Chingus Coin is a Korean-inspired pancake sandwich using mozzarella as its main filling. It is baked using a 10 Won coin molder.
Aside from mozzarella cheese, customers can choose to have add-ons like Nutella spread, Biscoff biscuit, peanut butter, cream cheese, matcha or extra cheese. Looking at this, I will not be surprised if there will be more flavors in the future!
Chingus Coin has been trending for a while, so here, I want to spare some thoughts as to why a business may be “trending”. Let’s get started.
Trending means currently popular or widely discussed online especially on social media. Simply put, trending means being followed by many momentarily. With social media, introduction and market testing become easy.
Why would people follow a business?
- Novelty
Our brains are hard wired with novelty. Novelty allows our brain to release the right dose of dopamine when we see or learn something new, and when this happens, we are excited to explore things.
2.(High) Quality Product/Service
Quality product or service may mean that it is something probably better than others that customers have tried previously. It may provide an opportunity to solve customers’ needs or desires and benefits to understand their pain points.
- Well-thought Marketing and Promotions Plan
Increasing awareness of customers about a business is now almost effortless because of social media, but there is more to just vlogging or blogging a business. Owners need to have a blueprint of a SMART strategy, goals and activities to turn prospects into clients/customers.
Chingus Coin had its Soft Opening in a mall then after catching the attention of the people it had its Grand Opening in another mall.
Chingus Coin per se is not something totally new and better. It is basically the same as classic pancakes and waffles that uses a batter then matches it with any spread to add more flavor to it.
Classic pancakes are round and plain. Waffles have different shapes but normally have square pockets. Chingus Coin is also round with a 10 Won figure on it.
Chingus Coin is just using a non-typical machine for cooking the batter. So, it is the machine that caught the attention of the people. It is new to them!
Its exposure via social media cannot be equal to a well-thought marketing and promotions plan. I realized it was a big factor to have been shared by vloggers in the social media, but seeing the long lines and people waiting for hours during its Soft Opening were not because of the 3 reasons I have mentioned above, I suppose.
My daughter and I bought one for each of us the other day and there is nothing unique about its taste! Maybe it was how long the mozzarella cheese would stretch that hooked some because it is fun stretching the cheese, but it is not something I would want to buy again. Since it is Korean-inspired, I was hoping for some authentic taste of Korea’s vibrant street food culture but nada.
Plus, you know what I realized? The reason there were long lines during the Soft Opening is, they were only using one machine, and the cooking time was so slow.
Its concept is something that can easily be replicated. Despite this, the owners are excited (or aggressive?) to expand. Without even testing the market for 6 months, they are now opening it for franchise. Seriously.
I would rather invest my money into something else. Would you franchise a business you can easily do by yourself?
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STOPWhen a good business doesn't get a lot of customers, innovation can be the key, but if it doesn't add much to the flavor, there's a mistake there. I hope they improve that.
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