Sunday, September 14  

Make sure your product is what your market wants

In my book I mentioned the story of the cafe below our offices. This place had changed hands 4 times in about 16 months.

Make that 5 times in 18 months.
The various owners had poorly marketed the business and each new owner quickly sold as quickly as they could. A friend of mine (Col) has just purchased it.

Col has owned and managed successful cafes before. The first thing he did with this new place was this:

He took a good look at his market:

* He reviewed the demographic data available,
* He assessed the competition,
* He bought food from every other food outlet in the immediate vicinity.

In short, he did his homework.

Col identified what his market wanted and he's about to give it to them. And he will be successful. No question about it.

Business is about finding out what your market wants and then giving it to them (and telling them about it). I'll write up a Case Study in a few months on how he goes.

Regards

Brendon