When Richard Branson began Virgin Records, it was on the 3rd floor….Location, Location, Location.
Location, location, location…No it made no difference! Welcome to my :
Bob Pritchard Blog here on Salesdrive.com.au
…but he gave people a different experience he gave them what they wanted, he was different.
Twenty years ago one of the foremost retail consultants in the world, Burt Flickinger said “Bad decisions about where to open stores are costly mistakes that can drive retailers right out of business”
Really, I think Location, Location, Location motto is just bullshit.
When Richard Branson began Virgin Records it was on the 3rd floor, but he gave people a different experience, he gave them what they wanted, he was different, so they came irrespective of Location, Location, Location. There are literally thousands of similar examples.
Any good store locator knows this.
If you are a me too store, Location, Location, Location makes no difference no matter what you are selling, you will probably go broke even if you are in the center of the busiest foot traffic strip in the world…and if you are, you will be paying absolute premium dollars for the space.
Location, Location, Location may be more important
Me too means you compete on price, this means lower margins, lower return on investment, smaller profits, less money to promote yourself, less money for staff training, less money for customer experiences….oops…you are screwed.
Where you’re selling something generic, like Coke or Pepsi, or a hamburger, it is unlikely anyone will seek you out, but where you can positively differentiate yourself from your competition, unique product, exceptional advice, the coolest store, the best ambiance, a wow experience or the only company reflecting the potential customers belief system then people will seek you out.
I know a hairdressing salon that is in a suburb but off the beaten track that is always full because it is easy to park and you don’t have to feed a meter or park in a 1000 car lot where you spend an hour getting to and from, and locating your car. They also have incredible service and benefits. Spearmint Rhino, the gentlemen’s clubs, are always in remote locations and I’m told they are always full.
Location, Location, Location no worries there.
I know an Apple store that is not located in a hugely busy giant mall, no Location, Location, Location that is further up the road, people park in the mall and walk to Apple even if it is pouring with rain. There is a restaurant near my home that in 10 years has had 10 different owners, impossible to park, not near public transport.
Now it is packed, even on a Monday night. Location, Location, Location…..Bad location? No, just 10 bad restaurants that didn’t give the public what they wanted.
“the business leaders advisor”
- CEO of Marketforce One Ltd.,
- Marketing Director for Publishing & Broadcasting Limited (PBL)
- Chief Executive Officer of Sportsplay Television Limited
- Bob hosts The Bob Pritchard Business Radio Show
- Chief Executive Officer of The Sydney Football Club
- Global Ambassador for Kidney Health
- Winner of the ”International Marketer of the Year”
- Marketing Director for the Inaugural Formula One in Australia
When Richard Branson began Virgin Records, it was on the 3rd floor …but he gave people a different experience he gave them what they wanted, he was different Location, Location, Location turned out to be bullshit, bullshit, bullshit.
Title: Location, Location, Location. Bullshit, bullshit, bullshit.
Reviewed by Phil Polson on May 30
Summary: Bob Pritchard is a leading adviser of business leaders worldwide.
Description: Bob understands how communication is so vital in every aspect of business. It touches every person, and every corner, of the business world. Bob knows how to expand all of the new age communication skills throughout an organization no matter what the size. From self employed entrepreneurs, small business owners, SME’s, right up to major corporations.