On January 24th, Foodival hosted a seminar aimed at empowering F&B businesses with effective marketing strategies and cost optimization techniques. The event featured two expert speakers who shared practical insights and valuable tips with an engaged audience, covering a range of topics to help attendees enhance their restaurant businesses.
The seminar kicked off with a presentation by F&B Marketing strategist, Marcus Teoh. Teoh delved into various aspects of effective marketing, providing attendees with actionable strategies to turn connections and followers into loyal customers and advocates. He emphasized the power of the "food taster" strategy, which involves offering free samples or trials to generate interest and build trust among potential customers. Teoh highlighted that a positive experience with a free sample can create a personal connection, leading to customer loyalty and positive word-of-mouth marketing. He also stressed the importance of planting brands into customers' minds through consistent branding and messaging across different touchpoints.
Teoh further discussed the value of collaborating with influential individuals, such as Key Opinion Leaders (KOLs) and community leaders, to expand the reach and impact of marketing efforts. Leveraging the credibility and influence of these individuals can help businesses gain exposure and attract a broader audience. Teoh also emphasized the significance of online reviews, particularly Google reviews, as a powerful tool for generating awareness and building trust. He highlighted the importance of actively managing and responding to reviews to maintain a positive online reputation.
To provide a strategic framework, Teoh introduced the AIA marketing principle—Awareness, Interest, and Action. He explained that creating awareness requires utilizing social media platforms effectively and encouraging word-of-mouth marketing by initially inviting friends and family to experience the offering and share their positive experiences. Teoh stressed the importance of market research to better understand the target audience for different types of restaurants and the specific food they provide. By understanding customer preferences and needs, businesses can tailor their marketing efforts to generate interest and engagement. Finally, Teoh emphasized that the focus should be on providing value to customers rather than solely considering revenue and profits. A dozen satisfied customers who become advocates can have a significant impact on promoting a restaurant.
The second part of the seminar featured Cheah Weoi Ping, the Country Manager of Foodival, who provided valuable insights into cost optimization and operational efficiency. Cheah introduced Foodival, a procurement and inventory system designed specifically for the F&B industry. He explained how Foodival streamlines and systemizes operations, ultimately helping businesses cut down on food costs.
Ping discussed the challenges of managing costs when the costs of goods sold increase faster than sales growth. He showcased how Foodival's features and functionalities enable businesses to effectively manage these cost fluctuations. By leveraging the system's capabilities, such as analyzing purchase data and identifying cost-saving opportunities, F&B businesses can optimize their operations and increase profitability.
Furthermore, Cheah highlighted the importance of preventing unmatched-payment to suppliers. He demonstrated how Foodival's catchweight tracking feature ensures accurate measurements and prevents financial losses due to discrepancies in weight-based purchases. By closely monitoring supplier performance and comparing it against monthly sales, businesses can make informed decisions and maintain a healthy contribution margin.
One of the key benefits emphasized by Cheah was the time-saving aspect of Foodival. He explained that front-line staff, who traditionally spend a significant amount of time on procurement activities, can benefit from the system's streamlined processes. With Foodival, what used to take hours can now be accomplished within minutes, freeing up valuable time for staff to focus on other critical aspects of their roles.
Following the insightful presentations, attendees enjoyed a round of refreshments and had the opportunity to engage in networking sessions with fellow industry professionals, fostering connections and knowledge sharing.
Overall, the seminar proved to be a valuable resource for industry professionals seeking to thrive in the competitive F&B landscape. By implementing the strategies discussed by Marcus Teoh and leveraging the cost optimization features of Foodival, businesses can enhance their marketing effectiveness, drive customer engagement, and increase profitability.