Whilst struggling to get to sleep recently (a common problem in this business) I stumbled across a quality report by Euromonitor. These well-respected market researchers highlighted a number of important considerations for anyone thinking about opening a coffee shop.
Although the report was aimed at general coffee consumption, there were some insights every coffee shop owner should know of. I’ll save you the effort of reading the whole thing, narrowing the list down to 3:
Consumers love ethically traded products. It helps them do their bit for the world. BUT, the importance of ethical considerations still falls short of Quality and Value For Money in purchasing decisions. So yes, recyclable cups and fairly traded coffee is a great way to enhance your offering. But if the overall quality of your product isn’t as good as the guys down the road, or your pricing isn’t perceived as fair, your stance on saving the world won’t matter. You won’t have any customers to help you do it.
Consumers are more confident in their knowledge of coffee than ever before. From brewing methods and equipment required to varieties and roasting techniques. What does this mean? Basically, if you want to impress your customers, you’ll have to do something a little more exciting than before. Layering the milk in your lattes or drawing a pretty pattern on your flat whites?! No. Consider V60 brewing methods using coffees offering hints of chocolate orange. Not sure where to begin? Contact us, it’s what we do.
The coffee shop market is still growing, which is great. But the sheer number of operators on the high street means competition is as intense as it’s ever been. However, there is a move in consumer preferences towards smaller independent operators offering high-quality artisanal brews, which is great news for all of you thinking of taking the plunge. But don’t think the high street chains will simply take this on the chin. Starbucks is already taking steps to provide consumers with this kind of experience with the launch of their Starbucks Reserve stores. With a focus on high-quality coffee and a keen emphasis on overall experience, they really are quite impressive.
…the importance of ethical considerations still falls short of Quality and Value For Money in purchasing decisions…
As the title of this blog probably suggests, there is an underlying theme to all of these insights. To be successful, you have to focus on quality first and foremost. It is quality that customers seek out. It is quality that will keep them engaged with your brand and coming back for more. And it is quality that will help you stand out from all the others. Don’t say I didn’t tell you!