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5 Ways to Increase Your Market Share

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In 2007, Apple introduced the iPhone. The cell phone boasted a full touch screen, a slew of personalization options, and internet capabilities. These features were rare in the phone market before the iPhone, and having them all on one device was especially enticing.

Because of these innovative features, Apple built a reputation and loyal fan base in the first year of the iPhone’s release, earning the company a 3% market share.

Today, Apple has a 50% market share in the mobile phone industry. This means that half of phone owners globally own an iPhone.

As a business, knowing your market share tells you how you stack up against competitors. Ultimately, Apple needed to know its market share back in 2007, and continue to innovate and grow, to become a leader in the market today.

When we talk about raising market share, we’re talking about making informed marketing decisions that contribute to overall sales and customer retention. Here, let’s explore what it means to increase market share, and how you can do that, today.

What does it mean to increase market share?

To increase market share means increasing the effort you put into sales as a business, and using new or additional strategies to help you get there.

Market share is the percent of total sales in an industry generated by a particular company.

Simply put, market share is calculated by taking the company’s sales over a certain period of time, and dividing it by the total sales of the industry over that same period.

Basically, market share is how much you make as a company in the industry, and how that stacks up against others. So, to increase your market share, you need to make more sales than your competitors to increase your share in the industry.

Which is, of course, much easier said than done. How does one go about increasing market share? Let’s dive into that, next.

1. Find your niche and stick with it.

Your company should have a few characteristics that set it apart from the competition. For example, Apple’s logo and sleek design is seen on Apple’s entire suite of products.

Having that distinguishing brand characteristic — such as the Apple logo — enables people to more easily identify your company’s products across a line of similar-looking items. If your company is able to create a recognizable brand identity, while also producing higher-quality products or services than the competition (or products or services that serve a niche market), you’ll have a better chance of finding a larger piece of market share to capture.

For instance, I don’t know much about makeup, but I know a NARS blush when I see one because the design and logo of their products are so unique to the brand, and the quality of NARS products is undeniably good:

Nars makeup ad

Source

This strategy increases market share for a business that has found success with a previous launch. If a consumer sees your mark on a product, they will know what they’re getting, which informs their purchase decision.

As a marketer, you also want to consider which marketing materials can help you increase market share. For instance, do you have a popular eBook or YouTube series? Continue to work with those avenues more frequently to expand the reach those products get.

2. Innovate as society does.

Sony’s PlayStation owns 68% of the home console market share. Since 1994, Sony has been finding ways to innovate and update their video game consoles faster than their competition. These innovations are necessary to stay current in the industry and increase market share.

For reference, here is a 1994 PlayStation console:

Source

And a 2014 PlayStation 4:

Source

While some design elements have stayed the same, such as the logo and base system design, upgrades have been applied to match the times.

Take, for instance, the controller. They’re both similar, but while the PS4 controller is wireless, has a power button, and battery life, PS1 controllers don’t. PS1 power buttons are large and can be found on the side of the console, whereas much smaller PS4 power buttons can be found on the controller and on the console itself.

This is because as more advancements have been made in the gaming industry, Sony has adapted accordingly. The company has a keen eye on what gamers want as years pass, earning them a high market share.

If you fail to innovate in a way that’s reflected on the times, your business may fall behind and be forgotten. (RIP, outdated Aatari consoles).

3. Engage with customers.

Customers know what they want to see, so one way businesses can increase their market share is by asking them.

A carefully crafted survey sent out to loyal customers with questions about design, updates, and features can help you visualize tangible ways to improve your product or service, and in turn, increase your market share.

You don’t have to only use surveys, either. Engaging with customers on social media, such as in an Instagram story, works as well. Skincare company Glossier does this effectively:

Glossier skincare customer engagement

Source

Going to the source to ask what customers will spend their money on is a good campaign strategy for increasing market share. It’s a low-cost way to conduct market research and learn more about your place in the industry based on consumer perception.

