How Well Do You Know Your Coffee Drinking Market?
Posted by admin on 29 Apr 2010 | Tagged as: Know Your Market
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In this come forth, we’re vacant to tackle the fourth tip in my series…know your market.
When you go out to eat, you don’t always have the same expectations. Sometimes you just don’t feel like cooking so you head out for a quick bite. In these cases, Burger King or McDonald’s will probably do just fine.
Sometimes, but, you want to go out and have a nice sit down dinner, but you’re not looking to spend a fortune. It’s not a special occasion or anything like that. But quick food just doesn’t hit the spot for you. So on these occasions, you head for a local diner where the food is a step up from quick food but not quite elite. The bill is evenhanded and the food is excellent.
And then there are those times when it’s a really special occasion and you want to go to where on earth that isn’t the same ancient same ancient. On those occasions, you go to a really fancy restaurant. It might even be one where you have to have reservations and where a suit and tie.
In each one of these situations, the establishment in question has done its research. It knows what kind of clientele to expect, sometimes even dictated by the establishment itself (reservation and tie) and caters to that clientele accordingly.
Meal at McDonald’s for 4 – $25
Meal at Chez Ritzy Palace for 4 – $800 or more.
While a coffee shop isn’t exactly vacant to have that kind of dynamic range of tastes, there are vacant to be differences between a Dunkin Donuts type establishment and a Starbucks…at least in the minds of the clientele.
Where do you fit?
Who do YOU want to cater to?
Does that market even continue living in your area?
If you’re plotting on background up a coffee shop in a slum area, I doubt you’re vacant to get people to spend $2 for a cup of coffee. On the other hand, if you’re opening up shop in New York in the entertainment constituency, you can get away with $2 coffee and more. The key is knowing who your market is.
The only way to do this is to do a demographic survey of the area. You need to know who lives there, what their income level is and ultimately, what their preferences are. What about competing shops? What’s already nearly? Has a Starbucks been there and failed? If so, this may give you a excellent thought of whether or not a higher class of coffee shop will glide in that area.
Without knowing your market BEFORE you really open your doors, you are risking failure right from the start.
See you soon with more.
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