Is your F&B strategy missing an ingredient?
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1 Is your F&B strategy missing an ingredient? The Ultimate F&B Guide for Hotel Managers localmeasure.com
2 Introduction Business demands that your hotel restaurant and bar continuously improve and redefine their offerings along with your growing market. But just how do you create a strategic plan when services, products and markets keep changing? This guide will help you understand what matters to your customers, and how to create an F&B strategy geared towards development and growth. The Ultimate F&B Guide for Hotel Managers / INTRODUCTION 2
3 About F&B revenue Imagine if your hotel restaurant and bar could attract patrons without having to rely on booked rooms. It is possible, and according to STR (the leaders in hotel market data and benchmarking), it starts with an understanding of F&B s profitability in full-service hotels ¹. ¹ Worgull, S.. (2014, August 25). 5 trends in hotel F&B profitability. Hotel News Now. Retrieved from: The Ultimate F&B Guide for Hotel Managers / ABOUT F&B REVENUE 3
4 Whatever your F&B revenue at the moment, a solid strategy that s adhered to and continuously optimised should help drive overall revenue. Higher occupancy does not mean higher F&B revenues Studies show that there is no correlation between growth in hotel occupancy, and growth in F&B revenue per available room (RevPAR). When comparing data from 364 hotels, STR found that, while occupancy increased 2.1%, F&B RevPAR was only up 0.3%. F&B accounts for roughly 30% of full-service hotel revenue On average, 30.2% of total revenue at full-service hotels is attributed to F&B. Keep in mind that this can vary widely based on the type of hotel, the number and type of F&B outlets, location, and other factors. Service charges add up A RevPAS review showed that more than 50% of revenue classified as other was from service charges. Of that, 26% comes from hiring out audio visual equipment and 22% comes from hiring out meeting rooms. Service charges for catering and banquet events typically run between 15% and 25%, though not all of that revenue is realised by the hotel2. Revenue per available seat (RevPAS) is tricky to measure accurately Seat count is the constant number of seats to which F&B can be served, but the different ways to measure this makes RevPAS difficult for hotels to calculate. 2 Worgull, S.. (2014, August 25). 5 trends in hotel F&B profitability. Hotel News Now. Retrieved from: The Ultimate F&B Guide for Hotel Managers / ABOUT F&B REVENUE 4
5 The ingredients of a successful F&B strategy Understanding your customers expectations will help pinpoint what to alter in your F&B strategy to maximise ROI. Measuring yourself against restaurants in the area both hotel restaurants and otherwise is important because these are the venues that you will be competing against for market share. As more travelers seek local culinary experiences, your F&B outlets must increasingly seek to stack up with these types of independent venues. This section highlights the most important factors for positive customer experience which are integral to any winning F&B strategy. The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 5
6 Interior design that attracts diners In a competitive dining market, nailing just the right atmosphere of your restaurant is essential. Consider the other dining destinations in your vicinity and think about how your venue sits within the range of options available to guests. Decor creates the ambiance of your restaurant and can directly affect the bottom line. Studies show that ambiance can affect everything from perceptions of responsiveness and reliability, how much customers spend, how much and how fast they eat, and how long they stay in the restaurant. Even internal variables like colour usage, lighting, restaurant layout and furnishings have the power to influence a dining experience and even the emotions of your diners3. ³ Chen, A., Peng, N. and Hung, K.. (2015). The effects of luxury restaurant environments on diners emotions and loyalty: incorporating diner expectations into an extended Mehrabian-Russell model. International Journal of Contemporary Hospitality Management, 27 (2), Retrieved from The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 6
7 Local and fresh food is essential Providing customers with locally-sourced produce and culinary specialties is increasingly important, especially among millennials. According to Nielsen, younger consumers are most willing to pay a premium for health. Moreover, Nielsen s 2011 Global Health & Wellness Survey shows that more than half of global respondents (57%) are expanding their diets with more natural, fresh foods. A study by the United States Department of Agriculture (USDA) noted...some restaurants exclusively offer locally grown foods and are willing to have a more limited menu in order to offer in-season products that they believe their customers want. Supporting data from the USDA shows that 82% of respondents cited freshness as the reason for buying local; 75% cited support for the local economy as a reason; and 58% gave the reason of wanting to know the source of the product⁴. With regards to your menu, a range of dishes will help serve a wider audience. Consider options for vegetarian, vegan, paleo/gluten-free and low-budget diners. Your beverage list should also present plenty of alcoholic and non-alcoholic options. 4 Martinez, S.. (2010, May). Local Food Systems; Concepts, Impacts, and Issues. USDA, Economic Research Service, Economic Research Report 97. Retrieved from Google Books. The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 7