4. Think about an acquisition.

You can increase market share through the acquisition of a company that aligns well with your own products or services. This requires a bit of research, but will ultimately end up in potentially gaining a larger market share.

Companies usually acquire companies to gain a larger market share or expand their suite of products. For example, Microsoft owns LinkedIn and GitHub. While the former (LinkedIn) can lead to an increase in market share among social media revenue, the latter (GitHub) can lead to an increase in market share among Cloud OS revenue.

Acquiring a competitor involves choosing the right company — one that will be a positive addition to your suite of products or services.

5. Continue to delight customers.

Netflix is no stranger to creating loyal customers. The platform is constantly adding more original shows and tightening its algorithm to cater to its customers. This constant refining of the platform led to a 2014 report that Netflix had a 90% market share in the streaming service market.

Having such a large market share due to these updates has helped Netflix even as more streaming services have entered the market. Customers have found themselves not wanting to cancel their Netflix subscriptions because they’ve found such deep value in it.

In short, Netflix makes its customers happy. I know I’m certainly happy when I can turn on the Netflix app and see most of my favorites displayed without needing to scroll further.

Netflix home page

Netflix positioned itself as a leader in the industry. Don’t wait for customers to come to you for ideas — think ahead, not just of what they need, but what they’ll want as customer buying experience changes overtime.

In 2007, Apple completely revolutionized mobile phones and tripled their market share in a year. 13 years later, Apple is still a leader in the mobile phone market because of the ways they constantly improve their product and create loyal customers.

By looking at your market share and finding ways to increase it, you’ll find greater customer retention and a more stable position in your industry.





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Marketing Strategies

7 rules a Fintech must follow to succeed with its marketing strategy

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30-second summary:

  • Building a quality product is the first step toward success in the Fintech industry, and deploying the right marketing techniques stands as the greatest challenge marketers face in growing their product reach in an increasingly saturated market.
  • There are four business metrics that are guaranteed to help Fintech companies orient their marketing techniques. Those are: cost per customer acquisition; average value per customer; percentage of active users; and virality coefficient.
  • Fintech companies must strive to understand their clients on a deeper level, by way of their careers, social channels, hobbies, and interests, even including what they tend to search for on the web.
  • Social networks are the ideal channels to connect with customers. Focusing on helping rather than selling is essential to building trust and loyalty between the company and the user.
  • A rewards system is not only a way of capturing users, but it is also a way of building customer loyalty and rewarding them for their contribution to the project. 

You don’t need to be the Wolf of Wall Street to have heard the term Fintech floating around. Yet many are not actually aware of what the term means, or what kinds of products or services fall under its umbrella.

This is because the Fintech landscape encompasses a broad range of businesses, though they usually share some commonality as digitally-oriented financial products and/or services.

Fintech companies seem to be the way of the future — the Bitcoin boom and overall rise of digital assets made that clear. Global Fintech funding has skyrocketed in recent years, reaching $ 100 billion in investments.

This begs the question: How do Fintech’s finest ideas blossom into successful companies? How do they ultimately join the “100 billion?” A strategic marketing plan is the answer. 

Building a quality product is the first step toward success in the Fintech industry, and deploying the right marketing techniques stands as the greatest challenge marketers face in growing their product reach in an increasingly saturated market.

An innovative product and/or service in the market can greatly leverage the power of marketing, but in Fintech, there are no secret recipes or magic wands. What we do have is a list of seven rules that will enable a Fintech startup to reach new heights of success.

1) Measure, measure, measure!

First and foremost, there are four business metrics that are guaranteed to help Fintech companies orient their marketing techniques. Those metrics are cost per customer acquisition, average value per customer, percentage of active users, and virality coefficient.  

Increasing return on investment and scalability are the ultimate goals of any startup, Fintech or not. In addition, the virality coefficient measures the likelihood of the product to be recommended, helps reduce the cost per acquisition and increase the return on investment.

