Which is better: affluent market with high competition, or less affluent market with 0 competition?
Hi all. I run a tiny probiotics business that focuses on Japanese koji-based fermentation. We sell only at farmers markets which keeps overhead low. We've expanded to a larger area and I am now deciding between two markets the same day and time and I'd just like some input. Also any recommendations on subs to crosspost this as I am very new to the business scene.
Important to consider: our products are essentially luxury items. We make handmade miso that is a completely different quality than the one you'd find in the store, and the price reflects this. Our products are very popular among Japanese people, probiotic addicts, and home cooks as almost everything we sell is an ingredient to be added to or enhance a recipe, not ready to eat. That being said our products never go bad and a little goes a long way, so maybe investment would be a better term than luxury (we have many dedicated customers who come once every couple months when they can afford it or need to restock)
Thank you in advance!!
Market A: the largest market in the association we're currently apart of. Heavy foot traffic but out of the way so people come to shop or get hot food. Not a market you stumble upon. Affluent area. This market has two other probiotic businesses and one Japanese food business selling ingredients (not ready to eat). We are not guaranteed a spot in this market and would need to apply after June to know if they have a space for us.
Market B: still large, maybe 3rd or 4th largest in association. Also been going for 30 years so they have a following. They block off the street and its a populated area so lots of folks pass through. Heavy foot traffic though maybe more social shoppers than serious shoppers. Significantly less affluent area, but we would be the only probiotic vendor and the only Japanese food business. We are guaranteed a spot in this market as they are trying to expand beyond produce.
Both markets have specialty businesses such as mushroom stalls, imported tea, and specialty sodas. Even at the smaller, less affluent market when I talked to these businesses they said they do good money.
Our products range from $9-25. Market A median household income is $159,000 for the county. Market B median household income is $90,000.
Why not wait and apply to Market A next month and if we get rejected go to Market B? Because this is the heat of the market season. By June all the produce vendors have arrived and summer is always the most profitable season by a huge margin. Trying to make this decision without dragging my feet and missing out on potential profit from both markets.
Appreciate you folks huge thank you in advance! Any other info I'd need to help make a decision is also super helpful.