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, despite the rise of technology, virtual communication and cloud businesses. 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.
How important is location to your business? These questions can help you.
- Does the success of your company rely heavily on customer traffic?
- Is convenience important to you and your employees?
- Do you rely on suppliers of goods?
- Is brand visibility important for your growth?
- What about the legal implications of your location?
The best location can increase brand visibility
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.
Easy access is a huge advantage
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.
Some customers choose to buy from certain companies because of the perception they have about them. A business in the commercial area of a city gives the perception that the business is successful and can afford a good location.
Your business should also consider if parking is available for prospective customers. Many customers will choose to go somewhere else if it’s too hard to find parking.
Think about suppliers
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.
Location will always be important especially for many businesses despite the rise of remote work, collaboration, telecommuting and virtual offices.
If your business is conveniently located at the best place to attract customers, you can be certain of growth, an increase in sales and brand visibility.
If you’re running a traditional or physical business, your success primarily depends on your location. Do your research and choose your location carefully.
Think about the following dynamics 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.
