I remember reading a quote from a business leader who when asked where he believed the best business ideas were, replied “Bankruptcy files”. He felt that many successful business ideas could be found in businesses that failed, simply because it might have been the case that the market wasn’t ready for that business yet or they were poorly executed. I used to live close to a 7-11. In fact, I lived the exact distance from this 7-11 that customers had time to peel off their ice cream wrapper subsequently drop it in my front yard! It would have been the smart thing at the time to put a bin right outside my fence.

Combining these two thoughts, if I had the seed money and the time, I think I would find my business ideas by walking around. For anyone who has ever been to the doctor and then had to immediately pick up a script or get a scan or test done elsewhere, it immediately highlights a well chosen location by a complementary business or a potential market for a closer business!

There are obvious examples like a 24 hour florist within or near a hospital or funeral home, but surely there are infinite opportunities for complementary businesses to set up near existing successful businesses that drive traffic. Bike/Car hire next to a Smash Repairs? Newsagents next to any organisation that has long waiting time in-store? Sporting goods store near a large park? If you had the time and right state of mind, you could find opportunities everywhere.

Mobile businesses and pop-up stores are masters of this proximity marketing of course, but within a store this same idea can be used. Chocolate dipping sauce in the produce section next to the strawberries? Bananas near the ice cream? Lemons, Limes, Orange juice next to Vodka in the liquor section? The current strategies of placing bread, milk, eggs, newspapers as far away as possible from each other in supermarkets may not be the best way to maximise splurchases (Splurge-purchases :P). A well chosen combination of goods in the one spot may result in a higher overall spend than sending customers all the way around the store.

Perhaps it would be a wise move to act out the likely path of your target customers in their decision making and consumption process. It’s bound to yield insights.