Let's take the example of a food truck business in today's market. While offices remain closed, regular lunchtime trade has evaporated.
There's no doubt about it, great meals with family members can help to raise morale.
And if your business has been dependent on lunchtime workers and commuters so far and the market has gone quiet, it may be time to rethink how you are fulfilling this new need and repositioning your business and operation.
First things first, think about how your market has changed. The following is just that, some market analysis.
Market analysis: lunchtime office trade vs home dinner delivery
We define a market as the money that is being spent for a given product or service.
So if we are talking about the lunchtime office trade, we could categorise the service under:
- product (menu)
- buyer (persona)
- delivery method
- market radius
- market size
- 10 different pizzas
- 30 something, tech worker
- food truck car park, shoreditch, london
- mon-fri, 12-3pm
- 100 pizzas per day
- other food trucks, local restaurants, staff canteen, lunch brought from home
- 5,000 meals
If there are 5,000 office workers in the 400M radius of your location (5mins average walking distance) and you want to sell 100 pizzas per day you're looking at capturing ~2% of the local lunchtime trade.
Whereas the food delivery dinner market looks alot different, and could look something like:
- 10 different pizzas
- 30 something, tech worker + families
- kitchen, shoreditch, london
- wed-sun, 7-10pm
- 200 pizzas per day
- local restaurants, other food delivery, home kitchen
- 20,000 meals
So you could be looking at a bigger market size, but more competition, a different customer, different schedule, different need. Or in other words, it's a different market.
In which case you'll need a different marketing strategy and potentially to rethink your brand (ie. positioning). For example if you're a food truck, your existing customers may not think of you when they are thinking of ordering some dinner. Even thought you will be able to deliver (ironically enough, given that you are already mobile..).
In the next article we'll sketch out a template marketing strategy.