8 Staff create the experience Fully trained staff, including an operations manager to oversee the day-to-day management, is imperative to a flawless F&B strategy. Training your staff promotes confidence and allows the team to grow together. There are four areas that are key to creating a positive customer experience: 1. Customer service Customers want to enjoy a pleasant atmosphere when they go to restaurants, and customer service is the core influencer to their experience. Ensuring that your staff is trained to handle anything from happy to unhappy customers is what s going to keep guests coming back and recommending your restaurant to their friends and family. 3. Smooth operations Coordinated operations, from reservations to seating to paying, will offer a smoother customer experience that makes it more likely for customers to return. Nothing jolts a customer from their pleasant dining experience like an un-manned Please wait to be seated sign or having to hunt down a server just to see a menu. 2. Appropriate food handling Food safety is paramount in any restaurant, so it s not news that your staff should be trained to ensure that food safety codes are adhered to. Employees who understand food safety know how to avoid cases of food poisoning and spoilage or waste due to contamination. Even the smallest health issue at your F&B sites can have a material, damaging effect on your ROI, making adequate training in this area a sound investment. 4. Consistent quality Quality standards cover everything from customer service to food safety. Customers have a keen eye for inconsistencies and will not return if staff can t maintain quality. Social media becomes a measure of consistency, as guests often review photos from other diners on social media prior to dining with you. Ana Brant, Director of Global Guest Experience and Innovation at the Londonbased Dorchester Collection, trains all of her F&B staff to think about food presentation by asking the question: Is it Instagram-worthy? The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 8
9 Trend Monitoring Tracking trends can improve business operations by highlighting potential opportunities and threats, from partnerships to pricing. It also provides your restaurant with a competitive edge, as you are able to recognise and implement emerging trends that customers desire. Trends can now be easily monitored on social media and review sites, giving hotels access to customer feedback that had not previously existed outside of surveys. The key to a hotel s success is leveraging this data to provide a customised service and adapting operations to suit changing customer preferences. Food culture is becoming more and more prevalent and foodie communities provide a great opportunity. Restaurants can target foodies by participating in food festivals, helping to drive awareness and positioning the restaurant as part of the local gastronomic community. Participation will also help you to recognise the food trends that are attracting diners. The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 9
10 Building your reputation on social media With the growing amount of millennial customers, it is critical to be where your customers are: online, and more specifically, on social media. On average, hotels are missing 70% of relevant guest data because they fail to take advantage of social media5, which significantly limits their ability to understand their guests and improve their social listening. Customers choose restaurants based on the recommendations of friends and family, with 88% trusting online reviews by strangers as much as they would their family6. In addition to improving listening, hotels and their F&B outlets should think about cultivating their brand s voice online. Online media can help build your brand s personality, which in turn will help promote and differentiate your restaurant. According to the World Food Travel Association, 34% of culinary travellers are motivated to visit a destination because of a posting about food or drink on social media7. Restaurants are rich environments for creating social content. If well curated, the content will help establish your restaurant as its own brand, distinct from the hotel brand, attracting both local and international visitors. 5 Local Measure (2016, March). Iconic hotels miss 70% of relevant guest data. Retrieved online from 6 Anderson, M.. (2014, July 7). 88% Of consumers trust online reviews as much as personal recommendations. Search Engine Land. Retrieved online from searchengingeland.com 7 Wolf, E.. (2016, June 20). Food and Beverage industry bright says world s largest research study. World Food Travel Association. Retrieved from 88 % trust online reviews by strangers as much as they do from family The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 10
11 Do your delivery times compete? The ability for customers to order food from restaurants online has globally increased in popularity thanks to food delivery apps. These apps allow customers to order meals on their mobile phones in a matter of swipes, with ease and security. In the U.S., the food delivery market is estimated to grow to as much as $210 billion over the long term, from around $11 billion today 8. With this heightened expectation of convenience, customers experiences can be impacted badly by slow food delivery. It s important to make sure that delivery times are adhered to, just as you would expect food to be delivered to tables in a reasonable period. Understanding how accessible and convenient your hotel s F&B is for your customer is not only about delivery it is also about understanding customers demand for food on days that you may not be open, or in the hours that your kitchen may have stopped serving. The U.S. food delivery market is estimated to grow to as much as $210 billion over the long term 8 Morgan Stanley Research (2016, July 15). The Pizza paradigm for online food delivery. Retrieved from The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 11
