The battle for your coffee mug continues
A couple of months ago we discussed the ever-increasing proliferation of coffee establishments. It is an international phenomenon, but let’s for now consider what is happening in our country.
One of the major players in this industry is Dutch Bros Coffee, and they just celebrated the opening of their 1,000th store in sunny Orlando, FL. This is on top of the company opening 151 new shops across 18 states in 2024, 128 of which were company operated. Total revenue grew 32.6% to $1.28 billion compared to $965.8 million in 2023.
System same shop sales and transactions “increased 5.3% and transactions decreased 0.1% compared to 2023. Company-operated same shop sales and transactions increased 6.8% and 1.5%, respectively, compared to 2023,” the company said.
Not bad. Not bad at all. Yes, they are serving some mighty good coffee, but so do their competitors, large and (especially) small.
So, if you are choosing a coffee franchise, how do you know which of the new players will be a market leader tomorrow? It’s hard to tell. But we can offer one helpful suggestion: to increase the market share, it certainly helps to KYC, which stands for Know Your Customer. If you know who they are, you can figure out what they want, and give it to them. By defining a personality profile of your target audience and comparing the demographic analysis of any location to that profile, a retailer can find where the chances of success for its product or service are the highest.
It sounds easy on paper, but in real life, it’s quite a lot of work, involving thorough analysis of traffic data collection, historical traffic data analysis, traffic patterns and drivers’ behavior analysis, travel times, points of origin, and a myriad of demographic parameters analysis…
It takes a fully staffed analytics department to deal with data of this complexity.
It costs a lot.
Or so it was, until Ticon came up with an easy, affordable solution to this important but challenging task. Ticon’s business location analysis can be ordered online in a matter of minutes, and received in a matter of days. No need to enter into lengthy agreements or pay hefty user fees. You only pay for what you need, when you need it.
The door to Knowing Your Customer, at any place across America, is now open to you.
