As easy as it might seem to come up with an amazing product to be marketed, it isn’t as easy as it might seem, to actually sell it! The amount of hard work and effort that needs to go into it is a lot, especially in the initial stages. Here are a few points to be considered when selecting the right place to locate your business.
External demographic factors
This is an important fact that needs to be considered. Here the customer base and the target market is focused. Their demand for the product, income levels, social class, gender are another few concerns under this. Building a large market base and targeting a particular customer base is very important when you develop a product and market it. For an example if you plan on marketing a fancy luxurious bath bomb, you need to consider who your focus customer is and what their income levels might be. Trying to market a product like that, in an area where the cost of living is high and people’s main focus product is purchasing their day to day meals, just might not be the best idea. Hence make your decisions wisely!
Choosing the right area to position your store is very important. You can think to buy property here that is located close to your market base to increase your sales. Making sure that it is conveniently located to get down stocks from your suppliers and also convenient for your customers to have access to it is another important fact. It also needs to be in a place that can be clearly seen and distinguished, rather than in a dark alley in some random corner!
Competitors can be strength and a weakness as well. Utilizing it in a way to help improve your venture is your responsibility. This does not however mean to tarnish your competitor’s image and product but strive to push your business to its best! Taking into consideration on how well your competitor might be doing you’ve got to motivate yourself as well to achieve the maximum possible success through fair competition.
Image or reputation
True things might be difficult in the beginning. But you’ve got to ensure that initial customers are highly satisfied with your services only then can you gain potential customers as word of mouth is a powerful marketing tool. Sure you might have to go through loads of costs to sustain in the beginning, but once things thrive you could manage to make profits and reduce costs.
Initially you might have a lot of costs that need to be borne, but as your business thrives and begins to pick up, you could afford to reduce these initial costs that might be spent on marketing and other necessities, as word of mouth on its own might be the strongest marketing tool you’ve got.
It doesn’t hurt to dream big. You could keep dreaming of going big and all out. Even though you cannot afford to have another one of your stores in your own property you could sign up for apartment rental Hong Kong and make that additional dream store of yours come true!
Keep dreaming big and strive to achieve your maximum potential! Do an honest job and expect equally rewarding benefits. And remember a happy customer is good business!