great niche marketing plan B u s i n e s s F i n a n c e
Louis Vuitton restaurant ( the project is we are planing to open a LV restaurant, with really high price, but with private and exclusive service)
- Define the market need – is it different from the problem? (rich people want exclusive and private dining experience, especially during covid)
- Use a PEST as a basis of your discussion (The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. PEST is an acronym for Political, Economic, Social and Technological factors, which are used to assess the market for a business or organizational unit.)
- Define a very specific target market: demographics, behavior, psychographics, emotions, culture, language, religion, rational and irrational needs, wants, desires, profession etc.
- For example, your colleagues came up with a match making (marriage) service for single Chinese women living in the United States that was very culturally and language based, built on practical economic and emotional needs where love comes second. Vs the set of colleagues that targeted what seemed to be forever single, self-centered, professional women who want to look good for (put in your reason here) and exercise a lot (note, they could be professional women who want families as well – are they driven by other emotional needs vs someone who wants to be forever single?) Another set of colleagues thought long and hard about religious and cultural concerns regarding perfume and cologne that do not contain alcohol. Another set recognized that Chinese immigrants who want to buy a home have specific needs driven by emotion (define the emotion), practical needs (speak my language), size of family, earnings, white collar vs. blue collar employment, age, culture (you understand what a person from China needs in a home, the role of family, mothers, fathers, in-laws?) etc. The more specific you can define your market and the product, the more likely you can create a great niche marketing plan.