What makes a successful F&B concept in today’s market?
Updated: May 15
Over the past decade, F&B outlets have evolved tremendously. In order to stay competitive restaurateurs of today need to deliver new and innovative concepts while also staying relevant for large customer pools over a long time period.
Furthermore, a new generation of diners is constantly looking for unique and authentic dining experiences, plus the consumers of today are more aware and educated about their daily consumption and ecological footprint. They are eager to learn the origin and source of the F&B products, adding yet another layer of complexity to today’s F&B business in the hotel industry.
So what are the key factors the new generation of diners is looking for aside from good quality products?
- Authentic dining experiences
Restaurant concepts, they have to be unique and new to the current market, thus creating a sense of excitement for consumers visiting the outlet and allowing the outlet to distinguish itself from its competitors. On the other hand, the concept also has to be able to stay relevant to meet consumers’ needs in the long run.
- Awareness of the ecological footprint
With continuous improvements in technology & connectivity, consumers can easily access information and F&B business cannot neglect the importance of transparency these sources provide. Therefore, the F&B products offered not only have to be at their best in terms of quality, but also have to be carefully sourced, whether the locally or internationally.
- Modular, multi-functional, relevant spaces
A chameleon concept concept has been seen as one of the key success factors for today’s F&B business worldwide. Flexible and relevant F&B outlets that easily convert from eat, share, work spaces to vibrant get-together, hotspot offering small drink and snack menus in the evenings.
Lastly, service is and will continue to be the most important supporting pillar among the three products (food, beverage, service). Without attentive and genuine service, no matter how tasty the food or beverage may be, customers will not return.
Today’s customers are looking for the entire package, from food to beverage to service. Successful F&B businesses have to be able to offer extraordinary, unforgettable, and lifetime experiences to their customers that they are not able to find elsewhere.
Further read at https://blog.ehl.edu/