Page 10 - Essentially Catering Issue 94
P. 10

Essentially Catering Magazine - October 2019

        Industry News


          Cobra Beer, founded by British Indian entrepreneur Lord Karan Bilimoria, has
          launched an initiative designed to support the UK restaurant industry.
            Bringing together a panel of highly successful chefs, restaurateurs and restaurant
          industry entrepreneurs in the form of The Cobra Collective, members will work
          individually and as a group through the coming year in rolling out a programme
          of inspiring business masterclasses, interactive workshops and ‘how to’ videos,   Cobra has committed
          developed to support start-up hospitality entrepreneurs and existing restaurant
          owners at what is a turbulent time for the hospitality sector.              £150k in year one of
            The Cobra Collective comprises chef, entrepreneur and MasterChef host Monica   The Cobra Collective
          Galetti; Michelin-starred chef Andrew Wong; restaurateur Nisha Katona MBE;   and hopes to offer
          Podcast presenter and content creator Alexandra Dudley and Beer Sommelier   advisory support to
          Ed Hughes. Each member of The Cobra Collective will work to develop a range of
          informative content and events based on their individual areas of expertise within   multiple independent
          the restaurant sector.                                                     business owners in the
            For a full list of masterclasses throughout 2019/20, email                     year ahead.
 and follow @cobrabeer on Instagram

                                              Operators missing a

                                              trick with ratings

                                              Around 60% of travellers worldwide use customer ratings in their
                                              purchasing decisions when planning holidays, while 43% regularly leave
                                              ratings themselves. Even though most travel and hospitality sector
                                              businesses are aware of how important ratings are, only about 20%
                                              of those surveyed currently have an effective strategy to deal with
                                              bad ratings.
                                                These were the key findings of study Trend Radar 2019 –
                                              he Rating Economy (Focus on Tourism)* by the global pricing specialists
                                              Simon-Kucher & Partners.
                                                The study found that, when making a purchase, ratings are the third most
                                              important factor after product features and price, which means they are even
                                              more influential than brand in the decision-making process.
                                                “Hoteliers, in particular, have known for years that customers’ trust in
                                              established providers can decrease very quickly due to low customer ratings,”
                                              said Dimitris Hiotis, Global Head of the Leisure, Travel and Transportation
                                              practice at Simon-Kucher. “Our project experience confirms that there is a clear
         Only a fifth of providers state that   correlation between damage to reputation and weaker sales figures – 33% of
         they have a clear strategy for handling   the consumers surveyed said that they had decided not to book a particular
         ratings, whereas 27% use ratings     offer due to poor ratings or opted for a higher-rated alternative.
         as KPIs*. Just six per cent draw       “But what’s more surprising is that, when making strategic decisions, the
         conclusions from direct customer     companies surveyed only incorporate these findings to a limited extent.
         feedback to improve their product and   “The study also shows that, in addition to actively managing their
         quality management.                  weaknesses, companies can benefit financially from nudging satisfied
         * Key Performance Indicators         customers to leave ratings, since high ratings can increase the price customers
                                              are willing to pay for a hotel or trip.”

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