- PRICING STRATEGY: PRICE SKIMMING!
- PRICING STRATEGY: GIVING YOUR PRODUCT/SERVICE FOR FREE
- SHOULD WE COMPARE OURSELVES?
- WHAT SHOULD WE MEASURE WHEN WE EVALUATE OUR MARKETING EFFORTS?
- WHAT IS THE VALUE OF A CUSTOMER?
- DOES CONTENT MARKETING WORK?
- WHAT IS THE DIFFERENCE BETWEEN A BRAND, BRANDING, A PERSONAL BRAND AND A COMPANY/PRODUCT NAME?
- WHAT IS GROWTH HACKING?
- HOW MANY « P » CAN BE FOUND IN THE MARKETING MIX?
- THE CUSTOMER VALUE CHAIN
- HOW CAN YOU PROTECT YOUR UNIQUE PRODUCT OR SERVICE?
- CONFERENCE ON FINANCING - MAY 2, 2017
- WHAT IS DRIP PRICING?
- WHICH AMOUNT SHOULD YOU CHOOSE FOR YOUR PRICES?
- DETERMINING YOUR HOURLY RATE BASED ON THE VALUE YOU THINK YOU HAVE
- IS LOWERING YOUR PRICES A GOOD IDEA?
- TO OFFER OR NOT TO OFFER FINANCING?
- HOW TO PROTECT YOURSELF AGAINST EXCHANGE RATE RISKS
- WHEN IS A GOOD TIME TO INCREASE YOUR PRICES?
- DEMAND BASED PRICING
- WHAT IS A LOSS LEADER?
- HOW TO ORGANIZE A DRAW THE RIGHT WAY?
- HOW TO HAVE REMOTE EMPLOYEES
- IS IT GOOD TO BE FIRST IN A MARKET?
- THE THREE TYPES OF CUSTOMERS
- EXPORTING TO MEXICO - QUERETARO REGION
- DEFINING BUSINESS SUCCESS
- ARE YOU USING REBATES? WATCH OUT FOR THESE
- IS THE CUSTOMER ALWAYS RIGHT?
- EXPORTS AND QUEBEC COMPANIES
- COWORKING SPACES
- YOUR PLACE OF BUSINESS AND INTERNET
- WHY IS SOCIAL MEDIA IMPORTANT FOR YOUR BUSINESS?
- HOW TO USE FREEBIES
- WHAT IS THE MAGICAL FORMULA FOR HAVING SUCCESS IN BUSINESS?
- DO YOU HAVE EXPERIENCE IN MY FIELD?
- WHEN CAN WE STOP OUR MARKETING?
- WHAT IS A CALL TO ACTION?
- WE ARE ALL SALESPEOPLE; HERE'S HOW TO GET THERE
- HOW CAN MARKETING AND SALES COLLABORATE?
- HOW TO SELL MORE TO YOUR EXISTING CLIENTS
- WHAT IS CROSS-MARKETING?
- WHY SHOULD I SEGMENT?
- WHO IS RESPONSIBLE FOR MANAGING YOUR COMPANY'S IMAGE?
- HOW TO CHARGE FOR YOUR PRODUCTS / SERVICES?
- HOW TO DEFINE YOUR PRICING STRATEGY: PRICE POSITIONING
- HOW TO DEFINE YOUR PRICING STRATEGY: MARKET PRICING
- WHAT PRICE SHOULD YOU SELL AT? - COST-BASED PRICING
- WHAT IS A PRODUCT?
- HOW TO MARKET YOUR NEW BUSINESS?
- IS BUYING A FRANCHISE A GOOD WAY TO START A BUSINESS?
- HOW SOCIAL MEDIA HAS CHANGED WORD-OF-MOUTH
- HOW SOCIAL MEDIA HAS CHANGED PUBLIC RELATIONS
- WHAT IS BRANDING?
- WHY INCREASING SALES IS NOT THE SOLUTION
- HOW TO SELECT YOUR COMPANY NAME?
- WHY HAVING A WEBSITE IS ONLY THE BEGINNING?
- WHAT IS MARKETING?
- HOW TO MAXIMIZE THE VALUE OF YOUR SOLE PROPRIETORSHIP BUSINESS
- WHY SELLING IN MEXICO?
- LOW COST MARKETING INITIATIVES
- WHY IS PRODUCT DIFFERENCIATION IMPORTANT?
- hOW TO PRESENT OUR COMPANY
- WHAT IS THE DIFFERENCE BETWEEN MARKETING AND PUBLICITY?
- 50% OF YOUR ADVERTISING BUDGET DOES NOT PRODUCE AS MUCH AS THE REST
- RIGHT SELL AND OVER DELIVER
YOUR PLACE OF BUSINESS AND INTERNET
The « place » as a component of the marketing mix has always been a very important consideration for all businesses. Whether you are concerned about price, getting your clients to reach you, being present on certain markets, using your address as a positioning statement, or to have access to all kind of resources (human, material, sub-contractors, financing, etc..), all these aspects, and more, need to be taken into consideration when choosing your place of business.
But what is the impact of Internet on these considerations if any? I would have to say that the “place” aspect of the marketing mix is one of the most affected by Internet.
Let’s look at the various points stated above, minus price considerations as this is affected by all of these.
Be accessible to your target customers
One of the main considerations when looking at a commercial place is customer traffic. This is why businesses will pay a premium to be in a place situated on a well-known commercial street, in a shopping mall or, for service companies, in a tower located downtown. But a recent visit to an important Montreal shopping mall showed me that there is a change of mentality. With a surprisingly high vacancy rate, by far the highest in quite some time, there are questions to be asked. The same can be observed with the vacancy rate on St-Denis, Ste-Catherine, Sherbrooke and St. Laurent Streets. Of course, the economy, road work projects (St-Denis street was partially closed due to the amount of road work when I last visited), the competitive impact of shopping destinations like “Quartier DIX30” all play a role in this state of affairs. But when one also considers the rental rate of industrial buildings which is on the rise, a change can be noticed. The online business needs are changing the requirements for the business place. The role of the store seems to be redefined. Transactions are increasingly done on Internet and retailers are more in need of a warehouse from where they can process orders than a boutique where customers can pay cash and carry.
Presence in a given market
Exporting has never been easier! International sales still have challenges, but from a marketing point of view, the world is ours thanks to Internet. A good online strategy, impeccable customer support in the language of the region, local support, fast and effective delivery options and entry barriers to new geographic markets have significantly diminished. All this, thanks largely to Internet.
Showing a certain prestige
This is still very important for some businesses, but how much can you work on your company image using an excellent website? And if you are in the high-end industry, who comes to visit you on-site? For the vast majority of customers targeted by the high-end industry, they have little time to go somewhere; with a few exceptions, they would rather have you visit them. It is more time efficient. But this reality does not apply to all. This may be the "place" aspect that is the least affected by Internet.
Access to resources
For human resources, telework and virtual employees are growing incredibly. Why pay a full workspace when some of your employees can work from home and be more productive? To assist in the management of virtual work, several applications are available online. For material resources, Internet provides some benefits, but it is to your advantage to be where the material is. Same with subcontractors; even if communication tools have evolved, proximity offers great benefits. For financing, it depends. If you are seeking funding; several platforms are available online and this offers more flexibility. But if some of the financing comes as subsidies, there are often territorial considerations attached to those.
So depending on the stage of development your business is at, the price you are willing to pay and the type of company you have, the "place" aspect is greatly affected by Internet.
If you have any questions or comments on this subject, do not hesitate to contact me
Stéphane Elmaleh-Riel, B.Ed., MBA