As you decide to open a new retail location or increase the sales performance of an existing site… mapping the location along 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 3 km 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: Knowing your target customer is important…with a map as a guide, you can decide on flyer delivery, direct mail, door visits, print advertising, etc.; that will effectively accommodate your client within your catchment area… first of all, 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, large 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 you may be able to attract a customer from a greater distance to buy furniture, rather than dry cleaning due to convenience, impulse, cost, store size, number of each retail category, etc.
When you have a good handle on the traffic generator, determine the number of people that attend the traffic generator (whether it be an office, arena, community center, hospital, etc.)…once it has been mapped and determined, you you can decide; in your form of announcement…advertising doesn’t necessarily require spending money…have the staff or yourself post on the bulletin board in the generator, or sponsor the local team or leave a few fliers 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 out on certain specials or occasions, etc. it can be sent via email and your job 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 of the new location being a success. Does your client live and/or work and/or visit the immediate surrounding area? Is the place of work/residence and/or visit… close enough to frequent your store… for any service or product you intend to sell?
Mark the competition on a map. Does the surrounding area have suitable stores selling products and/or services similar to your intended use? It’s always easier; to create new business in a new area, instead of having to alienate customers 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’s hard to get people to change their habits.
So… The more background and tasks we do up front, the more MONEY this will save and create for US in the long run!
REMEMBER, know your client, know your area of influence and the type of client 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 SUCCEED! Mapping of traffic generators and/or competition, areas of influence, etc. they can be purchased individually or for discounts, in groups with multiple criteria and locations.
