You have a great product with a solid target market, but you are looking to expand. Do you create a new product or change your established product? You could, but that is expensive and risky. Before going that route, it could be profitable to try marketing your already established product to a new customer base.
Think Outside Your Target
Perhaps your restaurant caters to the trendy, younger business lunch crowd. They are loving your lunch specials and business is booming during the week. It would be nice to find a way to get some folks in during the early evening however, when that customer base has headed home for the evening, or for the night scene. Maybe they hit up other spots on the weekend, leaving you with a void to fill. Consider marketing toward the retired crowd who may prefer to eat an early evening dinner by offering a senior discount during this time. Maybe families would be more likely to come in on the weekends if kids could eat free. There is no need to change the food, just let a different crowd know how awesome it already is.
Don’t Change Too Much
Don’t forget who built you. Your target market is who put you where you are. You do not want to alienate them. If they come expecting a great lunch in time to get back to work within the hour, be certain you do not to anything to jeopardize that service. If your regulars become unhappy they will spread the word and then the whole thing was pointless. Do not look for new customers at the expense of your current customers.
Don’t Change the Product
Adding a new offering here and there is fine, but if you are a pizza joint, do not jump into Asian cuisine or burgers. Keep the awesome products you have already established and work toward marketing those same products to other types of customers, rather than changing the product. Changing products costs time and money with no guarantee of return, while marketing to other types of customers costs some money, but offers a much greater chance of success in most cases.
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