Knowing one's strengths and distinctiveness, along with being able to utilise online marketing tools, are seen in Thailand as the keys to survival for restaurant business operators in a highly competitive market.
Thanapong Vongchinsri, the owner of Penguin Eat Shabu, said buffet restaurants in the country are facing rising costs such as raw materials, rental fees, and management costs.
He said buffet restaurants' costs have increased by more than 5% over the past two years.
"The overall restaurant market domestically is not experiencing any growth this year due to weakening consumer purchasing power," he said.
He said the private sector is closely monitoring the government's economic stimulus measures, along with the stability of the political situation.
Referring to the government's planned 10,000-baht digital wallet handout scheme, Mr Thanapong said he expects it would help boost the restaurant industry in the short term.
Mr Thanapong said his company believes the restaurant business is changing rapidly, so the operators must be agile and able to adapt to the changing business environment and evolving customer preferences and lifestyles.
He said restaurants that make themselves stand out and that have a clear concept would attract customers as they are increasingly choosing experiences over purchases.
Moreover, restaurants must use online marketing tools to help promote their visibility on online media platforms.
"Restaurants must have a distinctive point compared to others and develop a customer base by integrating marketing strategies, including word of mouth, social media and print advertising. These factors are the key to restaurant survival," said Mr Thanapong.
To attract customers, restaurants must be able to identify their strengths and present them through storytelling.
For example, some restaurants might focus on special features on the menu, the owner's history or experiences, or by referring to positive customer testimonials.
"Small and medium-sized restaurant operators are unable to present all of their strengths at once, but they must choose one key point that will be able to attract customers," Mr Thanapong said.
