The importance of marketing and selling in a business is colossal. They are actually symbiotic in that they feed off and feed into each other. If you do not market your products they do not get sold. The process of selling is partially also an act of marketing in itself. However, it is not just about marketing and selling per see. The most important element in marketing and selling in the right place – whether it is physical or virtual. That is the focus of this article i.e. why it is important to consider the right place.
“Location Is Everything”
This is a common adage in the field of business. The importance of location can be seen in how a wrong decision in this regard can cause a business to flop. Its importance can be seen in some of the things that influence the choice of location. Let us look at some of them:
What Is The Business About?
What a business is all about plays a huge role in the choice of location. Have you ever noticed that business premises tend to be concentrated in certain locations? For instance, you will find, in central business districts say, hardware businesses are typically found along certain streets or certain locations. This means your choice of location can be determined where such businesses are usually found. Locating your business there will mean that customers and prospective customers naturally go there when looking for particular products.
This means you will have to use less effort in marketing because your choice of location is already strategic. Even in terms of marketing, you will know the best spots or platforms to showcase your products. For instance, online you will notice that there are say, WhatsApp groups, Facebook pages, groups, and so on that are specific to particular fields. Tapping into sports or locations that are typically characterised by advertisers and prospective customers looking for products that you sell makes the task much easier.
What Are The Distribution Dynamics?
These are extremely important because they have a bearing on several things. For instance, a business premise should be located strategically such that you are close to customers and also your suppliers (if applicable). In some cases some business models entail having distributors – you would do well to be close to them. Being close to suppliers significantly reduces operating costs which in turn affect your pricing positively. The logic is simple; by being close to distributors or suppliers you get to spend less on transportation. As a result, you can still be able to price your products reasonably because you are not seeking to recoup huge amounts of money you used.
Being close to customers and prospective customers avoid scenarios where they opt for other players just because they are closer to them than you are. Being close to existing and prospective customers also reduces operating costs in that you do not have to spend more time and resources in endeavouring to reach them.
How Much Visibility Does It Need?
Some businesses do not necessarily need to be visible to sell. Whereas there are businesses whose products thrive on being visible to be bought. For example, a fast-food outlet heavily depends on being visible to thrive. However, some businesses can do quite well even if they are not located where they will be abundantly visible. The same visibility can also apply to virtual platforms. Actually, comparatively some businesses need to be most visible online to sell. Other businesses need to be most visible physically to sell. These are things you have to look into before you ultimately choose the location of your business. The extent to which your business must be visible and where hugely matter in light of the subsequent success of the business.
Where Should It Be Located Relative To Competitors?
You must be strategic when it comes to your competitors. Especially when the competitors are already well-established you have to be very careful. It will be foolhardy to position your business near a competitor or competitors – you might end up struggling to land customers because of this. Putting your business close to competitors can be strategic if you know that you have an indomitable value proposition that will swing customers towards your business. Another strategy could be to locate the business along the inflow path of customers of existing businesses.
Here is what I mean, let us suppose there are 20 kilometres from existing businesses to where the first customers typically come from. Locating your business say, 10 kilometres before those businesses can help you lure away those customers. These are just some examples of the choice of location concerning where your competitors are. The possible scenarios and approaches are so numerous that you must be as creative as possible.
Generally, I encourage businesses to be actively online nowadays. I also encourage them to not completely abandon the brick and mortar model; they must work in unison. Most of what I covered is for the physical location of a business. What I shared with you applies to both marketing and selling which I said are symbiotic. If your business is currently not doing well you might want to consider your current location. If you are looking to start a business then pay rapt attention to the dynamics I discussed in this article. All in all, you want people to associate with your business thinking “they happened to be at the right place and at the right time”.