In the first few months of opening, Bơ Bán Bò (BBB) did quite well in terms of Marketing, operations and customer experience from the perspective of a Secret Customer.
Due to occupational diseases, I often go to branches, points of sale, and distributors with the Anonymus Customer title to evaluate the external perspective of customers and estimate the internal management capacity of the company/unit I am surveying.
Because the nature of the branch’s external image is the internal operating process that you are trained on.
Experience from touchpoints:
1. Table reservations: Always full, creating an experience for diners who always have to make reservations many days in advance.
2. I went to Binh Thanh and District 1, the parking lot is spacious, the security guards are also friendly and helpful. polite, ushered in and escorted out when I got home
3. The restaurant space is open, you can order and arrange seats quickly, no difficulty
4. At that time, going for combo meals, BBB’s pricing strategy Pretty good, the COMBO penetration strategy (Just beef, side dishes, sauce, raw vegetables…) feels like I get more than the bill price of about 550 – 650/average for 2 people.
5. Decor style of the shop is also simple, airy, suitable for the lifestyle of office workers and young people; The TA of Xemesis and Xoai Non, the toilets are quite clean and the restaurant concept (tables, chairs, indoor signs…) is also quite consistent compared to the initial investment cost.
6. Charging a transfer bill to a woman’s personal account, I thought Xemesis’ mother =)) – I thought BBB belonged 100% to Xemesis’ family because I knew this streamer had a business tradition; At that time, I highly appreciated the operating process and experience of this brand; The ability to control is a profession, not a temporary inspiration because you become famous and then jump into business.
I wonder, oh, children of different lineages have the same wings and the same wings. Do it quickly, neatly, professionally and with a spreading strategy. It’s not just a brand that launches for media effect, then sells it once and then the customers go away.
Sales accounting work takes place, meaning money is controlled; Or in other words, you have experience before setting up so quickly.
7. A little analysis of BBB’s break-even point:
Cost price = 50%
Average bill: 700 – 800,000/2 people
Only sell in the evening, rush hour 3 – 4 hours.
Peak time is Saturday and Sunday.
Average 3600 – 4500 parts per month.
Total variable costs = 408,823/1 part
Fixed costs:
Fixed salary is quite high with 30 – 40 service staff, main kitchen, assistant kitchen, store manager, shift/crew/shift, waiter, security guard: Not less than 200 – 255 million/1 shop.
Electricity, water, wifi, flat tax: 40 million.
Premises: 70 – 80 million.
Depreciation for 1 branch: 40 million
Advertising: 40 million
Break even: 1928 parts ~ 1,253 billion, which means break even after 16.06 days.
Less than 7 branches, no back office. 8. After the 3rd time eating, I didn’t go there again because: The first time I went to eat, I saw the pricing was quite low with the quality BBB was delivering, I guess the pricing wasn’t standard; Penetration is good, but if it’s not standard, you’ll lose money and it’ll be difficult to go long.
With the quality I’m being used and the cost of operating a branch, I find it difficult to make a profit.
I told my friend that BBB would have to raise prices.
And that was the third time I went out to eat, BBB had to increase the price to 900k – 1.2 million/bill.
Compared to other popular segments:
– King BBQ
– Gogi House
Or when I eat authentic Korean food in District 2 (This is excellent),
BBB’s price gets expensive after the 3rd time, I don’t eat it anymore.
Probably N=3 is not enough survey sample, but I went out to eat to find out + to satisfy my curiosity, does the artist’s business have… characteristics? hi hi hi
9. Now Xemesis posted to announce that he stopped working and left 40% of the shares.
Well it turns out there are 2 other founders.
Xemesis and Xoai Non are just representative images.
Maybe I’m wrong because I don’t have enough information, but it’s a pity.
Even if you try to maintain a professional public image when you leave, the pain will still be there because everyone who is a founder does their best.
This painfulness starts from:
1. The brand is still young, there are still many founders in the editing stage (04)
2. There will probably be many opinions that have not yet penetrated each other because not everyone is familiar with business and finance.
3. Art >< business requires a lot of charm to find a common voice.
4. It’s okay to do small business, the more famous you become, the more you lose focus.
5. Importantly, the capital structure of 40% Xemesis and Xoai is 60% of the other two brothers; If Xemesis wants to divest, it seems this brand will have a slowdown due to internal processing.
6. Effective and presentable, but probably not enough money and clear agreement on share distribution upon divestment. Self-love or self-respect = loss of rights, brothers; Everything has to be reduced to barley, so why give up in times of crisis? hu hu hu
Conclusion:
– BBB has sharpness, has a strategy, knows how to borrow KOL’s image to position, but to be sharper and better/greater, there will probably be a lot of work to do.
– FnB is trendy; Teams that are not sharp and maintain for 4-5 years without anything new will be replaced in the market, the capital market is competitive, sometimes it will be shorter.
– Big companies like GGGate or RedSun are invested in by the Fund because of many factors and competitiveness; not just stopping at a single brand with unique characteristics.
There are still many challenges, I hope the brand can always maintain its attraction strategy and adjust its standard pricing.
Disclaim: The costs are hypothetical, I may not have calculated all the costs.
With the profit of 1 shop and the effects of Xemesis + Xoai Non, I find that making a good shop has enough money to build additional branches without needing to invest more because the profit has not been distributed enough to open it myself.
The problem is how long the brand will last.