Harvard Case - Eatigo: Connecting Empty Dining Tables with Empty Stomachs
"Eatigo: Connecting Empty Dining Tables with Empty Stomachs" Harvard business case study is written by Hong Meng Khoo, Yoon Kee Kong. It deals with the challenges in the field of Entrepreneurship. The case study is 10 page(s) long and it was first published on : Sep 12, 2017
At Fern Fort University, we recommend Eatigo pursue a strategic growth plan focused on expanding into new markets, leveraging technology for enhanced user experience, and building a robust brand presence. This strategy should prioritize sustainable growth through strategic partnerships, targeted marketing, and a commitment to operational efficiency.
2. Background
Eatigo, founded in 2013, is a Singapore-based startup that revolutionized the restaurant industry by connecting diners with discounted meals at restaurants with available tables. The company?s innovative business model, leveraging technology and data analytics, offered a win-win solution for both restaurants and diners. By 2016, Eatigo had expanded to multiple Asian markets, demonstrating its potential for global growth. However, the case study highlights the challenges faced by Eatigo in navigating a competitive market and scaling its operations effectively.
The main protagonists of the case study are:
- Peng Joon, the founder and CEO of Eatigo, who is a visionary entrepreneur with a strong focus on innovation and growth.
- The Eatigo team, a group of dedicated individuals working to execute the company?s vision and overcome operational hurdles.
- Restaurant partners, who rely on Eatigo to fill empty tables and increase revenue.
- Diners, who benefit from discounted meals and convenient access to restaurant reservations.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
a) Business Model Canvas: Eatigo?s business model is based on a two-sided marketplace, connecting restaurants and diners. The key value propositions for restaurants are increased occupancy and revenue, while diners benefit from discounted meals and convenient booking. The revenue model is based on commissions charged to restaurants, while the key resources include technology infrastructure, data analytics, and a strong marketing team.
b) Porter?s Five Forces: Eatigo operates in a competitive market with several forces at play:
- Threat of new entrants: The online food delivery and reservation market is attracting new entrants, increasing competition.
- Bargaining power of buyers (diners): Diners have a high degree of choice, potentially leading to price sensitivity and switching costs.
- Bargaining power of suppliers (restaurants): Restaurants can negotiate favorable terms with Eatigo, potentially impacting profitability.
- Threat of substitute products: Other online platforms and traditional reservation methods offer alternative solutions.
- Rivalry among existing competitors: The market is characterized by intense competition from established players and emerging startups.
c) Growth Strategy: Eatigo?s growth strategy can be analyzed using the Ansoff Matrix:
- Market penetration: Expanding within existing markets by attracting more restaurants and diners.
- Market development: Entering new geographic markets, targeting different customer segments.
- Product development: Introducing new features and services, such as loyalty programs or meal delivery options.
- Diversification: Exploring new business models or entering unrelated industries.
4. Recommendations
To achieve sustainable growth, Eatigo should implement the following recommendations:
a) Expansion Strategy:
- Targeted Market Entry: Prioritize entering markets with high potential for growth, focusing on regions with a strong dining culture and a growing middle class.
- Strategic Partnerships: Collaborate with local players in new markets, such as food delivery services, travel agencies, and hotel chains, to leverage existing networks and customer base.
- Localized Approach: Tailor marketing and product offerings to specific market needs and preferences, considering cultural nuances and local dining habits.
b) Technology and Innovation:
- Enhanced User Experience: Invest in user-friendly mobile applications with improved navigation, search functionalities, and personalized recommendations.
- Data-Driven Insights: Leverage data analytics to understand customer behavior, predict demand, and optimize pricing strategies.
- Innovative Features: Explore new features such as online ordering, table reservation management, and loyalty programs to enhance user engagement.
c) Brand Building and Marketing:
- Targeted Marketing Campaigns: Utilize digital marketing channels, social media, and influencer marketing to reach specific customer segments.
