The business industries especially the restaurant industry needs to try out innovation in their products and services in order to stay on the competitive edge giving tough competition to the market rivals and at the same time catering to the changing preferences of the customers. For example, the co –owners of the restaurant named Jump in Toronto incorporated the state-of –the –art studio in their eatery and experienced million –dollar upgrade in their business. It is with the installation of the audio visual equipment that they became successful in meeting the needs of the customers especially the business people. It is stated that the restaurants should either innovate or be eaten because it is a strong industry and there are already market goliaths existing. In order to innovate, the restaurant management at first needs to identify which innovations will have the greatest bottom line impact.
The next step is to establish the budget to implement that idea having designed realistic timeframe. This report will aim at forming an idea for the innovation of Surya restaurant which is an Indian restaurant located in Spain. The restaurant is famous for its flavors of Indian street food and extensive range of cocktails. The restaurant wants to innovate and expand to become scalable. The restaurant needs a model that can be replicated in many countries if it is to open outlets at 100 different locations. The report will start by giving an overview of the company and proposing an introduction of an innovative idea. The report will further proceed with outlining the Business Model Canvas based on the idea along with the customer relationship campaign. The report will conclude by describing how to prototype the idea as well as the potential competitors in the industry.
The Surya restaurant is aimed at bringing the taste of India especially the street food flavors of Mumbai to Spain. The Chefs of the restaurant are said to have travelled every corner of India to present an exquisite list of appetizers. The Hindu cuisines are known for their magical blend of spices and herbs and the exotic flavors are brought about by the restaurant to the Spanish people as well as the Indians who stay there. The Surya restaurant enables the food lovers a chance to explore new sensations that every Indian feels travelling on the streets of Delhi to Mumbai starting with Pani Puri to Vada Pau. It is restaurant that is highly acknowledged for its fabulous diversity which caters to the tastes of all kinds of customers. The restaurant has their special ‘tandoor’ because they ensure the home made and artisan flavor in their baked naans. In order to bring the core Indian flavors, the restaurant is highly promised to the authenticity of Indian tastes. They prepare all their sauces by home-made process to retain the spicy, tangy texture of Indian sauces.
Since the restaurant is mainly focused on spreading the Indian flavors worldwide s that people at every corner of the world get to know about the magical mystery behind the taste of Indian foods, it must be kept intact. The restaurant is also known for its extensive range of cocktails and as an innovative attempt that would help it to expand successfully too, they can introduce herbs in their cocktails. When people hear about cocktails, it is likely that the thought of boozing and sprits/ alcohol comes into minds. The Surya restaurant can change this idea completely by presenting a new segment of drinks which would neither be solely health drinks nor be entirely cocktail with alcohol. The restaurant can change the definition of cocktails by revolutionizing it with the application of health- friendly herbs like mint, rosemary. cilantro, basil, tarragon and many others. These lillet, lavender, thyme, raspberry, blackberry, lemonade, hibiki-shiso would serve as winning combinations. Since the government of all countries are regulating banns on alcohol consumption and that people are themselves becoming extremely health conscious, this new introduction can function as a market penetrator. Among the abundance alcohol based cocktails, people of all ages are likely to get driven by the new combination and the restaurant will subsequently experience success in full-fathom.
