As you decide to open a new retail location or increase the sales performance of an existing site… mapping the location in conjunction with schools, community centers, stadiums, libraries, and other traffic generators can greatly increase your success.
By plotting your existing site or proposed new site on a map and creating a 1, 2 and 3km radius around it…we can gain valuable insight that will help your business. If your product or service can attract customers from a larger area, the radius can be increased, to a radius of 5 or even 10 KM… or vary.
EXISTING RETAIL STORE: It’s important to know your target customer… with a map as your guide, you can decide on flyer delivery, direct mail, door calls, print advertising, etc; that you will effectively accommodate your client within your catchment area…first, plot your location on a map and identify all major streets, intersections, and most importantly; traffic generators… be it offices, stadiums, libraries, community centers, high schools, hospitals, breweries, liquor stores, big box retailers, etc.
Traffic generators should be within a comfortable distance for them to shop at your retail store…for example, the catchment area (or area of potential customers) will be much larger for a furniture store than for a dry cleaner. .which means it can attract a customer from a greater distance to buy furniture, rather than dry cleaning due to convenience, drive, cost, store size, quantity of each retailer category, etc.
When you have a good handle on the traffic generator, determine the number of people attending the traffic generator (whether it be an office, arena, community center, hospital, etc.)…once that’s been mapped and determined, you can decide; in your ad form…the ad doesn’t necessarily require spending any money…have the staff or yourself post on the bulletin board at the generator, or sponsor the local team or leave some flyers in each office or hit the doors and introduce yourself and your service and/or product…basically start building a relationship, then a mailing list. Once a mailing list is assembled, emails are sent on certain special or occasions etc. it can be emailed and your work becomes much easier.
POTENTIAL RETAIL STORE: The above is also true for evaluating a new retail location. Have the surrounding area mapped; greatly increasing the chances that the new location will be a success. Does your client live and/or work and/or visit the immediate surrounding area? Is the place of work/home and/or visit…close enough to frequent your store…for any services or products you intend to sell?
Mark the competition on a map. Does the surrounding area have adequate stores that sell products and/or services similar to its intended use? It’s always easier; to create new business in a new area, instead of having to drive customers away from existing competition! Especially if the competition is doing a good job. Most of the time customers will have to be dissatisfied with the product and/or the price and/or the service to try the new one! Remember, we are creatures of habit and it is difficult to get people to change their habits.
So… The more background and homework we do up front, the more MONEY this will save and create for US in the long run!
REMEMBER, know your customer, know your area of influence and the type of customer located in your area of influence, know the traffic generators within your target area, know your competition if there is one and determine how far people will travel for your service or product. If you do the necessary research and are aware of the above and make wise decisions, YOUR RETAIL STORE WILL BE SUCCESSFUL! Mapping of traffic and/or competition generators, areas of influence, etc. they can be purchased individually or at discounts, in groups with multiple criteria and locations.