THE ADVANTAGE OF INCREMENTAL IMPROVEMENT
You are either outwitting and outsmarting your competitors or licking their tails
If your business doesn’t standout in its industry, then low market share and revenue is your current reality.
In 2012-2014 my colleagues and I use to eat lunch in a small bukka-like restaurant in Garki 2 called Bonoze. In those days, at any time you go there you will find a seat as they didn’t have so much customers and their food prices was absolutely cheap and the taste was average, nothing mind blowing. Cheap in comparison to other restaurant then. The interior design of the restaurant was extra extra basic, not fancy and not much has really changed today.
When we wanted to host prospective clients we would take them to Jeviniks which is on the same street with Bonoze because of its cool ambience, menu varieties, although more expensive than Bonoze.
Fast forward to five years ago, Bonoze hasn’t changed much in terms of ambience but its customer base has skyrocketed. Today it is the best selling restaurant in that area, beating Jeviniks, Drumsticks and others. People order its food from all across Abuja through their website.
What changed? 5 things Bonoze is doing right while it’s competitors sleep.
Mind Blowing Taste: Only last week I had their basmastic rice and my taste buds have not stopped craving more of it. One of my close friends only eats these days at Bonoze, plus everyone keeps talking about how tasty their food is. Compare the taste of their food with their competitors and Bonoze tops them easily. Talk about real incremental improvement, they got it with their food taste.
Menu Varieties: unlike in its early years, they now have more varieties and options in their menu with over four different varieties of rice, soups and swallow, catering to and satisfying the needs of their various customers.
Strategic marketing: They got their marketing right; as they generate revenue through walk-in, takeout and outdoor. All three revenue channels help them to harvest more customers, especially the outdoor and takeout. Not to mention their website for ease of ordering. These they grew into gradually, unlike their competitors who do not generate revenue through outdoor catering.
Fair pricing: Even though they improved the taste of their food, the price difference hasn’t changed much. They are still way cheaper than their competitors. Their price range is even better than most bukka-style restaurants right now, yet with better taste and varieties.
Low operational cost: This is one area they beat their competitors silly. Their cost is not as low as the regular bukka-style restaurants but is low in comparison to their competitors. Their overhead , electricity, marketing and logistics cost are so low. It shows that customers don’t care too much about restaurant ambience when they want to eat lunch. Their takeout trump dine-in, besides the size and ambience of their restaurant, they don’t even have enough parking spaces.
Bonoze indeed outwitted and outsmarted its competitors by improving gradually in the key areas over the years without their competitors paying attention. Today, they have attracted and retained most of the customers that use to patronize other restaurants in that area.
You can win market share and dominate your industry through small incremental improvements.