Making Your Mark in a Saturated Market
One of the biggest challenges of establishing your company is doing so in a way that actually differentiates what you offer. In a fast-paced economy, more brands and entrepreneurs are entering a competitive market. So what sets a business apart from their established counterparts and future rivals? For starters, consider these basic tips:
Surround Yourself With a Buffer Zone
There’s no strategy like being the only game in town. Of course, that doesn’t mean you have to direct your efforts toward decimating your competitors. It’s more effective to locate your business in a prime location with excellent facilities to set your brand apart.
Start by conducting in-depth market research. Learn who your new neighbors may be and how their value propositions overlap with your own. For instance, a purveyor of luxury goods might want to consider how many other local businesses sell similar items even if they’re not dealing in identical stock. Above all, if an area seems a bit crowded, hunt for better digs. On the other hand, it may be advantageous to select a location in proximity to businesses where your target customers already shop and frequent. Depending on your business specialty, you’ll have to use your best judgement.
Pick Facilities, Not Just Locations
Snagging a prime anchor spot in a popular shopping mall may seem like a great idea – until the venue in question loses air conditioning, experiences intermittent power outages or suffers from some other deficiency. True, these may be unusual conditions, but it’s vital that your building of choice features premium conveniences.
Remember, you and your employees aren’t the only ones enjoying the amenities. Your customers also expect a certain level of comfort and convenience. Even factors like retail cleanliness have been shown to impact where people shop. It may behoove you to settle somewhere that offers the full maintenance and management package in addition to a prime storefront location.
In many cases, lacking the amenities that your nearest competitors possess is sufficient reason to relocate. Instead of continually looking like the poorer choice by comparison, you may be able to find a new spot that lets you stand out, save money or even occupy an as-yet untapped market.
Choose an Experienced Property Partner
It’s far easier to talk about researching markets and facilities than it is to actually buckle down and hunt for insights. Unfortunately, you have a business to run, and you may not have as much time as you’d like to scope out new spots.
Working with a property developer or management company that understands regional market trends and ongoing developments is vital. For instance, you don’t want to take up occupancy somewhere only to discover that a new conflicting development is setting up to open down the block a month after you’ve signed the lease.
Good property partners don’t just show you where to find locations; they also help you plan ahead for future growth. Get started more easily by leasing one of Ellicott Development’s attractive commercial spaces. Take a look at our available properties and contact us to get started today.