25A – What’s Next?

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Existing Market
Step 1: Talk about what you think is what's next in terms of products and services for your venture.
  • I think that there is going to be a greater demand for trendy places to eat as people love to take pictures of their food and post them on social media.  Social media has become such an important part of people's lives, especially millennials.  When I go on apps such as snapchat, I constantly see posts of food and people out to eat because it has proven to be an aesthetic and a cool thing to display.  
Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next. 
  • After interviewing three customers within the customizable fast food industry, I have found that people have an increasing desire for healthy foods.  Two of the people compared the idea to Bolay which serves fresh organic food that is considered guilt-free.  Additionally, a friend in my management class suggested that the restaurant have specialties each night to make the concept more exciting.  For example, there could be specially flavored pancakes such as red velvet on Mondays, a DJ on certain nights, and/or discounts for coming in your pajamas.  These specials will get people excited about coming to Stacked and will help develop a loyal customer base that is able to further spread the word about the restaurant.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

In order to grow my existing market, I believe that I should focus on maintaining a consistent customer base that can spread their passion to others.  College students are very active on social media and I would like to develop a strong marketing campaign online.  These posts will include everything from combinations of the day, to weekly specials, partnerships with bars, and more.  Also, since the place will be decorated really cool for people to take pictures at, I want to make sure that posts are reshared from students because people love seeing their friends in photos and then feel more connected to the cause. 

Another aspect that I want to make sure to focus on to increase my market is the power of networking with other local restaurants, bars, and late-night places.  For example, if Study Edge is hosting a late session they can either cater in our food or we can partner to use a discount when people show their study edge packets.  I want Stacked to really become a part of the Gainesville community and for people to see it as a place that cares about its people.

Comments

  1. UnknownNovember 19, 2018 at 5:55 AM

    Hey Emily,
    I agree with you that people love to take pictures of their food and post on social media. This will also help with building brand awareness for your business. I like your idea of having different themes for different days to attract more customers. Focusing on social media is a great idea for marketing your business. Millennials are always on social media and they are great at sharing posts. Good luck with it!

    ReplyDelete
  2. UnknownNovember 19, 2018 at 10:50 AM

    Your future ideas for Stacked would all help grow your business. I like the idea of having specials and events at your restaurant and I know Chipotle does similar things to increase their business (they sold burritos $4 to anyone who came to their stores on Halloween wearing a costume). Having trendy food that people would post to social media would also be a free marketing opportunity for you. Great post!

    ReplyDelete
  3. UnknownNovember 19, 2018 at 5:03 PM

    Social media has become the forefront of marketing for many companies in today's world. Due to the fact that your target audience or prototypical customer is so young, this will be a major part of your growth. I love the idea of having special deals for people coming in from certain bars or wearing pajamas. I think that would create a fun environment that would attract more customers!

    ReplyDelete

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