Trendy coffee shops come and go, but building a brand with staying power means keeping up to date. AP
Trendy coffee shops come and go, but building a brand with staying power means keeping up to date. AP

How to refresh your business without starting from scratch



Within the Emirati community we know how many restaurants and cafes are just a fad. People would be so crazy about café X one day and you’d have to wait in long queues to be served, only to find that place completely empty a year down the line. It’s a dilemma that many restaurant owners face, and an issue many clients seek my advice on.

Customers, especially millennials and Generation Z, are always on the lookout for new places and new experiences. Right now, there’s a specialty coffee craze, and a couple of years before it was all about juicy burger joints. What will the next year hold? We will have to wait and see.

As an entrepreneur, and if your business isn’t a mere 6-month pop-up, how do you ensure that your customers will stick around for the long-run? How can you make sure that your business will not just be a passing fad? Things are great now, and customers may be flocking to your store, and you can barely keep up with the orders, but how can you ensure that that stays?

In order to compete, you may be urged to always re-invent yourself or to start over. But that shouldn’t be the only solution and it’s surely not cost-efficient. You don’t need to start over and introduce a whole new concept or re-do your business plans to stay current.

There are several ways to make profound changes that will renew your brand and keep your customers coming back for more.

Undergo a facelift

The appearance of your store or website can have a huge impact on your customers behaviour. If you have a physical store, change the layout every now and then. Have pop-ups or bring in local talents to the store to spice things up. If you have a clothing store for instance, maybe you can host a workshop with one of your fashion designers, or plan pop-up events where you showcase accessories designers from the community. You could host special dinner events for your most loyal customers or hold a competition where every once in a while your windows display is designed by a customer or a designer from the community.

If you have a website or a store on social media, then you can always spice up your page. Make sure that the contents on your website are always up-to-date, that your website is mobile friendly and is updated with the latest tech advancements. Even the way your content is laid out on social media must follow the latest trends in terms of photo colouring, design and layout. Right now, the image trend is all about a Polaroid or film effect. That way you will show your customers that you are on trend.

Your team should be up-to-date, too

Appearances are not everything, you need to make sure that your team is on the cutting edge, too. Are they keeping up with the industry’s latest trends? Are they aware with what’s cool or what’s not? Do they know what their customers are tuned into most? Are they where their customers are? Your team and your customers can’t be speaking two different languages. They should always be a step ahead. That’s the only way to stay current in an ever-growing market.

Tryano, a department store in Abu Dhabi, is a great example of a business that's keeping up-to-date with the market. In Ramadan, pop-up fashion exhibitions are very popular around the Arabian Gulf, where many people visit different pop-up events around the country to shop for Eid. For the past couple of years, Tryano has done their own version in the store and have invited along emerging designers to showcase their designs there. Not only did they help support emerging designers by providing them with a key location to reach their market but have also increased footfall to their store.

Revive your marketing effort

Last but not least, the key is to be where your customers are. That means you should be where they are tuned in to receive their information. Forget traditional channels and think of creative ways to reach your target audience, whether it’s through a targeted competition in collaboration with a famed social media influencer, or directly through your Instagram channels. Make it about them and the positive impact you want to create in the community, and not so much about you. That’s what resonates most with millennials and generation Z clients.

Manar Al Hinai is an award-winning Emirati writer and entrepreneur, who manages her creative consultancy in Abu Dhabi.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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