- Brand Storytelling: Develop a compelling brand narrative that highlights the value proposition of Eatigo, emphasizing convenience, affordability, and a unique dining experience.
- Partnerships and Sponsorships: Collaborate with food and beverage brands, lifestyle publications, and events to increase brand visibility and reach.
d) Operational Efficiency:
- Streamlined Processes: Optimize internal processes for efficient onboarding of restaurants, managing customer inquiries, and resolving issues.
- Data Security and Privacy: Implement robust security measures to protect user data and ensure compliance with privacy regulations.
- Financial Management: Maintain a strong financial foundation through efficient cost management, revenue diversification, and strategic investments.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Eatigo?s core competency lies in its technology platform and data analytics capabilities. The recommendations focus on leveraging these strengths to drive growth and enhance user experience.
- External customers and internal clients: The recommendations prioritize meeting the needs of both restaurants and diners, ensuring a mutually beneficial ecosystem.
- Competitors: The recommendations address the competitive landscape by focusing on differentiation through innovation, strategic partnerships, and targeted marketing.
- Attractiveness - quantitative measures: The recommendations aim to drive revenue growth and profitability by expanding into new markets, increasing user engagement, and optimizing operations.
- Assumptions: The recommendations assume a continued growth in the online food delivery and reservation market, a willingness of restaurants to adopt technology, and a demand for convenient and affordable dining options.
6. Conclusion
Eatigo has the potential to become a leading player in the global food technology industry. By implementing a strategic growth plan focused on expansion, innovation, and brand building, Eatigo can overcome existing challenges and achieve sustainable success. The company?s commitment to technology, data analytics, and customer satisfaction will be crucial in navigating the evolving landscape of the restaurant industry.
7. Discussion
Alternative strategies for Eatigo include:
- Mergers and Acquisitions: Acquiring existing players in new markets to accelerate expansion.
- Focus on Niche Markets: Targeting specific customer segments, such as luxury dining or specific cuisines.
- Diversification into Related Industries: Expanding into areas such as food delivery or meal kit services.
The recommendations carry certain risks, including:
- Competition: Intense competition from established players and emerging startups.
- Market Volatility: Economic downturns or changes in consumer behavior can impact demand.
- Technology Adoption: Restaurants may be hesitant to embrace new technologies or adapt to changing customer preferences.
The key assumptions underlying the recommendations include:
- Continued growth in the online food delivery and reservation market.
- Willingness of restaurants to adopt technology and partner with Eatigo.
- Demand for convenient and affordable dining options.
8. Next Steps
To implement these recommendations, Eatigo should:
- Develop a detailed business plan: outlining expansion strategy, market entry plans, and financial projections.
- Secure funding: through venture capital, angel investors, or other sources to support growth initiatives.
- Build a strong team: with expertise in marketing, technology, operations, and international business.
- Monitor progress: regularly assess performance metrics and adapt strategies based on market feedback.
By taking these steps, Eatigo can position itself for continued growth and success in the competitive world of food technology.
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Case Description
Eatigo is a restaurant reservation application (app) founded in 2013 which offered an alternative way of connecting diners to restaurants. The aim was to improve restaurants' profitability by filling up empty restaurant seats during off-peak hours, by offering time-based discounts ranging from 10 to 50 percent. The market for restaurant reservation apps showed potential but there were already entrenched players. With dogged determination to develop a unique value proposition and careful crafting of its business model, the founders managed to shape diners' behaviour and disrupt the modus operandi of the industry to become a leading restaurant reservation app with presence in Singapore, Thailand, Malaysia, Hong Kong, India and the Philippines. As business gained traction, the founders needed funding to sustain growth. They explored funding options available to small-medium enterprises in Singapore and Bangkok - loan from credit card and banks, government grants, and investment from venture capital companies. There were pros and cons. The size and cost of funding were important considerations. Whilst meeting investors' demands was necessary to secure funding, it may lead to excessive dilution of owner's control. There was also the question on the correct valuation of Eatigo. Which type of funding should the founders choose?
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