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Key Partners First of all, the restaurant must associate with a beverage consultation services of that country in which it wants to enter. A beverage consultation serves by helping the creation and implementation of beverage programs so that consistency and high quality is ensured. They form the base for the introduction of new beverage products in the market along with suggesting fundamental guide to yield standard flavors understanding the customer preferences. Investing on a beverage consultation services would allow the Surya restaurant to build reputation in many countries. Another partner can be Macdonald’s that is a global snacks company. People would love to be served both of these on a single platter. |
Key Activities The first activity is to generate demand in a country by promoting the herbal cocktail through free trial attempts. Next, the sales will be developed by knowing the customer needs via online survey methods. The production and delivery of products will be promoted by focusing on the supply chain. |
Value Proposition The value proposition of the company is to present a glass of flavor and health to the customers satisfying their preferences and demands. The restaurant is also aimed at promoting the health of people of all ages by offering a refreshing composition of herbs and a small proportion of wine. |
Customer Relationships The restaurant will apply the ‘Get /keep and grow’ customer relationship management strategy. Following the rules of the strategy the customer preferences will be known by the social media campaigns. The restaurant blog will enable the customers to post their feedbacks and reviews. It will help the Surya restaurant to grow based in the customer expectations and satisfaction. |
Customer Segments The Surya herbal cocktail will first of all target the variety seekers, the health focused people, the boost seekers and the age of 15- 50 years of age group. The variety seekers welcome what is new and out of the track. The health focused people will get attracted towards it because they are highly conscious of the damage alcohol does to the heart and liver. The combination will fascinate the mentioned age group that includes both the youngsters as well as the mid –age people. |
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Key Resources The key resources for the preparation are the costly and rare herbs which are to be used in the cocktails. The wine that will be used will be the Provencal wine famous for its taste and nutritional qualities. |
Channels The customers will be reached by the help of different restaurant outlets around the globe. There will also be online order facility of the new product. The outlets will be the most cost –effective way for reaching the target customers. |
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Cost Structure Among the costly resources for the preparation of herbal cocktail are the variety of wine to be imported from France and the rare herbs which are not available every time of the year. Preserving these herbs is a great task and would cost around 2.65- 3.30 million dollars a year. |
Revenue Streams The price of the drink will be set according to the beverage market of the particular country where the restaurant chooses to expand. It can be said that whatever will be the cost of the cocktails, the target customers would be willing to pay for the health benefit along with innovative taste the Surya restaurant will provide them. 60 % of the revenues will be invested again on the herbal cocktails. |
The MVP or the minimum viable product is purposed to check if the end users are interested towards the innovative step and whether they are liking the new product or not. The aim of an MVP is to provide a working product that serves the demand and preferences of a particular group of users. It is also helpful for showcasing business potential. This strategy will allow the Surya restaurant to have rich learning experience regarding the positive and negative reaction towards innovation. A deeper knowledge of the customers will enable the restaurant to get an outline of the market it is willing to enter. It is an effective way to learn about the end users that would prove useful for future development and success of the enterprise. It can be tested y the following ways:
The customers will be interviewed in order to elicit information regarding the health issues the herbal cocktail is aiming to solve. The interviews will be rather exploratory, than being sales pitch for the product. In the interviews, the problems and queries of the customers will be listed regarding the product by asking the customer about their opinions and perspectives towards herbal- cocktail. The interviews will serve as gold-mines for actionable information.
It is a process that will provide opportunity to explain the benefits of the product and it will also help to test the product value against the market expectations. The landing page is the first page that appear for the visitors of the site. This is a simple method in which an extra form is added in between the features page and the sign up page.
This is a type of test which will be implemented to test the effectiveness of the modification in the product. It will be based on how the visitors react to the new advancement. It provides room for comparison with the previous product and enables the customers to determine which product is better.
The Ad Campaign will serve as a better way to conduct surveys on market validation. The global platforms like Google and Facebook will allow the Surya restaurant to discover the target market and run a test to check which flavor appeals which category the most.
Since the health concerns are all the way spreading and customer are being concerned in choosing their health drink, various established companies have also on the verge of launching health- friendly beverage products. Taken for example, the Coca Cola Co. has launched the Coca- Cola lite, Diet Coke, Coca Cola Zero sugar and others. Hence, it can be said that the competition is high on this idea. The Surya restaurant must care about the competition because, there are so many market giants in this industry who are financially and in other ways more competent and potential. Without concerning about them, their customer base, their strategies, market grip, it would be difficult for the Surya restaurant to enter the desired market. The three main competitors in the health beverage industry are Coca Cola, PepsiCo and Dr Pepper. Notably, these are the carbonated drinks having health –drink version too and cannot provide the flavors of herbs and wine. The Surya restaurant can make this their strength and keep on exploring new flavor by composing the herbs in different manner.
Image 1- comparison of Coca Cola, PepsiCo and Dr. Pepper
Image 2- comparison of Coca Cola, PepsiCo and Dr. Pepper
Conclusion
Therefore, from the above discussion it can be said that the Surya Restaurant can expand worldwide by the help of introducing herbal beverages in the industry. The report has well documented the business model canvas of the innovative idea. The report has also provided the minimum viable product test that the restaurant must conduct and lastly has provided the competitors’ analysis of the three main market giant in the beverage industry.
References
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