selling Point."
Regarding restaurants or fast food chains, everyone has the “It” factor that lures people in.
McDonald's is known for their immediate delivery, and Starbucks is known for its delicious coffee.
So when opening a new business, think of what makes you unique. The thing that makes people flock to your restaurant. From here, you can….
3- Choose a suitable location
After knowing the types of services you’ll be offering to the masses, a new challenge arises, choosing your business's location. Although many cities are currently under development, knowing which demographic you are targeting is crucial.
For instance, if your restaurant has ambient vibes, choosing a location that isn’t at an intersection and is surrounded by many noises is essential.
Locating yourself in a prominent location makes it easier for customers to find you.
Another factor is knowing where your competitors have their restaurants. That said, keep your restaurant away from direct competitors.
4- Plan marketing strategies
Here comes one of the most fundamental aspects of a successful business launch.
Saying loud for the people in the back
Make a SWOT “Strength, Weakness, Opportunities, Threat” analysis that indicates what moves you should apply when branding yourself.
A) Posting regular updates on social media platforms "Facebook, Instagram, and TikTok.”
B) Making offers and discounts on special days
5- Be accessible
Offline marketing isn’t enough. With everything going digital these days, you must be up to date.
Go digital and expand your customer base. One is applying loyalty programs to your restaurants. Innovative and cost-effective method companies use to boost sales and customers to check out your services and become avid fans.
After what's being said, remember that the core to rise in the food and beverage industry is proper planning.
Data is an undeniable key to ultimate success, and going digital is vital to gaining access to different types of audiences.
Don’t wait. It’s time for your business to do great.