Let’s talk about pioneering the marketplace.
I’ve just had an interesting experience at a supermarket attached to a petrol station.
I went in to grab a few essentials, and as usual, I ended up making a quick coffee stop.
You know how it is – I’m a bit of a coffee fanatic. It’s one of my few vices. I don’t drink, I don’t smoke, but coffee? It’s my thing.
Now, before we go on, this isn’t a promo for Costa Coffee, even though they got a friction free sale from me.
What I want to focus on here is how Costa has pioneered the marketplace and what that means for your business today. They’ve made a small shift that could be applied to any business, no matter the size.
Costa has taken a bold step that many companies overlook - extending their service model into places where customers might not even expect it.
In the petrol station, I saw one of their portable coffee machines. This isn’t just any vending machine. It’s a next-level machine that delivers everything from a simple latte to chocolate drinks, decaf, or milk alternatives.
It’s a compact system, no bigger than an old Space Invader arcade machine, and it’s taking revenue.
Sure, the petrol station gets a cut, but Costa gets a big piece of the action too.
They’ve found a way to serve customers without needing a full-blown store. They’re not just stuck to the High Street anymore. Costa has found new ways to meet people where they are.
Now, let’s talk about how that can relate to your business.
Costa, founded in 1971, made a name for itself with its traditional coffee shop experience. Over the years, they’ve evolved with customer demands.
What’s interesting is how they have adapted their business model to offer a more convenient experience. They’ve taken the model of a high-street coffee shop and made it portable.
This shift allows them to capture sales in more places - where their customers are.
It's a prime example of pioneering the marketplace.
But it’s not just about coffee. It’s about taking a traditional business model and making it more accessible to customers who might not have time to sit in a coffee shop, but still want the experience. Costa’s portable coffee machines are revolutionizing the way we think about business convenience, and it’s something every business should think about.
This is about wallet share, or what we like to call “cash share.” Costa’s innovation allows them to capture loyalty by offering convenience. When I see a Costa machine in a petrol station, I’m much more likely to pop in for a coffee next time I have the chance.
That’s a clever move on their part because they’re not just relying on foot traffic to their stores. They’re reaching customers at different touchpoints, which ultimately leads to more sales.
The takeaway here is simple: Pioneering the marketplace doesn’t mean creating something completely new. It can mean finding creative ways to extend your services and increase your touchpoints with your audience.
Whether that’s adding a portable machine, creating a new digital service, or offering an extra product, it’s about finding new ways to stay relevant.
So, here’s my challenge to you today: Are you set up to pioneer your market?
Look at your business. Are you sitting back and saying, "We’re good at what we do, and we’re going to keep doing it?" That’s a fine approach, but let me ask you this—are you looking for ways to expand your service model, or offer more value to your customers?
Are you thinking beyond the traditional and asking, how can I extend my reach in ways that align with my brand, without compromising the core experience?
Let’s use Costa’s model as an example.
- Are you taking your service or product and figuring out how to make it more portable, accessible, and convenient for your audience?
- Are there places you haven’t thought of where your business could still thrive? How can you bring your experience to your customers, even when they’re not physically walking into your store?
Take the next 10 minutes to think about it: What can you do today to innovate?
Is there a product or service you can offer in a new way, or a new market you haven’t yet tapped into?
Pioneering isn’t about being revolutionary in every aspect of your business, it’s about recognizing opportunities to expand and adapt. Could your business benefit from introducing a more accessible version of your service? Could you make it easier for customers to engage with you wherever they are?
Whether it’s offering a new product range, creating an online service that complements your in-person offerings, or introducing a subscription model for convenience, the possibilities are endless.
I’d love to hear your thoughts on this. How can you innovate in your market? What can you do today to expand your reach and make your customers’ experience better?
Feel free to leave a comment or connect with me on LinkedIn. I’d love to hear your ideas, and if you’ve got something big brewing, I’m happy to offer my input - discreetly, of course, if you’ve got something sensitive you’re working on!
Always here to help you start, grow, and thrive. Let me know how I can support your next big move.