4 Tips For Finding Your Target Market
Every successful food service business must have a target market that it is trying to reach. If you want to be successful and make sure that you are focusing your efforts on the right audience, make finding your target market one of your first goals. This should be done prior to everything else, meaning, your target market should determine your location, your theme, your menu, your prices and so on.
To help you out, we have put together 4 tips for you to focus on to assist you in finding your target market.
Choose Your Market Segment
There are many ways you can decide who your target market will be.The best way to do so is to choose your market segment. A market segment is a group of people who have similarities that can be easily grouped together.
You will want to aim your marketing strategy and all of your advertising efforts to the market segment that you are targeting. To do so, you should research the area around your restaurant location to identify the market segment that you want to attract.
By doing your research you can find out information such as the dominant age group in the area, the average income, the educational level and so forth. Then you can then glean the aspects you want to capitalize on to formulate your restaurant theme and concept.
Determine your Business Style
Do you plan on offering family dining or fine dining? Will you serve ethnic food or a varied menu? You will want to establish your restaurant style from the onset as this will attract your target market. Your target market will be interested in what you serve, when you serve it and the atmosphere in which it is served. The best way to decide who you want to attract to your particular restaurant style is to determine who would easily find your establishment appealing. Is it the right business style for the area you are in? Is the market segment you are targeting one that will find your restaurant a place they want to spend their money?
Research the Competition
Knowing the competition and doing research about them, can help you figure out if there are any gaps in the way the target market is being served by the competition and how you can fill those gaps with your restaurant. Are they catering to the population that they claim to be serving? Are people satisfied with the menu, pricing and service they are receiving? Is there a certain group that is being left out by the competition that should be included? You can use all of your competitors weaknesses to gain a stronghold in finding and attracting your target market.
Turn Mistakes into Possibilities
You may find that you are not attracting the target audience that you set out to attract. Either through miscalculations or changing demographics, the target market you aimed for is not the one coming through your doors. This may be a great breakthrough. You may find that this market segment happens to spend more, like your theme, and enjoy your service. You may then have to tailor things to better accommodate this audience and turn this mistake into a pot of gold.
Regardless of what ideas you may have for your restaurant, you cannot appeal to everyone. If you try, then you will find yourself struggling to attract customers. This can easily hinder your success. Focus your energy on learning which audience you should be aiming for, the group most likely to enjoy your cosine, your location and more.
The bottom line is that finding your target market is crucial to your marketing strategy. You will want to make sure you are in the right place with the right concept and the right pricing to attract your target market. While this is of utmost importance, always keep in mind that a creative entrepreneur can take the twists and turns of life and turn them into profitable ventures, no matter what the research shows.