Do you know? How do you find out? Your commercial real estate agent probably provided you a slew of statistics about all the wonderful people that live within 5 to 10 miles of your location. But is that the right way to judge it?
To really understand the potential of your location you need to know three things really well – 1) what is your primary market, your secondary market, and your tertiary market? 2) how well do the people that live in these markets match your current (& best) customers? 3) are there efficient ways to reach & motivate the people in each of these markets, especially the ones that match your target profile?
Your primary market will vary with your business type as well as the relative attractiveness of where you are located. If you are in a ‘destination setting,’ consumers will regularly travel a long way (30 minutes or more) and you can pick up some of those benefits. If you are in a strip mall or other smaller center, you will have to know far more about the immediate neighborhoods (within 10 minutes of you) as well as the best ways to reach people in those neighborhoods.