Positioning has always been an important element of setting up a business. Your success as a business depends on how well you are positioned to be found. Positioning includes various factors, from location to the price of your product or service to the message you use to promote the business, online and offline.
You’ve probably heard the classic advice, “Location, Location, Location.” The importance of the location of your business cannot be stressed enough. A business’s address is an important factor in the way that business is perceived.
If your business address is far away from your target audience, especially if you sell offline, prospects may find it difficult to locate you. Conversely, if you had a city centre location or one which is well-regarded as a business centre, prospects be may be more inclined to convert.
Location can also influence a business’s ability to market itself, the competition it faces from businesses, the total cost of operation, taxes the business owner has to pay and the regulations they must follow.
Location also matters for marketing. The importance of location goes beyond your business’ physical location and your website rank in Google search results. It extends to the placement of your advertisements.
For example, choosing a business address in the City of London will likely change the perception of your business as it would be seen to be part of the finance and high growth culture of the area. In the UK, Pall Mall Estates has workshop space available in a number of major cities, including London, Bournemouth, Birmingham, and Wellingborough.
Basically, you just want to be wherever your customers are and make it as convenient as possible to visit you. Location is of utmost importance especially to businesses that sell goods or services directly to customers at brick-and-mortar establishments.
Depending on your business, suppliers could influence your location. Price and quality are pre-requisites in choosing a supplier, but the speed of delivery has a huge impact on productivity.
For better and quicker businesses operations, it’s important to consider the location of your company to make it easy for your suppliers to reach your premises on time to deliver goods and provide the necessary service for your business to run smoothly. And the closer you are to your suppliers, the quicker your product can be on the market. Think about the following dynamics in when choosing the location of your new business or when you plan on expanding to other cities.
- Your business image
- The competition you will face
- Growth plans today and tomorrow
- The overall safety and perception of the location
- Laws and regulations
Pall Mall’s infographic below explains the importance of location to your business.