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There are many businesses that spend many, many dollars on marketing in vain. They invest heavily in a bid to increase sales but they barely get a move on things. This is because they ignore one of the most important aspects of marketing: location. Focusing on the product, promotional content, price, and the profit is very common but local businesses tend to forget that the location is also just as important.
The location of your local business should have two features: it should be in a highly regarded area and it should be in an area that your target customers can easily reach. In other words, your target customers should not waste time trying to locate you or simply miss your very existence because you are located in a place that they do not frequent. Many businesses check prime locations for this very reason. People of different backgrounds and niches frequent prime locations and when your business is set up in such a place, access is easier. More people will know about you, more people will enter your store, and your business will thrive. For local businesses, foot traffic is the most crucial form of traffic and this is possible only when you pay attention to your location.
Now, the right location for your business depends on the type of business you own. For example, if you are in the corporate niche you obviously need to set up an office in a commercial building or area. If you have a shop for pets, though, you can set your shop up in a neighborhood. You don’t really have to go to a place where there are businesses. We advise you to conduct thorough research about the locality you plan on setting up your workplace so that you know whether you are making the right move. Research and surveys will help you significantly in this regard.
You will be surprised to know that many SMEs have seen failure due to this mistake. The location may seem like something every business pays attention to but in reality, some businesses do not really bother about it. We hope you don’t follow suit.
Just like price and promotion, the right location is very important for local businesses to do well. Depending on what type of business you own and the market you are targeting you should conduct thorough research before finalizing a spot for your office.
Image courtesy of [scottchan] / FreeDigitalPhotos.net