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There are several ways small businesses can better position
themselves to compete in the local market. 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?
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
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 businesses 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.
Original
Article written: Derek Miller
Culled from:
Enterpreneur.com
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