4 P's of Marketing - The Place Matters Most!

Think of the 4 P’s of marketing: product, price, promotion, and place. You’d think my job is just “the place” part, but you’d be wrong. “The place” is affected by all of the others.

Obvious example: If you’re selling ultra-high-end jewellery, you don’t set up in a low-income community inside of a building that looks/smells/feels like a 1960s electronics store. The building doesn’t reflect the product well. You won’t have a great customer count thanks to having high prices in a low-income area. And you may even become the target of crime depending on the community. And then, if you get walk-ins who ARE wealthier individuals, the atmosphere of the store itself will be an additional hurdle to building trust. The price is too expensive, even if margins are low, for the store to be located where it is and appear the way it does. It doesn’t promote the product well or make sense business-wise.

It’s not just about the appearance of the building or the demographics of the neighbourhood. There’s zoning, bylaws, and more that can impact what types of businesses can operate in certain areas. An example is how livestock farms have minimum separation/distance requirements, separating them from residential dwellings. It's possible one of those might be planned for nearby. If you’re involved in either business, you need to be aware of these laws.

Determining “the place” involves looking at and understanding the entire business. "The place" needs to be able to function as your centre of operations, align with financial goals, and also represent your brand appropriately too.

That’s why I make a point of learning as much about your business/service as I can – so I know how your business plan will be affected by and/or influence your real estate decisions.