Create a Niche Market
You like Sushi and Japanese food? I do. Accordingly to a recent survey published on Sunday Times two weeks ago, the sushi train market is heated up and with intense competitions fighting for a relative small market size in Singapore. In fact, it has resulted in cut throat prices going as low as S$0.90 per plate in some sushi outlet. This will happen to any business especially the barrier of entry is low. And to add salt to the wound, the market is saturated. So what should you do?
One of the way is: Create a new Niche Market in a saturated one. I went to Saki Sushi at Bugis Junction 3 nights ago and something caught my attention (see below),
They offer a new vegetarian menu catering to people/market who are either vegetarians or more health conscience group, i.e. Buddhist!
And to show that they know the new local target audience well: a 25% discount promotion was incorporated on every 1st and 15th of the Chinese Lunar calendar. This is a brilliant idea! Personally, I do know of some buddhists will opts to take vegetarian diet on these two days for reglious purposes especially the Chinese older folk. Is this strategy powerful? Yes. Imagine this, if you are planning to dine out with your family and your mum/dad is a Chinese buddhist who is a vegetarian or practise of this habit of having vegetarian diet on these two days while the rest of you love to eat sushi, where would you go? In addition, the 25% discount is attractive enough to give you a push too!
Alternatively, some existing customers would also have a wider and healthier choice in their selection. What I like is they have no MSG added (see top right corner above) in this new created menu.
As I have noticed there is a huge growing trend in this region where more people are more health conscience, this is definitely a new niche market. My bet: Look for Organic Food.
Conclusion: Create a new niche market and add value and you will always be on your competitive edge. Suki Sushi clearly knew about this. No wonder, they are still the market leader till today.
Need Ideas That Sells? Drop me an email at ken@justmedia.com.sg.
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