If you bring your local business online, what are your options?
In contrast to the global entrepreneurs, your online market size is quite limited because you can only serve a local area.
The number of targeted prospects online is very limited compared to the vast market that national or international Internet marketers have. So you can't play their numbers game.
On the other hand you should not forget, that this is a two-way process. More and more your prospects and customers already are online in if you are too, they will find you. They are interested in the easiest way to get what they want. And if the easiest way happens to be the Internet, they'll go through there.
Researchers report, that the percentage of on line people looking for local sites with information about regional arts, entertainment, community, recreation, news, sports, weather and other local information is growing rapidly. Some claim that this percentage is 50% of the Americans already.
So, you'r options aren't that bad. It's just that you can't reach millions. But that isn't necessary as you will see below.
Now here's the most important issue: you have two big advantages above the global marketers:
- you know your market better because you can drive through it
- you can get your website visitors into your store or office
Your physical presence within your market is a great advantage. You are able to find out what is going on in the communities within your area. You can find out what touches people, what's in their minds, what their interests are, what they like and don't like and what problems or pains they may have. You can pertain to the local interests. Local relevance is what is important to your potential customers.
There are two other advantages coming.
- Big companies tend to look for local presence for two reasons.
- National and international Internet companies offer local and targeted markets to their big, ad paying customers who want to serve their audience with local habits, culture and behavior.
Search Engines and Directories like Google, Yahoo, Lycos and Excite do international local targeting by focussing their services to a special country (Germany, France) or language area (Brazil and Portugal). Not just only providing a translation of USA web sites, but also including local content sites and everyday things like the weather and sports scores.
National examples in the USA are Digital City and City Search.
- They are very much aware of the increasing number of people that are looking for something useful to do on the Internet and thus are looking for local content. They want to provide the sitemaps and city guides to avoid losing visitors to others (see next point).
- National and international Internet companies offer local and targeted markets to their big, ad paying customers who want to serve their audience with local habits, culture and behavior.
-
This trend will continue towards smaller regions. The reason for that is that
the traditional information providers like magazines and especially newspapers
and local TV-networks are losing a certain number of their subscribers to the
online information providers.
They better be these online information providers themselves so they can survive through web advertising revenues. So they start local interest sites.
Other services, like weather channels, already have a regional approach by the very nature of their business that allow them to be competitive in this expanding market.
To give you an idea what this means, let's use some numbers.
Let's say, your local business is serving an area of 100,000 people. Suppose 60,000 of them are able to spend money and only 5% of these consumers are in your target market. That is 3,000 prospects.
If only 50% of them is online, that still makes 1,500 prospects you can go after through the Internet. Even if some of them already are your customers, let's say 500 and even if you can only reach 50% of the remaining 1,000, you still can have some 500 new customers.
That's a 100% increase!
How does that sound? Can you handle that?
Plus ....
You can reach them online in a snap once you have their email address and send them over to your offers at your site or to your store or office!
This simple way of communicating will save you an tremendous amount of time and money.
Now suppose, just suppose that each new customer is worth an average net profit of only 50$. That gives a potential of 25,000$ net profit.
Going online with your local business is just a fraction of that.
Isn't that a profitable business?
Next: local business strategy
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