Updated: Mar 13, 2019
At first, when New businesses enter the industry, they specifically target customers based on their geographical location. For most startup businesses global advertisement and excessive promotion is not the right option. Targeting customer based on a particular market niche will help companies to focus on their primary customers which also saves the advertising expense. Targeting a smaller niche help companies to deeply understand the needs and demands of their customer and will result in better market share and growth within that specific niche market. Also targeting a small segment will allow companies to tailored their products and services as per the requirements of their targeted customers. Companies can collaborate with other small business within their region in order to engage collectively in marketing activities to boost the sales and leads of each individual small business.
For small business and startups, it is difficult to involve in excessive marketing and advertisements due to their low and limited budgets. Some of the expensive marketing practices include Search Engine Optimization (SEO), social media interaction, boosting social media posts, video sharing, directory inclusion, and community involvement. In order to attract potential clients without a strong marketing budget, Multiple small companies can join together to advertise their products, services, and brand to local customers collectively. This will reduce the advertising expense for each business and will reward them with more potential customers for each business within a lower marketing budget. Small businesses can develop collective groups with other similar business in their local region for collective marketing campaign which help these companies to embark on their journey to success and prosperity collectively.
Collaborative Local Marketing
Majority of local business including small shops and local services-oriented businesses are unable to compete with their global competitors and large corporations in terms of their marketing and customer base. It would be beneficial for small businesses to market their products and services in their city and local geographical area. Moreover, collective marketing also helps these businesses to lower their marketing and promotional expense and enable them to go for expensive marketing practices such as Pay Per Click (PPC), social media ads, affiliate marketing, video Ads etc. In collective marketing, local businesses just have to pay a small share in return for high advertisement and marketing practices for their brand. This also turns the competitive market into a collaborative and cooperative market where instead of individual growth, companies focus on collective goals and strive for success collectively.
Collective Word of Mouth Marketing
Companies spend a lot of money to build a strong reputation in the mind of customers, which encourages customers to spread positive words about the company in their social and professional gathering. Positive word of mouth help companies to double their customer reach with their loyal customer spreading positive word of mouth regarding the company brand and its products. word of mouth marketing is effective, efficient, and convenient for companies. when different companies invest their capital on advertising collectively within a specific geographical region. This will help in developing loyal and trustworthy customers who share the positive word about brands in their community, society and groups. They also encourage other customers to try the company products and services. It will result in attracting the high number of potential customers for each individual small company and they only have to pay a small share for this collective local marketing campaign.
Contact Us for suitable suggestion and recommendation for the marketing activities of your business and to learn more about how you can rise above local competition by working collectively with other companies in the area.