Exploring Market Growth Strategies of Cousins Maine Lobster
Discover how Cousins Maine Lobster leverages food trucks and unique products to expand in markets across the country.
Photo by Richie Bettencourt on Unsplash
Food Trucks vs. Brick and Mortar Locations
Cousins Maine Lobster's strategic approach to market expansion involves a mix of food trucks and brick-and-mortar locations. The company's CEO, Sabin Lomac, acknowledges the success of both formats but highlights the unique advantages of food trucks. Food trucks require less labor and capital investment compared to traditional brick-and-mortar establishments. This economic model has attracted new franchisees due to lower operational costs and faster setup times. By maintaining a balance between food trucks and physical locations, Cousins Maine Lobster can cater to a diverse range of consumer preferences and market dynamics.
Photo by Richie Bettencourt on Unsplash
Targeting Markets and Consumer Segments
Cousins Maine Lobster's expansion strategy is meticulous, focusing on markets with populations ranging from 500,000 to 1 million and strong neighboring regions. The brand strategically positions its food trucks in high-traffic areas like retail parking lots, breweries, and festivals to maximize visibility and customer engagement. Understanding demographics and psychographics is crucial for market exploration. The company tailors its offerings to appeal to Millennials, Gen X, and Boomers while actively working to attract younger consumers through innovative products like lobster grilled cheese and Whoopie Pies. By identifying and targeting the right consumer segments, Cousins Maine Lobster sustains its growth momentum.
Promoting Brand Uniqueness and Product Appeal
One of the key drivers of Cousins Maine Lobster's success is its emphasis on brand uniqueness and product excellence. The company prides itself on offering premium quality seafood, fishing only during peak seasons and utilizing top-grade meat cuts for its lobster dishes. Angela Coppler, the head of development, underscores the importance of promoting this uniqueness in a market where fast casual seafood concepts are rare. By highlighting the superior quality and freshness of their products, the brand differentiates itself and capitalizes on consumers' growing demand for high-quality dining experiences.
Photo by Richie Bettencourt on Unsplash
Entrepreneurial Spirit and Growth Ambitions
The entrepreneurial spirit at Cousins Maine Lobster, instilled by its founders Sabin Lomac and Jim Tselikis, drives the brand's ambitious growth plans. Angela Coppler's transition from a larger corporation to a smaller, more agile brand reflects the appeal of working in a dynamic, innovative environment. The company's commitment to maintaining a close-knit, family-like culture contributes to employee loyalty and operational efficiency. By leveraging its experienced team and strategic partnerships, Cousins Maine Lobster aims to capitalize on the vast market potential in the fast casual seafood segment.
