Why Your Geographic Market Matters

By C. Stephen Clegg, Debbie Frakes, Guest Bloggers | LearningWithoutScars.com Why Geographic Market Matters for Your Business When it comes to whether someone will work with a company or not, there are a wide variety of factors that come into play. Many of those factors are things you can control, like your parts availability, quality of customer service, and how effective your technicians are. But there are some other factors that are not in your control. For equipment dealers, one of those is your geographic market. What is an equipment dealer’s geographic market? Distance for geographic market is one of the most important business metrics for your dealership. It measures the number of miles and travel time that a customer will travel in order to work with you or buy products from you. The geographic market for a business can vary, based on the industry, market, or region that a company is located in. But if distance is a factor for your business, like it is for equipment dealers, then a customer is very unlikely to do business with you if you’re beyond that distance. In order to learn what the distance for geographic market is for your dealership, you must understand where your current customers are coming from. After knowing how far away from you most of your customers are, you’ll be able to recognize patterns, see if there are any outliers, and know how important a factor distance is for building your customer base. Why distance for geographic market matters for you If a prospect is beyond the maximum range people are willing to travel to work with you, then it will be extremely difficult, if not impossible, to turn them into a customer. In general, most equipment dealers have a maximum service area within a 60-mile radius. The reason for this limit is that with a greater distance than that, it’s too difficult for your field service trucks to respond quickly enough to an emergency service situation. READ FULL ARTICLE >>