Wednesday, August 10, 2016

Evolve Or Die

Evolved Customers Want Evolved Interactions
It was a good business model in the beginning.  
A brunch/lunch business, in the heart of a downtown area that - to use an old metaphor - "rolled up the sidewalks" at the end of each business day. With almost no "nightlife", "Open 8 - 3" made sense.  5 years later, that model broke down.

Living in downtown Phoenix was once only for the heartiest of souls (we lived there in the mid-90s, with few friends and family even brave enough to visit, even though we lived in a quite nice condo complex).  Working downtown was an adventure in "9 to 5" for most. There were attempts to "revitalize" in that era, but the time had not yet come 20 years ago.

In the last 5 years, downtown grew, and evolved "into more of a 24-hour city center".  Two universities opened downtown campuses.  More restaurants and bars - concert venues - opened and became popular.  Development started on mid-rise apartment buildings.  Downtown's demographics evolved.  Downtown grew, in popularity, and population.

But "The Corner" didn't.  They stayed true to their model. Instead of extending their hours to serve sandwiches coffee and juices to a bigger, perhaps younger, and definitely later customer market, they maintained their brunch/lunch hours.  They stood their ground.

And now, they're gone.

No one has given a specific reason.  It could be that downtown became the most expensive submarket in the Valley.  And that higher expense extended to commercial space, which has tripled in recent years, prompting some restaurateurs to "opt-out" of downtown.

The moral of the story is clear:  When the time comes to "pick up the pace", don't shoot yourself in the foot!

If you're ready to acknowledge that your small business needs to evolve, Local Motive Marketing is here to help you develop a marketing strategy that reaches customers that already have.  If not, get some crutches now.  You'll need them sooner than later.

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