VBS Student Blog | Insights, Experiences & for Personal Growth

Run up flagpole: What happen after Covid

Restaurants have had to reinvent themselves, demonstrating how agility is essential to their existence. Despite the fact that the vast majority of restaurants have recovered and that traffic patterns are improving, the industry still has a lot of obstacles to overcome before it can entirely recover. They had to quickly change their focus to off-premises orders, modify their menus and workforce, and enlist the help of the neighbourhood. 

Food service companies will be forced to open smaller storefronts as in-store eating declines, which will be aggravated by cloud kitchens and an increase in online-to-offline takeout. 

As they develop their value offer and create their own cloud kitchen network, aggregators will begin to rule the food service sector. 

A Bifurcated Economy - As consumer budgets become more constrained, value and private label products will become more popular. Premium goods supported by businesses with a purpose will grow at the same time.

CPG mood amplifications - This past year, euphoric and nootropic beverages, a new category of useful non-alcohol beverages, experienced tremendous growth. While nootropic beverages are intended to increase brain clarity and reduce stress, euphoric beverages are designed to make you feel ecstatic after consuming them.

Restaurants can get back to business, speed up transactions, and increase order accuracy by utilising the appropriate technologies.

A smart POS system, tableside ordering and electronic menu technologies, mobile ordering technology, contactless payment options, possibly even self-order kiosks, and guest interaction apps are all part of the current restaurant tech stack. 

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Don't forget about inventory management, menu management, and tools for staff scheduling.

Menu engineering: Restaurant supply chains have been disrupted by COVID-19, which has increased the cost of raw materials and made it challenging for some establishments to obtain their usual ingredients. You must comprehend the psychology underlying a menu's presentation, promotion, pricing, and ordering in order to streamline it.

Chains and franchising will receive a larger share of the market: Today, franchise sales to soar when combined with excellent real estate, inexpensive mortgage rates, and sizable numbers of unemployed restaurant personnel.

The footprint of real estate will decrease: The rise of virtual brands is not expected to slow down anytime soon given the quick expansion of delivery and takeaway. Restaurants may reconsider their real-estate footprints as internet ordering grows in popularity. Restaurants may reduce the amount of space available for dine-in customers while expanding the cooking, take-out, and pick-up sections in order to accommodate greater off-premises sales.

To succeed in the new environment, food service organisations will need to implement a fundamental business reset and strategically reinvest.

As we move through the first half of 2022, we can already see that consumers are continuing to prioritise indulgence, premiumization, health and wellness, and taste discovery.

The first wheels which were used by mankind were invented 5500 years ago in Mesopotamia since then the evolution of mankind never saw a full stop. It is said that the wheel made the foundation of human civilization. From potter’s wheel, we have progressed to carts, ships, trains, planes. From earthen vessels we progressed to various metals, alloys which lead us buildings, weapons etc. The constant development and progress were always followed by a constant change and it was said that,

“Change is the only Constant”

The above quote applies to all the fields of our lives be it Technology, Environment, Culture, Politics, Religion as well as to Education! When every minute aspect of Human civilization is undergoing a change such as from Computers to Artificial Intelligence, Deforestation to Afforestation, Homogenous Culture to Heterogenous Culture, Monarchy to Democracy, Gurukul to School isn’t it the time to ask for a reboot to our teachings? Undoubtedly, our education has evolved into a better version of itself but to this everchanging world isn’t there a need to reboot our teachings to make up to the pace of change world is going through?
Today, we have a diverse range of subjects of various fields discovered from our history of human kind making a key to our better future but as we know that neither the studies nor the future is absolute, it changes with every action made today thus it is necessary that our studies, subjects keep up the pace with time. Presently, World is run by the economies consisting giant industries, business houses and businessmen so it is the responsibility of our education system to nurture the best Businessmen/women, Managers and entrepreneurs to provide a stable and bright future, but to do that the system should go under a timely reboot to look after the differences between the present trend and the upcoming changes.
After knowing the need and necessity of a reboot, a question which arises that is,

“How to reboot?”

