12A – Figuring Out Buyer Behavior No. 1
1) Segment-
The segment of my market that I have chosen to analyze is college students, particularly those that attend the University of Florida in Gainesville and like to go out.
2) Interviewees-
I decided to interview two females and one male for the purpose of this project. All three of them are college sophomores and explained that they like to go out with friends frequently during the evening.
3-5) I learned that the latest that would be necessary for the restaurant to be opened would most likely be until 3 AM because after this hour people usually return to their homes. Additionally, there are some nights where this concept would seem more desirable than others such as Wednesdays, Fridays, and Saturdays. On nights such as Sundays and Mondays, this concept would not seem as appealing during the late hours and it may be desirable to make shorter hours during these time periods to save money on paying staff. Additionally, my interviewees emphasized that they like to order in food after going out which often saves time and money. They expressed interest in some form of delivery service, a concept that would need to be worked out in greater deal because breakfast food is best when fresh. Also, another point that was brought up was that they feel that they can just go somewhere like ihop which is already cheap and open 24 hours. They said that ihop is a common name that they have grown up with and like the idea of sitting down with friends in a restaurant style setting during the late hours. This idea is something that I will have to work on to create greater brand awareness and ensure that the company has a positive brand image that goes beyond this market segment.
6) Draw conclusions-
I am confident that college students at the University of Florida that like to go out feel that there is a need for this restaurant and would search for it on google when looking up places that are open during the late hours of the night. When people are hungry, they usually search for restaurants that are around them and I would like to work to make sure that Stacked comes up as one of the first options, especially from 11 PM-4 AM. Additionally, people use social media to get food suggestions and I would like to partner with accounts such as @eatgainesville and @spoon_uf. By getting reposted by these large accounts, people will recognize their greater need for this concept and desire to look more into it. Finally, I would like to partner with companies such as Top Tier Entertainment to give people discounts after going to certain bars as this will bring in more new customers that can spread the word to their friends and come during other times of the day.
The segment of my market that I have chosen to analyze is college students, particularly those that attend the University of Florida in Gainesville and like to go out.
2) Interviewees-
I decided to interview two females and one male for the purpose of this project. All three of them are college sophomores and explained that they like to go out with friends frequently during the evening.
3-5) I learned that the latest that would be necessary for the restaurant to be opened would most likely be until 3 AM because after this hour people usually return to their homes. Additionally, there are some nights where this concept would seem more desirable than others such as Wednesdays, Fridays, and Saturdays. On nights such as Sundays and Mondays, this concept would not seem as appealing during the late hours and it may be desirable to make shorter hours during these time periods to save money on paying staff. Additionally, my interviewees emphasized that they like to order in food after going out which often saves time and money. They expressed interest in some form of delivery service, a concept that would need to be worked out in greater deal because breakfast food is best when fresh. Also, another point that was brought up was that they feel that they can just go somewhere like ihop which is already cheap and open 24 hours. They said that ihop is a common name that they have grown up with and like the idea of sitting down with friends in a restaurant style setting during the late hours. This idea is something that I will have to work on to create greater brand awareness and ensure that the company has a positive brand image that goes beyond this market segment.
6) Draw conclusions-
I am confident that college students at the University of Florida that like to go out feel that there is a need for this restaurant and would search for it on google when looking up places that are open during the late hours of the night. When people are hungry, they usually search for restaurants that are around them and I would like to work to make sure that Stacked comes up as one of the first options, especially from 11 PM-4 AM. Additionally, people use social media to get food suggestions and I would like to partner with accounts such as @eatgainesville and @spoon_uf. By getting reposted by these large accounts, people will recognize their greater need for this concept and desire to look more into it. Finally, I would like to partner with companies such as Top Tier Entertainment to give people discounts after going to certain bars as this will bring in more new customers that can spread the word to their friends and come during other times of the day.
Your plan to partner with local and popular social media accounts is a good strategy to market to potential customers and draw them to your business. Knowing the days that would attract the most business late at night is also a good insight. Although IHOP is a well-known name, if you are able to create a positive customer experience with good food at competitive prices, then the locals might be more willing to visit your establishment over the chain restaurants.
ReplyDeleteHey Emily,
ReplyDeleteMy segment is also college students. You got some good suggestions from your interviewees and that will help your business succeed. Knowing that a delivery option is what some people want, would be something to consider. You seem educated about how to get the word out there and social media would be the best option. Great work and can’t want to see more!