How To Do Local Marketing: A Step By Step Guide
With the advent of the internet, accessibility to information has become widespread. Customers, in particular, can not only find all the information they need about a particular product but also find a plethora of other options for them to avail: offered by competitors. This puts the customer in a powerful position with high bargaining power over businesses. In addition, the internet made it easier than ever before to customize business offerings down to every customer. To take these challenges head-on, any business must understand its customers and what they look for when looking for information. It enables them to reach an informed purchase decision. This is where market research springs to action!
Market research helps businesses profile their customers and determine what groups should be targeted with their value offering. These groups may be divided up into:
- demographics such as age, sex, income, profession, etc.;
- geographic variables such as grouped by nations, regions, cities, etc.,
- shared behavioral patterns such as buying behavior, consumption patterns, etc.;
- and psychographic characteristics such as attitudes, beliefs, values, lifestyles, etc.
1. Define your Target Market
Dividing customers into groups, or segments, allows the business to determine which market segment’s needs it can best cater to. This action becomes the target market of the business.
2. Identify the size of the market
Once the target market has been identified, the next step is to identify the size of the market. Especially in the case of local marketing, it is important for businesses to identify as accurate a market size as possible. Businesses can access this information from sources such as City-Data. (1)
3. Consider the best marketing channels
Once the target market and market size have been determined, the business next needs to consider the best marketing channels available. This results in conveying its marketing message efficiently and effectively. If their budgets allow it, local businesses should always consider traditional channels such as print ads in the local newspaper, out-of-home advertising in the area, television advertisements, etc. If there are budget constraints or the business is simply looking to retrieve real-time metrics, there are platforms that show how effective marketing efforts have been. Examples are Facebook, Instagram, Twitter, Youtube, etc., which quantify the effectiveness of marketing campaigns and clearly outline what works and what does not.
4. Keep tabs on competitors
Last but not least, it is essential to keep tabs on competitors. Having an ear to the ground when it comes to strides made by competitors allows businesses to keep up with the competition and identify gaps in the market that can fill to serve the customers’ needs better. This will also force the business to hone its relationships with its customers so that the latter do not feel compelled to switch to competitors; thereby increasing customer loyalty toward the business and a higher retention rate. Developing relationships with customers will also indirectly help market the business to other potential local customers through good word-of-mouth, bringing the business’ efforts full circle!
Check the following reference articles to learn more about how to do local marketing:
- Steps in Researching Your Market – Before Starting Your Business. (n.d.). The Balance Small Business. Retrieved July 17, 2021, from URL
- The Dynamics of Public Relations Sales Promotion (PRSP)
- The Role Professional Salespeople Play
- 7 Best AI Tools for Finance Content Writing in 2024
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