Before we bring light to the answers to the above-mentioned question, it is important to understand what the current syllabus, system provides us with respect to the future and what could the new reboot or updated system can provide. Currently syllabus or study methodology of MBA, PGDM or any other equivalent course are based the theories, principles and research of decade old markets suited for that period which in time will become irrelevant in future irrespective of how correct or compatible they are with today’s world. Even though these principles or research are decades old but they still make the foundations of the course and hence are irreplaceable yet as 2 + 2 = 4 is built upon the principle of 1 + 1 = 2 similarly the new framework of the syllabus should be built on the founding principle and guide the future by combining the learnings of old principles and energy of new research, coming to the answer for the questions asked above that is to reboot any system we need to update the existing system with a new, strong, fast and a better version of itself, similarly to reboot our MBA we need to update our existing framework with a better, adaptable and flexible system which can easily be updated in future according to the requirements of that period.

As we know the coming future will be more digital than ever, more inclined towards creativity unlike today’s traditional rules and regulations, with less boundaries and toughest competitors for every positions and thus to prepare ourselves for the same regular updates and reboots are required in our syllabus which are inclined towards simulative learning, actual experience, creativity, stress management, digital revolutions instead of classroom learning but in a collective simulating environment. The need of the hour asks us to take a leap beyond the existing methodology for learning but mend ourselves and prepare for the coming trends and changes in the business as well as the corporate world. It is high time to introduce multi stream business teaching methods such as using Artificial Intelligence, Real life simulations, Actual job experiences for good amount of time, opening the realm of creativity and other software and mending them to make it useful for businesses and management.

As it is quoted by many great men,

“Business never stops growing, neither should our knowledge about business should”, Let us keep growing and walk towards a brighter and better future!
 

- Deepesh Jain
PGDM
2020-22
Vivekanand business school

“All experience is an arch wherethro’ gleams that untraveled world whose margins fade forever and forever as we move”, an excerpt from Alfred Lord Tennyson’s poem ‘Ulysses’, perfectly encapsulates why experiences matter, and stands true for brand experiences too. It captures how they are a glimpse of something huge that is yet to be explored and, how it paves way for a myriad of experiences in the future.
Similarly, in the world of branding, brand experience is gaining more traction over efficiency or effectiveness. All three aspects form part of the process of value creation for the customer, but brand experiences stand out when it comes to building a brand image.

A single moment, episode, gesture that elicits responses from all of the senses make an experience and leave an indelible mark on the mind that transforms into a brand’s image. The way a customer is able to relate to a brand, or how the brand aligns with the thought process of the customers contributes to building the brand image. Brand experiences essentially help in this process. If a brand is successful in building an entire experience around what the customers identify with, it becomes a powerful brand.

We all have a bucket list of the things we want to do and experience; it is as simple as that. Always what we do and have experienced weighs over what we possess. When we rewind and replay the journey of our lives, what we remember is the things we have done, situations we have faced, and moments we have cherished rather than something we own. Therefore, to metamorphose into a powerful brand, it needs to be aware of the significance of brand experiences and build the brand in a way that delivers a wholesome experience. It will help the brand rescind all the negative associations and associate the brand with positive connotations.

When it comes to brand differentiation, creating a brand experience is the way to go, since now the quality of the product, price, offers, etc. have less influence in deriving a distinction between brands. It is not merely limited to the marketing and branding team to create a successful and wholesome experience for the customers, each department must take ownership of their part to create a brand experience that matches with the values and quality that the brand wants to accomplish. It is a huge responsibility because creating an experience out of a brand requires collaboration between all the departments to ensure consistency in delivering the experience at all the touchpoints.

An exceptional example of a brand experience is the renowned brand “Disney.” If you ponder upon the brand Disney, you will realize that more than being a product or service, it is an experience, a magical experience.

It is so true to its goal that the brand is associated with the word, ‘magic’. There are a plethora of touch points, and they cut across all the different business silos. From the person checking the tickets, to the person in charge of maintenance, to the conductor of the little trains in the theme park, it has successfully managed to create a dreamy world for the customers to experience. Creating a magical experience is quite challenging. It's not the same as mass-produced goods. This is the conduct of dozens, if not hundreds, of people who come into contact with you during your encounter.

Experiences, it turns out, are by far the most important factor in determining loyalty. The loyalty of a customer towards a brand is a factor that determines whether it will stay with the brand or leave the brand. Leaving the brand is also an outcome of bad experiences, therefore it is important to know what are the things that they liked about the brand, which aspect of the brand is memorable and ingrained in their minds. Customer satisfaction is driven by positive experiences. A brand must understand that its focus should not be on building expectations rather it should be on building experiences for the expectations.

