1.) Find a business owner and talk to them about their customers
- I had the privilege to talk to a business owner in Miami that owns two frozen yogurt shops called YogurBerry. He has a location in Miami Dolphin Mall and a location in Coral Gables.
Who do they think their target customers are?
- When I asked Chris this question, he knew what to answer right away. He didn’t spend time thinking about it, he said it as soon as I was done asking the question. He told me because both malls are located near busy tourist spots, a lot of tourists like to enjoy and spend money when they are on vacation. Especially on food and sweets. Plus, he mentioned that shopping is a tiring activity and customers love to have something cold while they shop! He also recognizes that the location itself in South Florida makes it also a bit better when it comes to sales. He says that during the summer, people go nuts for frozen yogurt!
What are their customers' unmet needs?
- Something cold, a better alternative to a standard ice cream, creating toppings, and something to cool them down from the hot sunny Florida heat.
Where do they find their customers?
- Shoppers that visit the mall.
What are their customer's demographics?
- Mostly people from South America, Chinese customers, and lots and lots of other tourists. He mentioned because it’s known as a tourist mall, a lot of local people choose not to come. They choose to go somewhere else where it is less crowded and quiet.
2.) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described.
- Because I talked to Chris over the phone, I was not able to go to Dolphin Mall and ask questions to his customer base. His target customers, in Chris’s word, are mostly people from Cuba, Puerto Rico, Argentina, Brazil, Peru, and even Chinese tourists.
- In my opinion, I believe Chris decided to locate his shop purposely inside a mall to target his customers. He knows what the foot traffic is like inside a mall and with a mall that is next to an airport and is a popular tourist spot, he gets to have both foot traffic and people who came to spend money. I think Chris really understands what the customers are looking for and what he can provide them. I visited one of his shop couple years ago when it first opened and the line was unbelievably long and they were all tourists.
I wish you had posted an audio interviewer with the business owner. However, you still posted something so that's great! I think Chris definitely understands the dynamics of his business and who he is trying to sell his frozen yogurt to. The fact the he strategically placed a frozen yogurt shop inside a heavy foot traffic and touristic area shows that Chris understands who his twenty percent is. Check out my blog post here: http://npc95.blogspot.com/2016/02/the-twenty-percent.html
ReplyDeleteGreat job Brian!
ReplyDeleteI like how you went ahead and called a business owner to avoid limitations on this assignment, although there is no audio, I do not deny the credibility to your assignment. I must say that a frozen yogurt business is a great idea, especially somewhere like south florida where there is heat all year long. It's also good to put them in locations where you know people go to spend money regardless (like a mall). Great job!
Brian,
ReplyDeleteGood job with getting this done. I, like many people, already checked into spring break and did not finish this assignment. I would've definitely liked to see or hear some of the interviews however. I definitely thought it was interesting how Chris knew right away who is target customers were. This shows how a big step to making a successful business from an idea is knowing how to direct that business by pinpointing your target customers to bring in the most revenue.
Hey Brian,
ReplyDeleteCool that you were able to talk to the business owner over the phone! I did my assignment at my favorite juice restaurant back at home so it was interesting reading about YogurBerry. I can see how having an ice cream business in Florida and in those locations would attract tourists. My demographic was a little more specific so it was interesting to hear how people really from all over the world go to YogurBerry. If you want to check out my interview, here is the link- http://daniellesteinent3003.blogspot.com/2016/02/the-twenty-percent.html
Hi Brian,
ReplyDeleteI liked your idea of calling the business owner. It sounds like he has a very successful business and that he really knows who his customers are and what they want. I also chose a business in the food industry. The business I went to was a local coffee shop in Gainesville. If you would like to check out my Twenty Percent blog post you can read it here: http://www.emmastetterent3003.blogspot.com/2016/02/the-twenty-percent.html
Thanks for sharing!
Hello, I definitely think it was great that you called the business owner because setting up an appointment to speak with one can be difficult as they are typically very busy. I also liked how you set up your post, it is very organized and detailed. Feel free to check out my blog at http://ufclassblog.blogspot.com
ReplyDelete