Meet & Spuds - Markets and Demand

My team's new business venture is Meet & Spuds.  It is first and foremost a restaurant.  And yet it is quite different from any other that you might frequent.  With a great focus on socialization and the bringing together of individuals to converse in a chat room style discussion, this restaurant has set itself apart from any who might consider themselves measurable competition.  Custom seating enables this company to do what no other can.  Add to that a simple menu of fine and generous cuts of beef with potatoes, no vegetables or salads, and we have a recipe for success.

We are aiming to satisfying two strong demands within a huge market of restaurant goers.  First, we are providing a quality meal of the items men are most interested in... meat and potatoes.  Because we forego the sides, which most men can and will do without, we can offer larger portions of the most desirable cuts of meat and at the same price.  Our product has value to the consumer we are targeting, because they are paying for only what they wish to consume.  Second, there are many single people who would like to eat out, but hate to eat alone.  It is not uncommon to find them at a fast-food joint, but rarely do you see them at full service restaurants.  How awkward is it to be eating by yourself at a table meant for four?  Meet & Spuds directly addresses this problem by seating individuals with others based on common desired topics of conversation or themes.  Groups of three to four are built on the spot as they enter the restaurant.  People will see availability of themes, such as Sports, Business or Politics and sub-themes, such as Pro Football, College Basketball, the Presidential Race.  They reserve a seat at a table that interests them and when there are enough people to fill the table, it is seated.  In Meet & Spuds, the expectation is that everyone is a stranger and soon-to-be dinner companion.  So no one will feel left out or awkward, because they are just like everyone else in the room.

In order to identify an addressable market, we must first define what market we fit into.  Meet & Spuds is a full service restaurant, whose fare would be comparable to that found in some fine dining establishments.  Yet the atmosphere of our establishment will equate more with a casual dining experience.  We are not attempting to compete with fast-food restaurants, for which there are many.  There's is a different market.  Location is critical to the success of this venture, as we have determined this to be in the center of Boston... in the vicinity of Downtown Crossing and Boylston Street towards the Prudential Center.  We are positioning ourselves in an area that attracts both single residents and those who commute in to work there.  In 2010 census, the population in Boston was 617,594, of which 200,000 are men between the ages of 18 and 65.  With roughly 33% of the population living in Boston currently married, we would suggest that there are at least 140,000 are single men.  Add to that the hundreds of thousands that come from the surrounding towns to work in Boston.  Even those who are married will still have the desire and need to eat during lunchtime hours.  Meet & Spuds can accommodate all.

So what are the realistic opportunities we have versus the competition?  If we are truly capable and proficient at serving high quality food in an environment that is also welcoming and inclusive, then we should have no trouble entering this market.  There are no shortages of customers in the area.  Visibility and accessibility should not be an issue for us.  People are always on the lookout for new and interesting places to eat.  We must win their hearts, first by winning their stomachs and engaging their minds.

We must start by targeting the businessmen who are located within a few blocks of our restaurant.  We are conveniently close by, which allows them to escape the office for lunch or easily get to after the day is done.  It is not out of their way or take any extra effort to get there.  It should be noted that although our menu and themes cater to men, women are more than welcome to come and join in the experience.  We welcome all who would like to gather with other individuals and participate in interesting conversations over a great meal.  Those who discover us will spread the news to their coworkers and friends.  Word of mouth marketing will spark interest, as will our website which will give our future patrons an image of what our unique dining experience will be like.  We only have one chance to impress and get it right... to over-deliver on the expectations of a demanding customer.