Marketing strategies are influenced by the size of a company and target market. If your firm is only targeting the local population, the strategies employed will be different from those of national corporations. So, watch out for these four strategic differences so that you can plan your marketing campaigns accordingly.
1. The Use of Social Media Marketing
Social media sites such as Facebook and Twitter have evolved into important marketing tools. These services are used differently, depending on the intended reach. The level of success will generally reduce with increase in market size.
For local businesses, social media sites can be used a lot more interactively since the responses are usually not very many. The services can also make local references in their posts, and these will draw the attention of the local population even better. Newsworthy events happening in the area can be referred to in their posts and responses since the social media managers are more aware of what is going on in the streets.
In addition, local companies are run by people who know the prevailing culture and can be better positioned to stick within the lines of what is considered appropriate. Humor can be made while walking on the tightropes of local decency, and this can drive attention to your company. These are the reasons why over 40 percent of local businesses depend on social media to drive traffic.
The opposite applies to national companies. They have to make generic posts and only refer to relevant national events. Also, they can only respond to a small percentage of comments.
2. Marketing Method
National marketing is usually focused on the promotion of a brand. Companies that use it have to make their brands known, recognizable, and trustable by their target market. On the other hand, local companies have to market their products and level of customer service. Local companies can get their share of the market by engaging in local activities such as charity in order to build a reputation in the region.
3. The Medium Used
National marketing requires the use of media that can reach people in all parts of the country. This is different from local marketing, which can be done with local newspapers, television stations, and radio.
Because of the nature of local marketing, it can also be done using print advertising. You can distribute T-shirts to buyers or random people. The shirts will promote your products and services indirectly. Since the market is regional, you can even give out the shirts or bags to local sports teams or personalities.
Such giveaways would be ineffective for national companies such as network providers and swimming pool financing services. This is because they would end up spending too much money on printing the products and customizing them to the tastes of every locality. The alternative is to make the products generic so that no region is left out. This will still be ineffective as it can’t get the attention of people properly.
4. Marketing Costs
Advertising on national television will cost you over $300,000 for only 30 seconds. Using national magazines is not cheaper either. On average, it will cost you around $250,000. At the same time, a local company will only need to spend between $200 and $1500 for a 30-second advert on local television stations.
Local companies can also make use of free advertising options such as email lists and Yellow Pages successfully. Email marketing can be less effective if employed for national marketing since customization options are limited.
Local and national marketing are executed differently. The medium used, the method employed, and the costs involved differ, depending on the size of your target audience. Generally, you will have to employ generic promotional tactics for national marketing since you can’t customize adverts for a national audience. Also, the cost of national marketing is a lot more than that of local adverts. It is important to consider these differences when launching your advertising campaigns in order to employ the correct strategy.