The aim of bars across the world is to stir excitement and entertainment. Considered as the most money making business, running a bar in India is a tedious task. Bars and pubs have grown faster than cafes over the past two years driven by younger consumers, competitive pricing and a proliferation of options, says data by global market research firm Euromonitor.
Bars unlocking their Potential
In the last few years, new and innovative ideas have come up, and the latest is this new brewery, The Byg Brewsky, which covers an area of 16000 sq ft with a micro-brewery that has 16 beers on tap, which serves as a goal for us to achieve in a nation as diverse as India.
Pravesh Pandey, director of Pravesh Pandey, Director of The Byg Brewsky Company said,” One of the main elements that a successful business needs to endure in the marketplace is the experience being provided to customers today. Any model of business will last longer and will last longer if there are major elements in it. The user experience and the exclusivity of the product are two aspects that should be a step ahead of the times.
“The parameters concerning the pricing should include your target group and where the Indian economy is growing,” Pandey added. Pandey.
Offer the Best to Your Customers
Every product has a cycle. The majority of consumers are overwhelmed by options. The sustainability of a business is dependent on the loyalty of customers as well. Nowadays, consumers have different preferences, and there is no specific brand preference. Entrepreneurs must ensure that they have a distinct differentiation by developing an extension of their product.
“The product offering has to be dependent upon uniqueness which is the innovation to sustain in the market”, Pandey said. Pandey.
A microbrewery in Gurgaon, BrewBuddy, has launched taps on tables, as well as self-pouring for customers. “We are an comparatively new company and, despite the fierce competition in the industry, patrons have been steady both weekends and on weekdays. There are a variety of drinks available including food options portions, and younger customers are driving up the number of customers,” said Ashish Gupta, director of Rejoice Hospitality, one of the BrewBuddy’s promoters. BrewBuddy.
How to Keep it Going
India is a nation which has always prioritized food over drinking. It was long thought to be a taboo, and the law partnered with norms of the past to allow a healthy and wholesome pub culture to thrive. In the past 15 years, India has witnessed a major shift in the food and drink industry. Not only has the attitude of the customer changed – having a drink or two at work is now completely Kosher. Every major liquor brand believes that its greatest growth potential is located in India.
There are a variety of reasons why the many bars are unable to endure the intense competition on the market. Branding is critically essential for a bar to survive. When asked the steps needed to ensure that a brand is running through the various obstacles, Pandey said,” The process of defining the definition of a brand or creating one depends on the relationship the brand is able to communicate with its customers. Communication and offering of a brand is enhanced by a distinctive product is the most effective strategy for a brand.”
Joy Singh, Founder, Raasta stated,” Pairing food with liquor is a fashion statement which is being widely adopted by trendy bars in India. This requires you to keep your menu as easy as you can. In addition, leveraging relationships with liquor firms and a well-organized backend results in scaling bars.
The Success Mantra
The nightlife scene is an integral component of a city’s culture, and the new age bars have managed to establish a niche for their brand by establishing a brand name with their drinks, food and drink, or even the more gorgeous combination of both. The idea of staying put is not an option in the current world. There has to be a change in the way food and drink businesses conduct business.
The right people driving the best innovations and making sure that the distinctive feature can be amplified is Pravesh Pandey’s strategy to maintain bars in India where 40% of revenue comes from food, and the remainder is due to alcohol.
Giving tips on running an efficient enterprise, Joy Singh said,” It is important to always be open to their heart to what they believe in, and stay true to it instead of looking at other people and altering their own product or location to fit. The most important factor is patience, because the process takes a while for a business to get back on track.”
“Once you’re a curator for a brand, don’t take a leap, instead go deeper. If your core values are sound, you stay to your idea, believe in it and don’t be overwhelmed, there’s always room and acceptance in the marketplace” said Joy Singh, Founder, Raasta.