Expanding, opening or surviving in the laundry business? Data you need to know!

The age-old motto for retail success – including vended laundry businesses – has long been focused on “Location”, but perhaps it should actually be: “Demographics”.

According to Alex Kane of Equipment Marketers, headquartered in New Jersey US: “One of the best ways of identifying potential clients is to examine demographic reports. Demographic information is a great indicator of the trends in a given area. The data presented in demographics can help apply that information to your business model. Also, demographics can help to provide information on how you should be interacting with your customers. The current world is a diverse place, and you must understand your customers and their needs in order to maintain a profitable business”.

If you are opening a new store, what do the current trends tell you about the future of the area you are considering? Demographics can also help existing store owners when looking back at the impact those factors have had on the business. And they lead the way for those looking to expand with additional locations. As Kane explains: “Demographic knowledge will enable your business model to remain fluid, changing as it needs to in order to adapt to current trends.”