There are several ways small businesses can better
position themselves to compete in the local market.
contributed by:
Guest Writer
Content Marketing and Social Media
Strategist
Source: Entrepreneur
Most small businesses need more consistency
throughout the year to survive in the increasingly competitive marketplace.
Fortunately, there are several ways small businesses can better position
themselves to compete in the local market.
1.
Small business tips online.
According to a study from
Bazaarvoice, roughly 39 percent of in-store shoppers research a
product online before buying at a physical location. This means that your small
business must have an online presence in order to compete locally. How can your
small business improve its online presence?
Related: You do not need to break the bank to have a professionally looking website for your business. Get one now!
Related: You do not need to break the bank to have a professionally looking website for your business. Get one now!
2.
Improve your local SEO.
Focusing on improving your small business’
local SEO will help generate more traffic to your website and ultimately, more
leads and sales for your business. With roughly 97 percent of
consumers going online to search for local businesses, why wouldn’t
you make SEO a priority? Additionally, Google is placing more emphasis on local
search with prominent local results floating at the top of targeted search
queries. With that said, Google has altered their local results to focus on the
top three businesses for a specific search. This means, while difficult,
getting your small business inside the top three results can result in
tremendous return on investment. To get started, make sure you register your
business with Google
and Bing Places. Other
considerations to improve local SEO include, hyper-local content creation onsite and offsite,
outreach and publisher partnerships with local websites, optimizing your
website (NAP, keywords, etc.) and strategic social media management among
others.
3.
Increase online reviews.
Online reviews are a critical part of your
local search rankings, not just on Google and Bing, but also sites like Yelp
and Facebook. Additionally, online reviews are the modern version of
word-of-mouth advertising and can persuade new customers to use your small
business, or to not use your small business. In fact, roughly 67 percent of
consumers reported that their purchasing decisions were influenced
by online reviews. Thus, it’s important to perpetuate reviews from your
customers, especially if you know they had a positive experience. Consider
adding calls-to-action on your receipts or training your employees to ask for
reviews on your Google+, Facebook and Yelp page.
4.
Use email marketing.
Email marketing is an undervalued resource
for small businesses. It gives you a scalable tool to communicate with current,
previous and potential clients. In fact, it seems like most small businesses
put more energy into social media than email, even though email marketing is
estimated to yield three times higher results and a 17 percent
higher value in conversion. Consider using a free email marketing resource
like Mailchimp or Constant Contact.
5.
Target paid local results.
With local search getting increasingly
difficult, it might make sense for your small business to consider pay-per-click
(PPC) options like AdWords. PPC is when you pay for each individual customer
that visits your website after clicking a specific advertisement. The best part
is, you can optimize PPC campaigns to target affordable, yet actionable
keywords in specific geographical areas. PPC lets you get your advertisement in
front of highly targeted keywords in your local market, which will increase
your conversions.
6.
Small business tips offline.
Brick-and-mortar locations are the staple
of small businesses. Even in the increasingly digital world, there are several
offline tactics that can help small businesses excel.
7.
Become active in the community.
Small businesses are often considered to be
“backbones” of their respective communities. As a result, local companies can
differentiate themselves by staying active in local affairs. In fact, 82 percent of consumers consider
corporate social responsibility as an important factor when making
purchasing decisions. As a start, you can join your local Chamber of Commerce to
find relevant events in your target market. If you really want to make a
splash, consider sponsoring a local event or charity. Social activism in your
local community is an excellent marketing tool and a great way to gain positive
PR.
8.
Target local government contracts.
The government sets aside specific
contracts for companies that are designated as
small businesses. If your business qualifies, you should consider
going after local opportunities. Winning a government contract can provide a
stable and consistent revenue stream to supplement other clients. The SBA states
that the law requires the government to award 23 percent of their contracts to
local businesses, which amounts to roughly $115 billion annually. Winning these
contracts are not a given, and you’ll need to devote time and energy into
understanding and finding opportunities, as well as creating compelling
proposals. However, the risk vs. reward is substantial if you’re able to win a
government contract.
9.
Focus on the customer experience.
If small businesses are the backbone of a
community, then customers are the heart of small businesses. As such, it is
vital that your small business focus its efforts on providing the best customer
experience possible. Cox reports that 90 percent of
U.S. consumers frequent small businesses at least once a week.
Furthermore, 63 percent of the respondents said that they feel a strong need to
support local entrepreneurs. This is mostly in part to the convenience,
customer service and social equity of local businesses compared to
corporations. As a result, small businesses can dominate their local market by
providing incredible customer service, convenient operating hours, a friendly
atmosphere and the inclusion of customer opinions and feedback into strategic
decisions.
10.
Don’t be afraid of change.
Change is one of the hardest things for
small business owners to accept. However, an inability to adapt to changing
trends can kill your small business quicker than any competition can. In fact,
autonomy and flexibility are two benefits that small business have over
corporate competitors. The bureaucracy of larger companies can make it
difficult for pivots or strategic changes, but as a small business with a
typically flat management style, you are able to adapt on the fly. CRM and
other integrated data systems can provide small businesses the insight needed
to see trends in their operations. This will help you capitalize on
opportunities and prepare for imminent threats.
Life as a small business owner can be
difficult. With the saturation of local markets and the increasingly globalized
economy, the external pressures forced down on small businesses can seem
insurmountable. However, there are several strategies that small businesses can
focus on to improve their competitive position. Remember to market yourself
online, continue to improve your relationship with customers and never be
afraid to change.
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