Knowing where your competitors are – and aren’t – is an important consideration when selecting a location for your business.
Incorporating competitor locations in your analysis of prospective sites ensures that the competitive landscape factors into a host of important business decisions.
For instance, if you’re the only barbecue restaurant within a five-mile radius, then you’ve pretty much got the market to yourself. If you’re considering putting a location in an area that already has several established barbecue restaurants, then that’s another matter entirely.
To help clients make better business decisions, market research experts with the Arkansas Small Business and Technology Development Center often include the number and location of competitors in the research information provided to clients.
Case in point: A veterinarian in one Arkansas city sought ASBTDC’s assistance in identifying the ideal location for her proposed veterinary clinic. By including competitor locations in our analysis, we were able to aid the client in making an informed decision.
Although certain parts of town had higher pet ownership, our market research revealed that those areas were already being served by multiple veterinary clinics, making them somewhat less desirable. Other areas had no veterinary clinics located nearby, making them comparatively more desirable.
Another case in point: An ASBTDC client was considering several locations for a new flower shop in one of Arkansas’ largest cities. Including competitor locations in our market analysis enabled us to show the client which of the proposed locations were already saturated with flower shops and which weren’t. This benefited the client by providing a better understanding of the competitive landscape.
Knowing how many competing businesses are located in a given area can also aid in making more realistic sales projections, which influence financing decisions with lenders.
Not only do our market research experts have access to a wealth of industry-leading resources, but our team also has the expertise to use these resources to assist business owners in making data-driven decisions.
Our ability to map the location of competitive businesses can help Arkansas small business owners make better site selection choices. This is just one of the valuable market research services available without charge through ASBTDC.