Understanding F&B Consumers in Singapore
A passion for food from multiple cultures. Restaurants, foodcourts and kopitiams open almost 24/7. The Singaporean foodie has it all served up on a platter. And relatively cheap baselines for the low and mid-priced food tiers means pressure on providers when making a sustainable profit.
In the crowded Singaporean dining landscape, positioning is key. Yet many providers think it is enough to make delicious food as cheaply as they can. Understanding your F&B consumer is no small feat.
- Why would a $6.50 plate of Char Kway Teow be considered overpriced while a bowl of Ramen would be a good deal at $12.40?
- Why is fish ball soup (680 calories), considered healthy while a bowl of Laksa (540 calories) is a sinful pleasure?
- What implications do these sometimes unintuitive consumer reactions have to menu planning?
Consumer insight is key to positioning. Communicating to customer desires using brand integrity a key to a sustainable relationship. Finessing customer engagement is necessary to execute your corporate strategy.
In a crowded marketplace, you need to be a brand that consumers resonate with. They need to trust your brand enough to recommend to friends. Their experience with your brand needs to create a sense of delight.
If you are not a BRAND, you are a commodity. Then price is everything and the low-cost producer is the only winner - Philip Kotler
You need to be a brand. For profitability. For sustainability. For hiring.
If you want to make an impact on the Singaporean Dining Landscape. Call us. We can help.