One of the most basic concepts taught in almost every marketing course is the importance of the Four P’s (price, product, promotion and place). The place or location means the point of business where customers directly evaluate or come in contact with the product or service. While this may not matter to online businesses, it is crucial to organisations that rely on customer visits and views. Companies like restaurants, malls and even clinics are some of the good examples.
Although the location is tagged as one of the most important factors in business, it’s likewise the most overlooked. More than just a place to do business, it can influence the success of your business. Here are the reasons why:
It Determines Your Target Market
If you want to appeal to more consumers, you must know the best place to lure them. Businesses, which are usually located far off from the public’s eye, tend to become less popular as compared to those that can be easily seen. Whether you choose to open in the Paya Lebar commercial hub or somewhere along main roads, it is strongly advisable that you put a lot of thought into your decision. It will be difficult to take it back again, once you’ve made things final.
It is a Great Traffic Generator
A business located in a highly visible venue will tickle the curiosity of people. This is most especially true when you’re directly selling a product or service. A strong branding effort, together with a killer location, will most certainly skyrocket your business.
It Will Protect You, Your Business and Your Staff
As a business owner, you would never want to risk the safety of anyone (even yourself) while working. Otherwise, it will reflect on the overall performance and reputation of your organisation in the industry. The location is directly related to the well-being and productivity of everyone in your company. Is the location you want near a factory or near flood-prone areas?
A good location is important to almost any business, especially those that are under retail, food, salon and dining industry. Make the right choice.