As a franchise business owner, your local presence is your strength. That’s why we’re excited to announce our new series, “Growing Your Local Business,” where we’ll delve into strategies designed to expand your local influence and connect more deeply with your community.
As we kick off this series, let’s first explore some enlightening statistics that demonstrate the impact of local businesses and various forms of local marketing. Then, we’ll tell you about the topics we’ll cover in future articles.
The Economic Impact of Local Businesses
Local businesses are the engine of our economy. Here are some statistics that show just how big of an impact they make.
1. Small businesses account for 44% of economic activity in the US.
In a world filled with big box stores, small and local businesses are still a vital force driving economic activity. When small businesses thrive, so does our national economy.
2. Small businesses generate $68 of local economic return for every $100 spent with them.
This statistic highlights the ability of local businesses to recirculate money within their community. Deemed the “local multiplier effect,” it demonstrates that spending locally creates jobs and more local wealth.
3. 62% of consumers are more likely to shop small if the business is in their community.
This recent statistic from a 2023 Intuit survey about the holiday season indicates that consumers want to support local small businesses. Making your presence known through local marketing (both online and offline) can help spread awareness of your business and drive more people through your doors. That’s precisely the goal of this new article series, so stay tuned to learn more!
Local Business Online Marketing
Online marketing is vital for getting the word out about your local business. Here are a few statistics that demonstrate the impact of online marketing, specifically for local business owners.
4. In 2022, 98% of consumers used the Internet to find information about local businesses.
This statistic from BrightLocal demonstrates that even if your business operates offline, you need to have an online presence. Digital marketing is perhaps even more critical for local business owners and should play a significant role in your marketing strategy.
5. The number of searches for “near me” has increased by 500% in recent years.
More and more people search for businesses in their local area using “near me” or the city name. In fact, there are 1.5 billion “near me” searches per month! Local businesses that do not have an online presence – and one that clearly states their location – could be missing the chance to be found in search results.
6. 62% of consumers would not use a business if they found incorrect information about them online.
This statistic demonstrates the importance of regular upkeep and consistent online presence. The BrightLocal survey found consumers have encountered problems like wrong phone numbers, products listed online that are no longer offered, incorrect operating hours, and conflicting information on different sites. Each of these problems hurts the customer experience and decreases trust.
Local Business Offline Marketing
Given your presence in the local community, offline marketing is also essential for promoting your local business. Here are some statistics to keep in mind.
7. US businesses will spend $201.9 billion in 2023 on offline marketing channels.
This forecast is depicted on Statistica with a chart showing that while offline spending has decreased since 2018, it has been holding steady and slightly increasing in the last three years. As much attention as digital marketing gets (and rightly so), offline marketing is still vital for getting the word out about your local business.
8. Direct mail advertising offers a 112% return on investment.
Local business owners are using offline methods like direct mail because they work. The chart in the link above shows that direct mail has a higher ROI than digital marketing methods like email, paid search, and social media advertising. In a world of digital overload, mailed flyers, postcards, and letters can be highly impactful.
9. 82% of consumers trust print advertisements the most when making a purchase decision.
In fact, the same study showed that four out of the top five most trusted advertising formats were traditional offline methods: print advertising (82%), television advertising (80%), direct mail advertising (76%), and radio advertising (80%).
Introducing the “Growing Your Local Business” Series
The statistics above highlight the importance of local businesses and local business marketing via online and offline channels. In the coming articles, we’ll explore specific marketing strategies that cater to both. Here’s what you can look forward to:
Online Marketing
- Local SEO: We’ll explore how to optimize your online presence to rank higher in local search results, ensuring that when your neighbors are searching, they find you first.
- Locally Relevant Content: Discover the power of content that resonates with your local audience, from blog posts to emails to social media interactions that reflect community values and interests.
- Local Ad Targeting: Learn how to effectively target your advertising efforts to reach a local audience, maximizing impact and ROI.
Offline Marketing
- Print Advertising: Discover strategies for creating printed marketing materials and direct mailers that resonate locally and bring customers to your doorstep.
- Community Events: We’ll provide insights on how hosting or participating in local events can boost your visibility and endear your business to the community.
- Local Media: Learn to navigate the world of local media, from newspapers to radio, and how to create advertising that speaks directly to the heart of your community.
As we embark upon this series, our goal is simple: we’re here to guide you in grabbing your local community’s attention. We want to see your business grow and thrive, tapping into the neighborhood vibe that makes your franchise unique.
Stay tuned for what’s in store. Next time, we’ll talk about the ins and outs of local SEO with tips to help you rank higher in search results. This is just the beginning of boosting your local presence, so watch out for our practical, step-by-step guides designed to help you raise awareness for your local business.
