Doing a business ain’t easy —- ensuring you have customers every day that you can satisfy is always a must. Hence, there is ample consideration when opening a business, given the fact that sales are not guaranteed and can vary each day. This is associated with customers having a lot of choices, especially that you have competitors near you ready to split your target market as they also offer the same product or service as you.
In globalized markets, agglomeration among businesses that are alike is very rampant. Clustering businesses that sell the same products is a great way to give their target markets an idea of where to find them, therefore providing convenience. This allows them to sell to clients visiting the same business nearby, with the probability of converting and luring them into liking their business more, more than the other. Hence, there is considerable competition going on, and the best one for the client is what usually wins. Still, clustering businesses can mean a non-captive market; this entails not being able to monopolize a business because of the competition within a business you venture into.
Non-captive markets are those businesses that are not able to guarantee sales, because of available business nearby that sells the same goods as you. As customers have varying preferences, your business must also be able to empathize with your clients and adjust to their needs. Thus, it is important to provide them with the best experience they can have, considering costs, time, food preferences, ambience desires, and distance for convenience. Nevertheless, not able to capture clients easily. Yet… why?
When dining, people are choosing restaurants that can give them the most out of the price. Affordability is a great precedent for clients to choose a particular business, where they feel like they are getting the most out of the bargain. For instance, it is common for us to dine in at fast-food chains as they entail minimal costs, but can satisfy our hunger. However, for the fine dining business, we might choose them when we want to celebrate an occasion, and it even means we have to plan it ahead of time. Hence, customers mostly prefer those that aren’t expensive.
Time also influences the decision of clients when choosing where to eat. Others may have more time to eat, and others can have lesser time to grab their meals. The selection of time to eat entails that you are not sure as to how many customers can visit your restaurant per day, as it varies with their working hours and their availability as well; sales depend on the amount of turnaround time you can serve your clients also.
For non-captive markets, preferences on food are also vital to customer preference. You cannot satisfy clients every day, as cravings for food can also change per day. They may like European food today and might want Chinese dishes the day after; nevertheless, uncertainty as to how many clients will visit your business day after day.
Is your target market okay with a noisy place or do they want a quiet dining experience? The ambience of the place is also a key component to capturing markets. However, because you cannot control this fully, you may not able to serve the different clients as to what they want. Thus, not being able to satisfy every customer that goes to your business, and unable to capture them always.
As convenience is one of the top priorities of your client, the distance must also be considered to get them coming. Non-captive markets can be converted to captive ones, ensuring your business can be reached easily and in a desirable location for your clients.
Overall, it all boils down to customer experiences and satisfaction. Non-captive markets compete to gain client loyalty, thus making sure that they deliver customer preferences as standardized and as seamless as possible. With the considerations above, client suitability isn’t just attained by serving one aspect, but it should also mean doing the best to captivate customer preferences. Furthermore, as non-captive markets can be quite uncertain, businesses must be able to devise a marketing tactic to lure in clients; promotions and systematic delivery can be a resolution for them to garner more sales in the long run.