Digital Business Proposal (Siang Heng Fish Merchant Pte. Ltd.)
SIANG HENG FISH MERCHANT PTE LTD is an Exempt Private Company Limited by Shares, incorporated on 5 March 1994 (Saturday) in Singapore. The address of the Company’s registered office is at the GOURMET EAST KITCHEN building. The Company’s current operating status is live and has been operating for 24 years 12 days. The Company’s principal activity is processing, curing and preserving (other than canning) of fish and other seafood with processing and preserving of meat.
As per my understanding, the company is into two businesses:
1. Seafood merchant (Fresh & Frozen seafood)
2. Restaurant (SHI MEI Restaurant)
Singapore is well known for food lovers who can choose a different variety of ethnic foods. We can find Indian, Chinese, French, Malay and Italian foods in this island country. Food is a passion for Singaporeans as most of the people prefer to dine outside the home. It is always an exciting thing for newcomers to choose where and what to eat in Singapore.
A marketing plan is a crucial part of a business plan. This is especially true for products that must be niche marketed. Niche marketing needs great effort and time to develop and service markets. A host of factors must be considered including choosing a product line, targeting a market segment, identifying individual prospective buyers, pricing products, estimating storage requirements, evaluating alternative production methods and schedules, examining processing capabilities, and planning promotional strategies. The market information of various types is needed. Consumer trends at all levels need to be examined. Market expectations and trends within the targeted market segment need to be explored. Competing products need to be understood. Accurate, reliable market information is essential to devising a useful marketing plan.
Seafood lovers in Singapore are continuing to increase since the consumers are more educated and aware of the available new food varieties and also have more disposable incomes. The rise in the monthly income of the people and the demanding power of the consumers for imported seafood is considered to be the major reason for the growth of the seafood industry. In Singapore, 74.2 % of people are Singaporeans which an added advantage for the seafood industry. Shanghai is a highly competitive, complex and rapidly developing market. Consumers are willing to pay a premium price for imported foods, as they are viewed as being more nutritious and of a higher quality. Since many imported foods are new additions to the Singaporeans diet, significant promotional campaigns are needed to educate consumers. Careful planning and consideration should be undertaken before entering the market. Understanding the market and its preferences can make the difference between success and failure. Customer preferences must be thoroughly examined and appreciated when formulating an entry strategy. A key success factor in the Singaporeans market is to be attentive to local market needs. Singapore consumers are sensitive to issues of convenience, sanitation, flavor, nutrition, and price.
Increasing income and health awareness make Singapore a major consumption market for aquatic and fishery products. The per capita consumption of aquatic and fishery products in coastal areas is higher than in inland areas. Consumption is also related to the diet tradition and availability, as people in inland Singapore consume more red meat. Most Singaporean consumers are still price-sensitive while purchasing aquatic and fishery products. Freshwater cultured products are popular at home and restaurants due to their cheap price; high quality imported seafood is mostly consumed in hotels and restaurants. Along with the increased middle class in large cities and coastal regions, these imported seafood products prospective remains increasing.
Economic development in the fast-growing coastal provinces of eastern and southern Singapore has led to the emergence of a burgeoning middle class with increasing enthusiasm for imported consumer goods. Consumer spending is strongest in densely populated urban markets in these regions and consequently, these areas have the most developed retail trade environments.
SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities and Threats involved in any project under study.
· Professionalism in the business with experts in all departments
· High quality and competitive price for all the products
· Effective supply chain management which is the main reason for successful business
· The raw material is very much limited
· Don’t have a strong brand image
· To develop a powerful business network and effective communication is required
· Lack of awareness of the customer’s expectation and taste in the Singapore market
· Singapore has a high demand for imported seafood on the market
· Singapore has a high purchasing power group which will increase the business opportunity for the company
· Smoked salmon is very famous in the Singaporeans market and it suits the majority of Singaporeans people in Singapore and they love the taste of Salmon
· Singaporeans people accepted Salmon as a high-quality Seafood dish in Singapore which is a big advantage for the company to try this dish in Singapore
· Continuing opportunities through strategic alliances for referrals and marketing activities
· Increasing sales opportunities beyond its target area.
· The raw materials shortage and high-cost price
· Smoked salmon is a new product for Singaporean Singaporeans customers, which means more costs on marketing activities and a comparatively longer time to become accepted
· High paid manpower
Digital marketing is the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium.
Digital marketing’s development since the 1990s and 2000s has changed the way brands and businesses use technology for marketing. As digital platforms are increasingly incorporated into marketing plans and everyday life and as people use digital devices instead of visiting physical shops, digital marketing campaigns are becoming more prevalent and efficient.
The restaurant has been a well-established digital brand in Singapore which has been spoken about in different forums around the internet.
Expanding SHFM Digital:
· To create a website (www.siangheingfish.com). As soon as anyone hears any new brand they check out their official website, to know more about the product and brand
· Creating social media pages (Facebook, Google business, WhatsApp, etc..,) This helps in interacting with the consumer and to understand the needs of the buyers
· Discussing our product on different forums
· In the future getting services like Search Engine Optimization and Search Engine Marketing
· Creating of QR code to locate our brand and business easily
· Creating new contents on social media to show the healthy foods in Industry and to promote our products based upon it
· Creating short videos and photos that explains import ants of seafood
· Creating and communicating with customers with the company email address looks more professional and creates a brand image to customers (Eg: firstname.lastname@example.org)
· Getting reviews on the social media pages and in other places from our customers. (This really increases the leads for any business)
People start gaining trust in any brand when they read the review of their co-buyers of the same product or brand.
This video has been viewed 175000 and shared 352 times. This promotion won’t be stopping here; it will be passed to friends and family through word of mouth.
· Approaching the big buyers like Fair Price, Sheng Siong, Red Mart, Sri Murugan, etc..,
· Creating promotion paid advertisements on Facebook
· Pay per click on Google
· Individual promotion through Facebook Page and Groups
· Creating campaigns online
· Offers on home delivery
· Adding up other meat products when delivering to shops and restaurants, Increasing the shops we approach
· Adding up more payment methods
· Distributing of pamphlets to homes with our contact details
· Distributing of pamphlets to people coming out of the wet market on Sunday
· Approaching small shops who are interested in selling seafood
· Getting orders for home delivery through WhatsApp and website
· Delivering quality food at the time-line we promised to customers
For cooked food/ready to eat food:
· Increasing the price of store food rate and to do business with food panda, uber eats, honey bee, etc.., this increases the visibility of our restaurant in the midst of people and there are review in these sites by customers
· I recently saw a food vending machine at Suntech city, So we can have kind of these food vending machines at important locations like Business Building, Sentosa island, colleges (Many people are awake at night doing their projects and talking back home)
· Approaching 24*7 shops like cheers, Seven-Eleven (They are already buying from other vendors, we can add more dishes and flavors)
· Approaching and getting orders from big companies for their lunch, already they will be having cafeteria for refreshing. We are just going to place our food, there will be already micro-wave for heating our food products
These are some of my researches and finding of the seafood industries in a short period of time, based on these I have given my suggestions and recommendations. I have seen and written this document looking at the outer portion of the Industry. Once I enter and start communicating with customers and people of the same Industry, I may get more ideas and a clear picture of what can be done in the sector to make the business profitable. From my point of view, I could see a lot of potential in this Industry.