Haidilao has always won with service and has set a track for service involution. After being hit by the black swan incident, how did Haidilao survive the desperate situation and rebound from the bottom? Recommended HE Tuber reading to friends who are interested in marketing~

Originally, it originated from Huang Tieying's book "Haidilao, You Can't Learn". After reading it, I found that everything written was correct, but it was indeed impossible to learn. People sell services, and services are sublimated to a group of people and become cultural concepts. How can you learn concepts from a book? Later, I was curious about this company. It was due to the strong resilience of this brand after the black swan incident in the past two years when people were unable to go out and had a severe impact on offline catering.

Let’s look at a set of data: According to Haidilao’s official 6-year mid-year report, from 2018 to 2023, the net profit in the first half of the year (including Tehai International business) was 646 million yuan, 911 million yuan, -965 million yuan, 94.53 million yuan, -267 million yuan. billion, 2.2 billion yuan.

In other words, all the money earned based on strength was lost. In the first half of the sixth year, the company made a comeback and earned another 2.2 billion in one go. There is no doubt that Haidilao will become more popular in 2023. There are many success factors behind this, such as profit margin and labor cost optimization, which have brought stable efficiency improvements to the company. However, in addition to these macro-operation factors, I think there is another aspect that cannot be ignored, and that is the variable "marketing" of services.

In the 1960s, Professor Jerome McCarthy of Michigan State University in the United States summarized marketing as The Marketing Theory of 4Ps in his "Basic Marketing".

We might as well start with it.

Think about it, when a restaurant group company has standardized stores, products, and prices, how can it improve its profit-making efficiency? The answer lies in "table turnover rate and passenger flow".

What is table turnover rate?

The number of times each table is used (customers finish their meal and leave) in a day or a period of time. In other words, it measures how many customers a restaurant can serve in a given period of time.

for example:

If there are 10 tables in a restaurant, and each table is used by two groups of people on average during dinner time (assuming 4 hours), then the table turnover rate is 2.

A high table turnover rate means that the restaurant can serve more customers more efficiently, thereby increasing revenue. So, what was Haidilao's table turnover rate in the past few years?

Assuming that Haidilao's turnover rate in a certain fiscal year is compared with Haidilao's stock price in the following year, it is not difficult to find that to a certain extent,

 the turnover rate can be regarded as an "important indicator" of its stock price.

Taking 2018 as an example, the turnover rate reached 5. Then in 2019, Haidilao's stock price rose by approximately 83% . Entering 2019, the turnover rate has dropped slightly to 4.8 , but the stock price increase in 2020 is still as high as 93% .

However, by 2020, the turnover rate dropped to 3.5 , followed by a more than 70% share price drop in 2021 . The turnover rate will further drop to 3.1 in 2021 , while the stock price will increase by approximately 26% in 2022 .

By 2022, the turnover rate will remain at 3.0 , but within two months at the end of the year, Haidilao's stock price rose sharply by 92% . By the beginning of 2023, the turnover rate in the first half of the year had rebounded to 3.3 , and it is still rising.

The comparative figures are obvious. Only when the turnover rate goes up can you make money back. You see, the turnover rate reached 5 in 2018, and it made 600 million in the middle of that year. This leads to a key question: How to increase the turnover rate?

You might say that the waiters move faster, ordering and paying for food can be completed quickly; the tables and chairs are arranged properly, so that both adults and children can sit down comfortably; guests can make reservations online, eliminating the need to wait on site; and even the dishes are cooked quickly .

attract more customers

Let them eat efficiently without being sloppy, forming a cycle. Only in this way can the restaurant's table turnover rate increase.

After the black swan incident in 2022, people began to go out more and relax, but it is still a big problem to get everyone to swarm into the restaurant at this time.

Zhang Yong once said that when eating hot pot, people quickly cannot tell whether the taste is good or bad, but they know clearly whether the service is good or not. Therefore, if you want to attract customers, you must provide good service.

In the first half of 2023, they saw an opportunity. Concerts were held one after another across the country. Once the concert was over, fans wanted to continue the excitement. After the evening, there was a lot of demand for meals and taxis.

Moreover, data from the China Performance Association also pointed out that the number of commercial performances in the first half of the year increased five times compared with the same period last year; the number of audiences increased 10 times. There were more than 500 large-scale concerts and music festivals with more than 5.5 million viewers.

You have to catch this.

Therefore, Haidilao set up dozens of buses to play the stars' songs after the stars' concerts to help fans maintain their emotional value. When these fans arrive at the restaurant, the store prepares speakers, microphones, banners, posters, and a special carnival area for fans.

In this way, fans can cook hot pot, hold a party, and make money, killing three birds with one stone.