It’s common knowledge that for a community, recruiting retailers and restaurants is an extremely important piece of the economic development process. However, how you work to retain those businesses is an equally important part of the equation.
Examples of How Communities Can Approach Business Retention
Retail retention strategies typically focus on providing assistance to local businesses. By providing assistance, you increase the odds that the business will be successful and will remain in your community. There are numerous ways to support local business, including the following:
Provide Market Intelligence to Businesses
What is the current state of your market? Where are there gaps in the existing retail mix, which represent opportunities for new services? Helping local businesses to understand the buying propensities of local consumers and areas of unmet demand can inform merchandising decisions. It’s a tried and true method for success.
Assist With Local Store Marketing
Driving foot traffic to local stores is a challenge for business owners and operators. By empowering your local businesses with technology to market effectively and efficiently to their best customers, you provide a much-needed support service. This approach goes beyond shop local campaigns to leverage cutting-edge technology in economic development.
What is Local Store Marketing and Why is it Important?
Local store marketing, defined as any marketing activities designed to help a business be locally relevant with its customers and community, is evolving and becoming an emerging strategy for business retention. In the past, when people talked about local store marketing, it typically involved sending direct mail to an entire ZIP code or putting fliers on windshields. That wasn’t exactly effective then, and it isn’t today. The reason why? Casting such a wide net not only attempts to capture people who don’t have a high propensity to purchase a business’ products, but also wastes marketing budget on people who will most likely not become loyal customers.
In today’s technologically advanced landscape, it’s easy to find a business’ best customers and craft targeted marketing campaigns to advertise special offers, new product offerings, etc. This is fundamentally shifting how business owners think about marketing their store, but they may not have access to the technology to get started.
As a community, you can supply these tools to your local businesses so they can begin to develop a targeted marketing strategy that works for them. Doing so goes beyond generic shop local campaigns to help local businesses drive traffic to their stores. And when businesses can drive foot traffic, they are more likely to be successful.
Want more information on local store marketing? LSMx is a web-based application powered by Buxton that allows businesses to create and deploy targeted marketing campaigns to their best customers in minutes, all from a phone. Businesses can create campaigns through Facebook, direct mail, email, digital banner ads, and Google Search. Through Buxton’s partnership with LSMx, Buxton city government clients can receive access to LSMx licenses to support their local businesses. To get more information about the application, visit www.mylsmx.com.