Hyperlocal Marketing, Geotargeting, and $110M in Exits, with Wayne Reuvers

All the things we do online now leave a digital footprint. This digital footprint is the basis for how businesses find you online through your search for products and services, so it’s not always bad. Otherwise, how would you know that certain companies are within your area if they cannot connect with you online?

Hyperlocal Marketing

When we talk about hyperlocal marketing, it is a type of marketing that helps marketers create customized marketing strategies and tactics for a specific local geographic area based on the consumer’s online behavior and activities with the help of GPS technology. 

Hyperlocal marketers focus solely on targeting customers within a few blocks of their local neighborhood. If you have searched for a particular service or product within your vicinity, you have probably done a local search. 

Most consumers use their mobile devices daily to search for products, restaurants, and services closest to them to satisfy their specific needs. Hyperlocal marketing helps direct these customers to your business, increasing your business visibility and revenue. 

Hyperlocal Social Media Marketing

Hyperlocal Social Media Marketing or Hyperlocal Digital Marketing utilizes social media platforms to increase foot traffic in your local area. A good hyperlocal social media marketing strategy is to use social media because it gives extra access to people all over the world and helps market a product or service globally. 

However, locals still prefer businesses they can engage with within their community. With hyperlocal social marketing, you can create a post in addition to your posting location, making it easier to connect with local customers or people visiting the area, helping build a strong sense of community and fostering customer relations. 

Geotargeting

One of the main hyperlocal marketing strategies is to utilize a geographical location by geotargeting, which creates ads and content for a particular area of your business location. Building awareness that people can get to you quickly will help your business show up better online. 

The ones we are most familiar with are Facebook and Google Ads, which pop-ups tailored content specifically to users based on their digital footprints, increasing the probability of converting users into customers. 

Local SEO

Let us first differentiate SEO from Local SEO. Search Engine Optimization (SEO) focuses on your site’s visibility on a global scale, and Local Search Engine Optimization (Local SEO) focuses on your site’s visibility in local internet search rankings. Here, let us dive into the search engine that everybody is familiar with – Google. 

When specific keywords or phrases are searched, local SEO influences a site’s appearance. Google uses different types of algorithms to provide you with search results, specifically search results from the local area. 

If you are hungry and looking for a restaurant, you could use Google to search for “restaurants near me”. Even if you do not include the phrase “near me”, Google will show you restaurants which are close to your exact location, even if you don’t provide one. Every local business with physical locations will benefit significantly from Local SEO. 

What is Hyperlocal Marketing?

Some people might still get confused about what a hyperlocal market is. So, let’s dive deeper into the hyperlocal marketing definition. Hyperlocal marketing covers a local community within a 5-10 km radius which varies depending on how competitive the market is based on the nature of your business, targeting only a specific regional local market. 

Whether trying to buy or acquire any service, locals value what is available that is near the location that provides them with what they need. If your vehicle breaks down, you want a repair shop that is near you for it not to be a problem so that if you experience some type of issues again soon, it won’t be a hassle. 

However, it isn’t the same for hospitals or education because when it comes to different types of social services, people tend to choose the “best” available, no matter how far or long the travel will be. What is essential in hyperlocal advertising is understanding the demographics of what you are targeting and what type of services or products people need. 

The hyperlocal marketing meaning in terms of marketing strategy is to target the locals in a specific geographic area, such as a neighborhood, to acquire the services or buy the products your business offer.  

Benefits Of Hyperlocal Marketing

Any business can utilize Hyperlocal Marketing, whether it be an online or physical business. Here are some hyperlocal marketing tips and how it will benefit you to help you grow your business: 

1. Hyperlocal Marketing enables you to expand your customer base. 
2. It fosters community engagement, creating a sense of belonging for locals in your area. 
3. A very cost-effective way to market your business. 
4. It helps create specific ads for a particular target audience, sparking their interest in becoming customers. 
5. Helping your business turn local consumers into loyal customers. 

Small Business Marketing

Marketing can quickly become expensive and it can also be time-consuming to promote a business. Small business marketing uses everything at your disposal to be able to take your business to the next level.

Marketing is a must for any business, no matter how small or how big it may be, a simple ad can attract a new customer and with every new customer, your brand recognition gets better and better. 

Startup Exits

A start-up exit refers to a business owner selling his company, either selling the majority of the shares or selling the company altogether. The best-case scenario for a startup exit is that your company is in such a firm place in the market that it makes sense for you to sell it through a private sale or initiate an Initial Public Offering (IPO). However, an exit strategy can also be a way for you to limit losses. It will serve as your contingency plan to exit a business that is operating at a loss. 

Types of Hyperlocal Marketing

These are different hyperlocal marketing examples you can use to increase your brand awareness:

• Google Business Profile. A free tool to control how your business shows up online.
• Partnering with local influencers. Influencers can help increase your social following, leading to your business getting more brand recognition.
• Using hashtags. Simply adding hashtags and local landmarks to your post can serve as a tool to attract locals or visitors to the area.
• Organizing Local Events. Organizing events directed to the interests of your local audiences grants you the potential to attract customers and build relationships.

Entrepreneurship

Entrepreneurship is creating a business out of a new idea that stands out from what is currently in the market. It establishes a company with its many uncertainties until it projects itself into success and starts generating profit. It is a state where you understand the market and the demands, stand to meet those demands, and turn them into a business. It aims to create something new and introduce it to the current market. Entrepreneurship has a lot of risks, but the more risk something has, the more benefits it possesses.

Wayne Reuvers

A South African-born, Irish-Dutch American businessman, Wayne is LiveTechnology Holdings’ founder and chief strategy officer. He has successfully exited six subsidiaries and increased investor worth by more than $110 million.

Taking advantage of hyperlocal marketing is one of the best and easiest ways to increase in-person sales and brand recognition. Customers prefer places that are the easiest to access based on their location. The majority would instead choose a place they can walk to rather than a place that would require a 15-minute drive. Especially since we are now in the age of intelligence, where the internet is a crucial aspect of our lives, incorporating hyper-local marketing in your business plan will be a helpful tool to help grow your business and its customer base.