Location – Cost versus Worth
“Location, location, location” — William Dillard
Also known as the three most important rules in real estate, location, is everything in business. Manhattan, Beverly Hills, Rodeo Drive, and such, all infer an immediate sense of value. But what if your new business partner told you that his street address was 123 Pickles Street, Noname USA; but that they rank for all of their terms in search in Googles top 5 organically?
Location, whether it is physical, or electronic, is a key to your success in the business world. A shift however, is in motion. Physical address, is becoming less important, as search results location. There are some key differences in the two, and they all come down to cost vs worth in the end. Having a physical street address like Macy’s 151 West 34th Street, New York, sounds impressive, but at what cost? With a price tag average of around $50 per square foot (4Q 2009), and one million square feet of retail space, Macy’s in New York has a hefty price tag to just keep the doors open. Macy’s is a global brand, the name has been in the public for a great many years, but that they don’t even appear in the top 100 listings of Manhattan shopping in Google? The top 10 is populated with primarily information sources, tourism sites etc.
Macy’s, who made close to $25 billion dollars in 2009. doesn’t appear on the first page of Google for Manhattan shopping. It begs the question; why? They rely on their physical location and brand history, to pull them through. But physical location, like street address, is old business. Just like advertising with the radio, newspapers and billboards are dwindling, so will the importance of physical location begin to crumble.
So what is the cost to be in the top 10, or top 5 even on Google? Time, and tenacity and a fraction of the investment of a prominent street address. Online marketing, online branding, and organic search engine optimization needs to be the focus of business in the Information age. The 13-18 generation lives, breaths, interacts, and learns online. Attention spans are lower than ever, but retention rates for products and services deemed worthy, are higher than ever. Building your site properly, marketing it effectively, and being ready for the rush of traffic, can make your business, the newest brand online.
Page 1 is the new “Location, location, location”, what’s your location?