When starting a small or independent business venture, you may wonder how far you should, or even can, stretch your reach. You may believe targeting an extremely widespread audience is the perfect way to give your business the very best chance of succeeding; if you can reach as many people as possible, you’re bound to make more money, right? Well, it turns out that isn’t always the case, and it is very much dependant on the type of business you are running.
You see, staying local will work for certain businesses, but at the very same time it will hold others back. This is because there are some business models that are fit for localisation and some that thrive when being able to connect with people on a global scale.
If you are running a corner shop or a convenience store, you are not going to want to target an audience in a different town to you. It simply would not make any sense whatsoever.
Business size plays a huge role
The sheer size of your firm surprisingly plays a huge part in regard to making a decision on where to target an audience. For instance, if you’re a small business that performs its own delivery service, you likely can’t afford the fuel costs of driving to the other end of the country each day in order to deliver products. However, if you only deliver to the city you are based within, you can work it in a cost-effective way that is efficient for both yourself and your business.
There will be many highs and lows to running a business venture of your own, but if you start things off by casting your net too wide, you’ll likely miss out on some great opportunities to capitalise in different areas.
Your target audience needs to be specific
By only operating in one area, you’ll automatically be giving yourself a target audience without even having to think about it. Say your business is going to be local to Manchester and act as a local vendor, then your target audience will be the people living in that city. Of course, you’ll need to iron out some specific age groups and possibly even genders, but you’ll have the basis of where you’re going to be targeting.
This can help you in many different ways. For instance, you’ll be saving time for everyone involved in defining your target audience, you’ll be saving money on potential researching costs, and most of all you’ll be saving effort and energy that can then be used elsewhere.
Sometimes even keeping your marketing strategies local is the best and most rewarding path to follow. Though, you should be aware that this will most certainly only work for a handful of different business types.
Companies operating with a physical premise are the best fit for location-based marketing, which sounds obvious but stands to be worth repeating.
These sorts of organisations are the best fit for geotargeting efforts since area-based advertising and analytics can geofence locations to catch the people visiting the area at any given moment in time.
When it comes to geotargeted campaigns, marketers create content for real-life audiences, rather than likes and follows on social media. Here, marketers must deliver relevant messages to the right audience at the right time, which makes this a tricky, but not impossible, marketing method to carry out.
Speaking of marketing campaigns, we believe that it can have an astronomical effect on how successful your business venture is at connecting and communicating with an audience in your local area. Keep in mind that the main goal of your marketing strategies should be to bring people directly to your business, so that it can achieve greater levels of growth.
However, when thinking about your local area, you should be aware that if your marketing campaigns are not properly designed/promoted, you’ll fail to bring the desired consumers to you.
If your marketing doesn’t speak to what your business really is, you’ll quickly find that you are failing to attract your desired audience. It may well still be good for your business in the short-term, but on a more long-term basis you’ll need to grasp those all-important target audience members that are local to your specific area. The sooner you do that, the better off you’ll be and the easier time your business will likely have.
Being a local business can make you unique
Operating in just one area, or only shipping products to a specific part of the country can award you with a unique selling point.
A unique selling point is the factor that isolates one business, or item sold by a business, from the entirety of its rivals. Your business’ unique selling point ought to be something that in a split second relates to the actual organisation and offers customers something they can’t get anywhere else. Maybe you sell items that can’t be found at other businesses or like in this instance, you can only be found in one place.
Whatever it is, your unique selling point should be solid, with the goal that it can pull in individuals to your business and thusly increase your level of cash-flow.
People enjoy supporting local business
It’s true, people really do enjoy supporting local business ventures. There are a lot of known benefits to supporting local companies, and we are discovering even more as time passes us by. It boosts our local economy, creates jobs for people that otherwise wouldn’t be there, and we can’t help but feel passionate about people doing well in our local areas (maybe that’s just a British trait).
Small local business ventures have undoubtedly had a tough time during the era of the global pandemic, but soon they will begin to feel the full support of the UK population once again, and we have no doubts that local business will grow as a whole over the next couple of years.
Where we can help you to grow
If you believe an unsecured business loan could be your ticket to achieving growth, or just simply covering the costs of things your venture cannot afford right now, you should get in touch with us today. We can give you all the information you could possibly need on why and how a business loan might be a viable option for your local business.