In the hot pot industry, in the face of specific consumer groups and competitors, how to break through the limitations and expand market share is a problem that every hot pot restaurant operator needs to think about. Through the brand portfolio strategy, we can learn from the case of Xiabu Xiabu's successful introduction of "Xiangxiang" hot pot to inject new vitality into our hot pot restaurants and improve market competitiveness.
Advantages of the brand portfolio:
Brand portfolio is a strategy to increase overall market coverage by creating multiple brands within the same industry, reaching different market segments. This strategy was successful when Xiabu Xiabu launched the "Xiang Xiang" hot pot, which attracted different types of consumers and improved overall performance by creating a different brand image.
The successful experience of the hot pot:
Focusing on Taiwanese style and culture, the company launched a special Taiwanese hand-cranked tea, and at the same time created a dark and elegant decoration style, successfully cutting into the casual business scene. This innovation not only enriches Xiabu Xiabu's overall product line, but also forms a differentiated competitive advantage in the market. The success of Minato as a sub-brand has provided us with experience to learn from our hot pot restaurant.
Application of Brand Portfolio Strategy in Hot Pot Restaurant:
Create characteristics: For different consumer groups, you can launch sub-brands with distinctive characteristics. For example, you can set up a brand that focuses on the flavor of traditional hot pot and the atmosphere of family gatherings to attract consumers who pay more attention to traditional taste and family affection.
Focus on market segments: Observe market segmentation to understand consumer needs. You can launch a brand that focuses on high-end service, unique ingredients and dining experience to attract customers who are more quality-oriented and service-oriented.
Innovative Decoration and Dining Environment: Create a unique dining atmosphere through innovative decoration styles and dining environments to attract a wider range of customers. It is conceivable to create a fashion-focused, creative brand that adapts to the tastes of young people and fashion consumers.
Approach to the management of the brand portfolio:
Accurately identify market differences: Gain a deep understanding of market segments before launching different brands to avoid cannibalism. Make sure each brand has a clear positioning in the target market and avoid overlapping and positioning.
Focus on brand association: Some elements can be moderately shared between brands, such as decoration style, service concept, etc., to improve the overall brand recognition. Ensure that each brand in the portfolio is able to benefit from the overall brand impact.
Avoid self-competition: There should be clear differentiation between different brands, and avoid competing with each other in products, services and ** to maintain the coordination and stability of the brand portfolio.
Case Study: Procter & Gamble's Brand Portfolio Strategy:
Procter & Gamble has adopted a brand portfolio strategy in the shampoo space, launching several brands such as Rejoice, Pantene, Head & Shoulders, Icalus, and Sassoon. Each brand has a unique positioning and characteristics, and has successfully captured half of the shampoo market. This brand portfolio strategy has brought P&G the benefits of scale, advertising, and innovation within the company.
Conclusion: In the operation of hot pot restaurants, brand portfolio strategy is an innovative and effective means to help hot pot restaurants attract a wider range of consumers and increase market share. By in-depth understanding of market demand, creating a differentiated brand image, and focusing on brand association and management, hot pot restaurant operators can achieve better performance and brand effect through brand portfolio strategy.