Does Location, Location, Location Still Rule Retail?Ink Well Mag May 24, 2016 0 COMMENTS
Realtors and retailers take location as the most important consideration in business. And they are justified because location impacts heavily on visibility, foot traffic, and profitability. But what if you can’t find the right place or can’t afford the rent or lease of the premises you want?
Location is Not the Only Differentiator
If you don't have the ideal address, understand that businesses can’t ride the wave of strategic positioning forever. In fact, as markets mature, location ceases to be such a powerful competitive advantage. Customers have a growing list of convenient choices and can easily compare other differentiators such as prices, service, and offerings. Still, wherever you are, you can attract and retain customers in the following time-tested ways.
The web is the new piece of real estate. With effort and a small budget, you can find a strategic “location” from where you can reach and serve your target customers. Selling online also has many other advantages including opening up geographical borders.
2. Customer Loyalty Programs
When run well, customer loyalty programs are beneficial to all kinds of businesses, according to shopperloyaltyrewards.com. The offered incentives can help you turn store-hoppers into loyal shoppers. Just make sure to engage with the customers, understand their intentions and say thank you in a personalized way.
3. World Class Customer Service
Customers know when you think of them as mere transactions. If you have a brick and mortar store in a not so strategic location, make sure to treat your shoppers fairly, and with respect. When you engage with the little foot traffic you get, those customers won’t mind bypassing your competition in better locations.
Location, location, location is not a magic wand anymore. It must be complemented with other differentiators for it to work. And if you can’t find the site of your dreams, all hope is not lost. Retail can still be rewarding.