This issue of accurately assessing your
target market and communicating with your ideal clients on their
wavelength is crucial to your success as a luxury real estate marketing
professional. In Part
1 of this article series, we wrote about Louis Vuitton and Ruth Chris
closing their doors in Santa Barbara because they misjudged their target
market, which cost them both dearly.
In nearby Thousand Oaks, known for its
strong community and excellent school system, an “Asian fusion”
restaurant opened after an extensive, long term and very expensive
build-out in an upscale shopping center there. Located directly across
from the family-friendly and extremely popular Cheesecake Factory (over 160 restaurants in the chain) it closed within one year.
Again, the demographics of Thousand Oaks
supported the potential success of this restaurant. But, they
completely missed their psycho graphic target. The décor was dark and
uninviting. The menu was a mélange of Asian cuisines, which works at
their other locations in Los Angeles but not here. The name of the
restaurant, Buddha’s Belly, did not help its cause.
Ironically, in the high-end shopping
center of Century City, which is adjacent to Beverly Hills, the owner
of the Cheesecake Factory opened an Asian fusion restaurant, Rock Sugar,
with a magnificent, inviting décor replete with beautiful and exotic
Asian furniture and water features. You feel transported to the Far East
the moment you approach the front door.
This restaurant is thriving because it
hit its mark both in demographics and in psycho graphics. The shopping
center is surrounded by office buildings and is particularly suited for
power lunches. The food is fabulous. It is a great date restaurant
that is also perfect for special family gatherings.
Take the time to carefully understand
both the demographics and the psycho graphics of your target market.
Doing so can save you a considerable amount of time and money!
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