Each and every local market is different. Taking the time to understand the pool of potential customers in your local community is essential. So many local businesses are so eager to open their doors, they skip taking the time to learn about their audience. What does your local service area look like, who are the competitors, how can you connect and build relationships? By studying the local community, you can identify untapped demand, opportunities for growth and what your audience values.
Research The People In Your Community
First, get to know all you can about your local community. Know the residents, people who work locally and visit. Know the population, average income, age distribution, what they do for a living, their interests and where they hang out online.
Who Needs Your Local Business Services?
First, you have to determine the problem your product or service solves. For some local businesses like restaurants, your potential audience is broad. Everyone gets hungry. For other local businesses, like residential contractors, your potential audience is narrower. If you don’t own a home, you won’t need renovations.
What Cities Does Your Small Business Service?
After you understand people that would benefit from your product or service, narrow based on location. For most local businesses, your audience is in a specific geographic location. If you have a product or service you sell online, your location will likely be broader.
Study the Local Market Demographics
Knowing the demographics of your local community is key to effective market research. The message your local brand delivers will depend on who you are speaking to.
Before you start identifying target audiences, learn about who makes up your local community. Learning whatever you can helps you to identify opportunities. One of the best places to start to understand your local market is DataUSA.io. Search and download local market data and identify the opportunities in your local market.
Survey the Local Market Demand
So many local business owners think they know what their audience wants. They never bother to stop and ask. Digital marketing is all about creating connections and standing out from the crowd. What better way to do that then ask your community what they want.
Use Online Surveys for the Local Market
Using a survey to conduct market research for your local business is easy, but overlooked by your competitors. That gives you the advantage.
We recommend using a tool to survey your community, but it’s not the only way. Ask your friends and family for feedback. What’s on their wish list for businesses like yours? Survey Monkey is one of the best survey options out there.
Analyze the Local Competition
Another step that is commonly overlooked by local business owners is competitive analysis. When entering a new market, your competition is a step ahead. They’ve been marketing their business and building relationships in the community for years. You need a way to stand out.
Search Your Competitors Online
The easiest way to check out the competition is a simple google search. Pretend you were looking for a business in your industry, and run a search. Study the results.
After you collect all the information you can about the areas you serve, take the time to digest the information you collect. Then, you can identify any potential opportunities.