12 Tracking customer satisfaction... and responding appropriately When assessing your customers satisfaction with your hotel s F&B, you need a simple framework like NPS to track performance and progression. Things to keep in mind about NPS: NPS is not a satisfaction survey, only a 9 or 10 represents someone who is likely to promote your business. When responding to a guest, make listening the main priority and avoid making the guest feel guilty or embarrassed about their feedback. If your staff s KPIs are attached to NPS results, your data might end up skewed if staff members feel the need to protect themselves. Promoters (9 10) If you re not using existing Promoters to create new Promoters, you re missing an opportunity. These are the people you want to give a special offer to, possibly offering a free meal if they return with another guest. Enthusiasm is catching, and the guests they invite along are primed to promote. Passives (7 8) Passives may believe they have given you a good score, but ultimately they are not going to be very active in recommending your restaurant. The goal with Passives is to move them into the Promoter category, possibly by inviting them to try new menu items, and asking them what you could do better. Detractors (4 6) With Detractors at the 4 6 level, the aim should be to learn as much as possible about where the experience did not meet expectation. Ask them how you could improve and invite them back with the intent to convert them into a Passive. Detractors (1-3) Detractors at the bottom end of the scale could indicate an internal problem. Did they engage with your restaurant based on some misunderstanding? Apologise to the guest and invest the time to explore why their experience was so negative. Consider scheduling a weekly meeting to review feedback and identify trends. The Ultimate F&B Guide for Hotel Managers / THE INGREDIENTS OF A SUCCESSFUL F&B STRATEGY 12
13 Creating and maintaining a dynamic F&B strategy Ongoing optimisation for your strategy is the key to continual growth. The Ultimate F&B Guide for Hotel Managers / CREATING AND MAINTAINING A DYNAMIC F&B STRATEGY 13
14 1. Research and Plan Using the elements outlined in the previous section, you can detail your current performance and its application to goals for future growth. Ensure that you designate a start and end date for your plan in order to create a progressive model for improvement. Take into account data from areas such as: face-to-face interactions customer feedback ( surveys, cards in rooms/on tables, online reviews, social media conversations) quantitative data: revenue, number of diners, average check size traffic patterns: seasonality, time of day, day of week online data (website traffic etc.). S.M.A.R.T. methodology: Specific Measurable Achievable Relevant Timely This data could surface ideas for a shift in your current strategy and messaging to better reflect customer expectations. While developing your plan, create an F&B Wish List: a list of everything that would be ideal to have if there were no barriers. Your plan should always follow the S.M.A.R.T. methodology: each goal should be specific, measurable, achievable, relevant and timely. The Ultimate F&B Guide for Hotel Managers / CREATING AND MAINTAINING A DYNAMIC F&B STRATEGY 14
15 2. Build 4. Transfer Taking the raw data and goals from the previous step, highlight tasks and deliverables to set your plan in motion. Implement tracking mechanisms that will act to provide feedback for these tasks and deliverables - what s working, what s not working, and contingency plans that act to ensure your plan survives pitfalls. Taking what you have learnt from the phase of testing and iterating, you are now able to integrate learnings into the next cycle of your F&B strategy. Identify which elements of the strategy were the biggest needle movers and which drove the greatest results relative to their cost. Review each element and its associated measurement to see if patterns exist that can be shared with your team to the benefit of your other F&B outlets. 3. Learn 5. Repeat This stage is about reviewing your implementation and assumptions, and understanding what it means for your overall goals. After even a few weeks of implementing your new strategy, you should have enough empirical data to review and iterate based on the information you collect. From there, you can adjust as needed to ensure that you are on a path towards achieving your goals. Continual growth requires continual implementation of the strategy. Once you have developed a method as per the above four stages, your cycle is complete, but it s not over. This cycle repeats itself, evolving each time. Your F&B strategy should be updated yearly, and revised often to make use of new industry data, online customer feedback and reviews, as well as any trends that are taking shape. The Ultimate F&B Guide for Hotel Managers / CREATING AND MAINTAINING A DYNAMIC F&B STRATEGY 15
16 Local Customer Intelligence. To find out more about how some of the world s leading hotels are using real-time customer intelligence to create and personalise their F&B strategies, visit us at localmeasure.com
17 Tear Sheet The Ultimate F&B Guide for Hotel Managers When you re in an industry that s in a perpetual state of change, adhering to a proven strategy is the best way to guarantee a positive ROI. The Ultimate F&B Guide for Hotel Managers outlines the necessary components every hotel restaurant needs to succeed. The F&B ingredient list How does your establishment measure up on the following? 1. An atmosphere that encourages guests to stay and spend; 2. Local and fresh food that meets current expectations; 3. Staff that deliver excellent service, maintain smooth operations, handle food appropriately, and ensure consistent quality; 4. Staying on top of trends; 5. Listening to guests through social media; 6. Offering efficient in-room service; 7. Leveraging guest feedback. Growth action plan Research and plan Collect information from face to face interactions, feedback surveys, traffic patterns, booking data and online data. Create a timeline for your strategy. Build Create tasks and assign responsibilities with measurable deliverables. Learn After a few weeks, review what s working and what s not. Transfer Take your learnings and make adjustments to your strategy as required. Repeat Continue the above cycle, aiming for continuous optimisation and review each year. Local Customer Intelligence.
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