Lessons from Kin Kin restaurant on how to succeed in business.
About two weeks ago I was fortunate enough to visit Kin Kin Restaurant in Kuala Lumpur, trying the only thing they have on the menu. Chilli Pan Me. The dish that you see above.
As an avid learner, I never manage to switch my business brain off and am always analysing possible ways to incorporate what other people are doing well, into my own personal practice.
Walking behind one of the main streets in KL, you’d be forgiven for thinking that you were in the ‘wrong part of town’. When in all reality, you’re actually about to stumble upon a gem.
Filled with locals and not a white face around (Apart from ours), the relatively small spot of around 50 seats was jam packed. This wasn’t during lunch or any special hour. It was jammed.
From their pricing, to their ethos, to the customer service, there’s lot’s that we can learn from Kin Kin.
1 — Do one thing and do it right
I write a lot about laser focus. Doing few things, becoming incredible at them and not changing your focus. Such as in 8760 hours–54 . People speak about doing 500 hours of 2 things, 1000 hours total, combining them and then becoming the best in the world.
It’s an ever evolving cliche. We hear it all the time. But it’s still going unheeded, people are still trying to becoming 10 different things (think the youtuber/artist/copywriter/businessperson/marketer) type people. Perhaps this is actually you.
At Kin Kin they serve one dish. They do it incredibly well. Every single part of it is done to perfection. Taking simple ideas and concepts:
And excelling in each area. Finding the best possible supplier who is a specialist for each of those ingredients. Sourcing it themselves. Preparing each one perfectly. Turning such a simple dish and making it into something great.
The entire business becomes product based, value based and excels.
2- Pricing and value
I constantly see the ‘Triple your price and just do it’ concept thrown around online. It’s mainly course creators trying to tell you you should sell your services which you have basic knowledge of for $3k a month. They’ll throw in buzz-ideas like value based pricing in there.
This is not the correct way to do it. While it may work for some, in the long run it’s the competitor who is able to sell every week, every month, providing constant value. No one feels ripped off, no one is at a loss, everyone wins.
At Kin Kin they sell their dish for $1.80. That’s all they sell. It’s about twice the price of all of the other local places, but about half the price of the standard chain-restaurant.
It’s the sweet spot. Conventional wisdom seems to sway to selling people on $2000 courses. ‘Because you only need 5 people to be suckered in and you’re already making $10k!!!’, ‘Now buy my course for $2k and I’ll tell you how to do the same!!!’.
Quantity, at a medium price point, backed by value. Grow the user base, scale the product, everyone wins and you make money. Fantastic.
3- ‘The comp’
I love speaking and writing about the comp. In more detail, you can see it here ‘Love Growth & Customer Happiness? Learn from the Mob.’
For the lazy, the comp is customer happiness. It’s going that extra little mile, offering something to your customers that costs very little to yourself.
In this case, Kin Kin comps with free addons. Such as their special soup, free water, great customer service.
There are all relatively inexpensive to them, but normally other competitors try and upsell. Its annoying, but it happens.
‘It’s the little things’.
I hope that was enjoyable. If it was, give it a ❤, so others can find it.