Footfall and Location: Retail Currency
For any franchise business (or any other business for that matter), especially one that involves having a premises (like a shop, restaurant, office, etc) it is really important to get the location right.
I know more than enough businesses that have failed purely because they were a road away from where they should be. Plain and simple. So – franchisors – do your homework! The last thing you want is a franchisee to end up in the wrong location.
Good franchisors will have an approval process built in to their models, so that they have to approve a new premises for a new (or existing) franchisee – purely because of getting the location right (but it also might well be a branding issue ). This is not to be tedious – it’s to make sure that the decision is well-thought out and not merely based on cost-effectiveness. You may end up with a ‘cheap’ rent…but no customers. Beware!
Next element is footfall (tied closely with location). If you are pretty reliant on footfall in order to get interest in your business, you not only have to be pretty strategic about where your premises is based, but you also have to be clever about getting people into the store. This means looking at your ‘Come to my Shop’ strategy. What is this? It’s a mix of branding, marketing and PR campaigns to heighten peoples’ awareness for who you are, where you are and what you do.
Enter a free social media tool that is perfect for driving people to your shop…Foursquare. I hear some sighing. But seriously, if you haven’t looked at this tool – then you are seriously missing out.
I have spent some time looking at what Foursquare means for a small bricks and mortar business and to be honest…its fantastic to generate interest and to heighten awareness for your business. I think it is superb for: pubs, restaurants, high street shops, leisure venues, sports events, community locations, etc.
For a quick help on the matter have a look at this video from Mari Smith on the Social Media Examiner TV channel. (She also chats about Flipboard and Facebook, but watch anyhow…its short, sweet & to the point – which I like!)
So, my message for you is: if FOOTFALL and LOCATION are two big issues for you as a business, make sure you are paying enough attention to them and you are also looking at innovative ways to get people through your door. What you do with them when they get through your door – I will leave to you to realise the value of retaining customers!
Copyright © 2010 Shelley Pearson.
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