How To Manage The Magic Triangle Of Product, Budget And Audience

How To Manage The Magic Triangle Of Product, Budget And Audience

SHARE
magic-triangle-of-product-brand-and-clients

With consumers’ attention spans and loyalties shifting increasingly often, it’s vital to adapt your product range to attract their interest and loyalty. Don’t change for change’s sake though – any innovation needs to achieve a balance between understanding what your clients (and their clients) want, and producing it for a cost and sale price that makes sense (and cents) for everyone involved.

Understand the client – and their client

In our work with some of South Africa’s leading restaurant brands, it’s been very clear that one size or flavour certainly doesn’t fit all. Each brand has its unique value proposition, and South Africans, fond of the franchise model, have clear expectations from each of their favorite food outlets.

Related: How to Get Clients When You Hate Asking for Business

We’ve learned that some restaurants have better equipped kitchens than others, for example, and that they offer differing levels of training to their chefs and baristas. For this reason, we would never propose a drink that is complicated to make to a business that expects its staff to produce food very quickly – we would rather craft a more sophisticated drink for a restaurant that encourages its patrons to linger a little longer, and suggest a quick and simple solution to the fast-food environment.

Similarly, we research and design drinks that will align with a brand’s character and promise – so we create brightly coloured fun drinks for a family-focused restaurant, for example, and more sophisticated drinks for upmarket bistros.

Understanding portion (or product) size is very important too – a client is more likely to come back for a drink that they have enjoyed, but finished, than a drink that they enjoyed initially, but found too rich or sweet to complete. This means the customer is unlikely to order that drink again, as they will feel that they didn’t enjoy the full value they expected, and possibly may not return to the restaurant, seeking something that matches their tastes and expectations more closely.

Balance the budget

One of the most important parts designing a product is understanding what it will cost to produce, and what your clients will be able to sell it for in their own environments. While freak-shakes hold universal appeal among children of all ages, for example, they’re costly to make in terms of ingredients and production time.

Related: 3 Secrets To Business Success

For that reason, we would never propose a freak-shake to a client that positions itself as affordable – we would be more likely to offer such a product to an aspirational brand like Mugg & Bean.

Finding the perfect balance between product, price and people is sure to keep any business in touch with its clients and able to offer them the products and solutions that will in turn keep their businesses in touch with their consumers.

Geoff Prissman
Geoff Prissman is a serial entrepreneur, foodie and family man. Geoff spent 13 years as CEO of a furniture manufacturing and Imports company. His business acumen and development can in large be attributed to the extensive periods he spent in Italy focusing on furniture innovation and design – this later translated into his passion for food design and creating innovative drink experiences. In 2000 Geoff, together with his business partner Johnny Davis rescued a small beverage business in liquidation and the rest is history. Geoff is a master at relationship building and creative problem solving, he has used these skills to infiltrate most major food and beverage chains and restaurants in South Africa. Visit Slo-Jo Trading for more information.