Almost any business owner you speak with will tell you the key to success is location. However, in the age of the information superhighway what exactly does this mean? Are they referring to their physical location, how it meets the demands of customers, suppliers, transportation, utility access, traffic count, ease of entry… the list of the Economic Geographic factors can be extensive, or are they referring to where prospects become customers? Is location still a driving force for business? Not only is location crucial to the success of any business, so is location and location.
Location 1: Physical location
Where your business is located physically and how to optimize your location is analyzed using the economic and geographic metrics I listed above. Many factors go into the decision of which location best serves your business, whether your focus is shipping logistics or consumer access. It may be necessary for a retail outlet to be on a busy easy to access corner, just as it is important for a manufacturer to be near suppliers and transportation infrastructure.
Location 2: Virtual location
Where your business is located virtually is quickly gaining importance in the battle to draw in new customers, and keep current ones. Every business’ virtual location begins with an address on the world wide web. However, just as with physical locations, virtual locations are not just your website. Other factors included in virtual location are linkbacks, trackbacks, listing sites, Google maps, social networks (eg. Linkedin & Meetup), forums, e-zines, and anything else that is logged by the search engines (eg. Twitter, a mass IM social application).
Location 3: Brand location
Where your business is located in the mind of your customer is what brings everything together, turning prospects into clients. Brand strategy needs to integrated and implemented across the first two locations and everything your business is involved in to maximize effectiveness and allow your business to communicate what customer it best serves, and what hill you have planted your flag on.
Location is as important as ever for business. Whether brand, virtual or physical, your location choices will drive your business. Every step must be based in tested research to make sure you are in the best position to maximize your business’ opportunities.
