What’s your share of the Hospitality Industry cake amongst the slices of your competition? In other words the percentage of your business’s sales divided by the total sales of the industry over a single period of time.
In it’s simplest form the winning is all about beating your competitors. The sweetest victory is when you can secure the biggest slice of that cake. Bluntly speaking within the Hospitality arena it’s whether the customer chooses your restaurant, bar, café or a hotel over the competition available. Truth be told; with such fierce and diverse competition cutting a bigger slice for yourself is fiendishly difficult.
Well, you could start by putting more emphasis on customer appreciation and by making small changes that are much more manageable to implement. Those normally do not get the credit they deserve, however in reality they can go a very long way, when it comes to your potential customer’s decision-making process.
With the notion that bigger is better, we often overestimate the importance of a single major decision change and underestimate the value of making multiple small decision changes on a daily basis. Divided by just the plainest of factors like cost and time to implement we know that small is therefore better and actually more reflective of your business’s current situation. The primal example of that is customer experience; the key ingredient of your Market Share, and a matter that has to be dealt with on a daily basis.
Underrated Opportunities
The build up that we have just created referrers to Marginal Gains the 1st sub issue of the Market Share challenge. An issue that is quite simply often ignored and not taken advantage of, due to poor feedback and analytical resources present in the business.
Another sub issue that we would place under the same umbrella is Benchmarking. A very worthwhile exercise that has not been considered by most hospitality businesses under the false pretence that it’s complicated and difficult to manage. In reality various hospitality chains have not yet found an effective way of handling benchmarking and save it for another day.
So, hence both of these issues can contribute hugely to the Market Share percentage we will break them down in greater detail over the next couple of weeks. The aim is to give you ideas for the New Year strategy resolutions for increasing your Market Share with getWaiter! looking specifically at opportunities within Marginal Gains, Benchmarking and Incremental Performance Improvements.
The Importance of Market Share
Let’s recap why Market Share is a top challenge within the UK’s Hospitality Industry.
A business that is successfully managing to increase it’s Market Share will be increasing it’s revenue faster than it’s competition. Meaning that it has the potential of becoming a market leader with a growing business that stands attractive to investors.
Market Share is a financially classified achievement, however hugely formulated through a number of physical factors. Those include the extent to which you can deliver exceptional customer experience: the gatekeeper that leads to a market share increase.
To conclude this conceptualization of the Market Share, I want to draw your attention to a cake that has been carefully designed and lovingly baked by my partner for my 23rd birthday. To me it represents every child’s chocolate dream, decorated with their entire favorite confectionary. To you it may represent the entire Hospitality Industry Market, so let me ask you this: How big of a piece would you like to have? Incremental gains, moving the knife just a few degrees at a time produces bigger slices every time.