To design such experiences the brands, have to dig into the soul of the customers. They need to explore and dive deeper to understand the customers and their experiences at a more emotional level. Another important factor is to have a clear understanding of the purpose of the brand. If the brand is unable to communicate its purpose through its actions, it cannot deliver on the customer experiences. Therefore, understanding the purpose of a brand from an experiential component is significant.

Sometimes, many brands end up forgetting their purpose and it costs them their customers. One such story is of the brand Harley-Davidson and how they bounced back by identifying and understanding their purpose.
They were drawn into a war against the Japanese bikes, the Hondas and Yamahas, not because of price efficiency, but because of efficacy. And it was all about efficiency and functionality. Sport bikes entered the market, and Harley attempted to differentiate itself by becoming more athletic. And as a company, they were unable to execute on that value proposition. So, they dispatched two of their marketing agents to ride shotgun with the one consumer group that refused to abandon them.

The Hells Angels were the target market. The two marketing executives rode with the Angels for three months. And it was then that they realised that the Angels were a gang, and they never rode alone. Unlike the Japanese sports bike, which was all about independence, Harley was all about camaraderie. And by recognising this, they were able to transform their brand into an experience. They put their money into cruiser bikes. They had posse rides, as they were known, all over the country, when individuals rode together. Despite their independence, the dealerships became part of the brand family. They also put a lot of emphasis on events that brought the riders together.

It was designed with the premise that you should never ride alone. So, Harley-Davidson was able to turn around the brand and give a holistic experience to their customers by understanding their purpose, where the product truly became an enabler for the experience.

Brands that have the ability to master this experience-driven approach will be able to win over customers and prove to be a powerful brand.

Anjali Nair
PGDM A
Vivekanand Business School

It is not a lesser-known fact that every and any agency associated with an institution, be it employees, consumers or investors, look for something which has a deeper significance than just quality products, returns and payslips. With every spin of the Earth around its axis, the emphasis on creating a brand value for any organization, is much more than just catchy promotions or curating ads with powerful messages. It is believed to give an understanding of the organization’s purpose and what it stands for. The reputation of the company is the force by which it is perceived by different parties that are linked with it and how they communicate about it to others.

In the era of organizational brand, consumers are more concerned with what the company represents, than the product itself. They prefer brands that serve some purpose to the society rather than how the product is positioned in the market. Organizations that showcase greater institutional values are bound to attract more consumers than their counterparts. This increases consumer loyalty and buyers don’t shy away from opting for different product lines of the same organization. It eventually becomes an identity of the organization. The dedication and conviction with which an organization aligns its product brands with its purpose, the services it provides, the culture it embraces, and the regard it has for its employees, defines its willingness to stamp its position on the brand chart, attracting customers.

Companies like Starbucks, Ikea, Nike, Apple, etc., have become household names that splatters consistency in their behaviour and reflect commitment towards employees, society, consumers, and stakeholders through their actions. They are not just company names; they are a brand in itself.

With an increasing emphasis on organizational branding, the subject of Employer branding is also gaining recognition. The top managers and leaders are pushing focus on building an employer brand, because of the undeniable advantage it brings to the workplace as a whole. The not so questionable interdependence of both these aspects makes it a corporational responsibility to possess a deep-rooted employer brand, and put an end to the misconception of it being just the HR team’s job.

Employer brand is correlated with your past, current and future employees. It is them who decide the brand worth of the employer. Hence, in this competitive job market, where every organization wants the best talent to join their team, having a positive employer brand is always recommended. Attracting the top talent, always was, and always will be one of the top priorities. Apart from wanting to get paid for what they deserve, employees look for benefits, opportunities, the culture, how they are treated by their managers, seeking for a better employee experience, they look to align their purpose with that of their employer. It has become increasingly important for employees to find sense in what they do, beyond their designated tasks. This makes it crucial for employers to share their purpose with their employees.

Your employees are your fastest messengers. They hold the potential to make or break your brand. With social media powering through all segments and arenas, it is easy for someone to share their experience with an organization to a larger audience, which can defame or uplift its reputation. Happy and satisfied employees are more likely to attract new talent and retain the existing one. Thus, increasing the retention rate, along with making an impactful impression for potential candidates. A good employer brand, using Linked-In or other social media networks, can spread the word for requirement or even directly connect to candidates.