Hidden amongst the greenery of Singapore’s Botanic Gardens, a gathering was taking place on a comfortable 8th October 2024 afternoon.
This was one of the latest gatherings for Singapore’s Food and Beverage leaders to network and share insights and advice – today taking place at Au Balcon at the Garage, nestled in the serene Singapore Botanic Gardens.
Organised by StaffAny, this event regularly brings together food and beverage industry leaders, ranging from MasterChef candidates to new bubble tea shop proprietors, for an afternoon of learning and inspiration.
The event began with a short presentation by Lark, who sponsored this event. Lark is ByteDance’s software solution designed to automate administrative tasks for F&B companies.
However, the highlight of the event was undoubtedly the fireside chat with Yadah Wang, CMO and CTO of I Love Taimei, a beloved Taiwanese food chain in Singapore. Yadah Wang captivated his fellow F&B industry leaders in Singapore with his entrepreneurial journey: from acquiring underperforming factories in China to transforming them into valuable assets, particularly during the post-COVID recovery period, and how he navigates work dynamics with his wife.
The Importance of Adaptability
For example, shops that were not generating revenue needed to be shut down in favour of those that were performing well. As a result, in 2024, I Love Taimei still has the same number of outlets but significantly higher revenue.
The takeaway here is that flexibility requires focus. Having a clear idea of your goals, such as expanding your supply chain or keeping an eye on the bottom line, shows where your options are. As I Love Taimei has shown, even though the number of stores is the same, their topline has grown.
On Budgeting for Marketing
Wang’s marketing philosophy was a standout point, as he revealed that I Love Taimei doesn’t follow a traditional marketing budget. Instead, every marketing effort is seen as a profit driver designed to align with company goals.
For I Love Taimei, the guiding principle for their marketing strategy is to be customer-centric: each campaign must meet a customer need, have market impact, and align with company goals. If any one of these criteria is not met, the campaign is scrapped.
One successful example of this planning was an innovative partnership campaign with Mobile Legends, which targeted gamers as a new customer segment.
One key takeaway here is that restaurants don’t need to consider marketing as a cost centre as long as it has a clear business case and answers real customer needs.
Trends in the Food and Beverage Industry in Singapore
Looking ahead to 2025 trends in Singapore’s F&B industry, Wang expressed confidence in economic recovery and outlined plans to expand I Love Taimei’s outlets while strengthening their supply chain.
He also explored the role of AI in F&B, suggesting that AI-driven chatbots could simplify stock management and customer service. However, as with their marketing principles, any use of AI and automation must be human- and staff-centred. This human-centric approach stemmed from his own journey of self-reflection.
Wang shared how he used to be more results-oriented and colder as a leader, but over time, he shifted to a more human-centric approach. During his years of self-reflection while leading the business, he questioned why his results-oriented leadership style wasn’t as effective as it could have been. He eventually realised he wanted to be a father figure to a large family as possible.
To back this up, he initiated one-on-one meetings with his staff and started eating lunch with them weekly. This helped him understand their dreams and goals, and now he leads I Love Taimei, along with any new changes to the company, intending to help his staff achieve their personal goals.
The post-chat networking session allowed attendees to exchange insights over food and drinks, creating meaningful connections that could spark future collaborations.
StaffAny’s event proved to be an enriching experience, offering both practical business insights and the opportunity to network with some of the F&B industry’s most innovative minds.
