The secret of reaping big profits in business is all about planning. You need to plan on where you are going to locate your business tying it to the customers available. If for example you want to open a pork butchery, you cannot go and locate it around Muslim studded areas since they don’t eat pork. You need to do your homework well on the best places you can locate your business.
There are certain places you can locate any business and it does well because it has all kind of people who require variety of products and services.
Examples of such places are central business district (CBD), markets, town centres and around developed infrastructures. You can locate your business around institutions such as universities and hospitals because there are many people who operate and work around such areas. A person who wants to start a cyber business will get alot of market around learning institutions such as colleges and universities while a person who makes coffin will get market when he or she situates the business around a mortuary or hospital.
To locate your business’ customer geographic market area, here’s some advice:
- Start with the addresses of your existing customers. Wherever you have a concentration of existing customers, you also have a concentration of potential customers.
- Follow your inquiries. Inquiries are customers waiting to happen. The addresses of your inquiries will define target geographic areas where people have demonstrated interest in the products and services you offer.
- Locate your noncustomers. Identify geographic areas with concentrations of people who have the attributes of your current customers but who don’t yet buy from you. These are noncustomers who are also potential customers.
- Call advertising representatives at the leading publications that serve your business sector. Media outlets conduct and purchase research, and often they share information as a way to convince you of their ability to carry your marketing message to the right prospects.
- Contact your industry association. Inquire about industry market analyses that detail geographic areas with concentrated interest in your offerings.