The percentage of active users indicates the success of the product in the market, which is the most complicated goal to achieve today for any startup. All company departments must be aware of their importance and focus on constantly improving these four business KPIs. 

2) Customers must be at the center of decision making

Forming an emotional connection with the ideal customer is the basis for building a well-focused marketing strategy.

Fintech companies must strive to understand their clients on a deeper level, by way of their careers, social channels, hobbies, and interests, even including what they tend to search for on the web.

The customer journey, which plays an integral role in every company’s success, can be broken down into five stages: awareness, consideration, acquisition, loyalty, and virality.

Having a customer actually help build a specific product or service through their participation is crucial in creating a truly collaborative product and humanized brand. 

3) Public relations: Otherwise known as the best friend of brand awareness

A Fintech company is usually a visionary project that aims to accelerate the economy of the future, an economy much more personalized and profitable for the people.

It is an optimistic aspiration, that garners interest from journalists, as representatives of the greater audience. The press allows companies to present and explain their “baby” in-depth and receive great coverage in a way potential new customers can understand, become enticed, and hopefully hooked. 

4) Using social networks to humanize Fintech brands

The future of Fintech brands is human. Although chatbots, artificial learning, and automation help companies deliver fast service and a customer-centric experience, in a historically boring and complicated industry, speaking to people in a language they understand is important.

Social networks, in this case, are the ideal channels to connect with customers. Focusing on helping rather than selling is essential to building trust and loyalty between the company and the user.

This is critical when creating a social media strategy that generates leadership within an industry that relies on strong customer relationships.

5) Machine learning to find Fintech customers

The use of machine learning (ML) or artificial intelligence (AI) is circulating in the Fintech space. 

A system based on machine learning, like the Google universal app campaign, can be extremely beneficial, as it allows companies to find a target audience among a large reach, allocate budgets in the channels where the target is located, optimize messages, and meet customer needs.

6) The referral program aka the most exclusive membership in town

Customers are the best brand ambassadors for companies whose messaging may appear a little confusing at first. A referral program unleashes a source to evangelize the product and/or service, by rewarding a customer monetarily for bringing a friend.

This channel can give Fintech companies a continuous flow of new customers and today accounts for 40% of total acquisitions. A rewards system is not only a way of capturing users, but it is also a way of building customer loyalty and rewarding them for their contribution to the project. 

7) Despite the ‘boring’ Fintech sector, creativity is key

The Fintech industry has always prioritized innovation and retains a highly technological marketing approach.

In recent years, the industry has seen some examples of companies that have gone one step further in their marketing strategies to make creativity a differentiating point, as MoneySuperMarket did in its #EpicStrut campaign.

Monzo the digital mobile bank took the same route with its marketing campaign titled, Disrupting Marketing with Radical Transparency. Rather than hiding terms and conditions and speaking in financial jargon, which is common in the traditional banking system, Monzo grounded its campaigns in “radical transparency.”

Instead, Monzo focused on communicating with its customers openly and honestly, treating them like people, rather than just bank accounts.

Conclusion

The marketing world, unfortunately, can be kind of cloudy in terms of what will exactly work for a certain product or service at a given time.

What remains clear is contrary to popular belief, a strategic and creative marketing plan does have a place within Fintech companies, and will leverage them as industry leaders.

Whether it’s your first Fintech endeavor or an already established company, these seven rules can take any Fintech startup to the next level. 

Laura de Castro Braulio, Head of Marketing at 2gether, the first crypto-focused challenger financial platform, has over eight years of experience working for startups in the expansion phase, leading the growth strategy of companies. She began her career specializing in digital marketing, and her experience at agencies in the industry have allowed her to master digital marketing in various sectors, including food, health, digital products, fintech, and insurance. Her skills and entrepreneurial spirit have enabled her to lead the growth strategy for 2gether. 

The post 7 rules a Fintech must follow to succeed with its marketing strategy appeared first on ClickZ.



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Marketing Strategies

Intent research vs. keyword research: planning your SEO strategy

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You were taught early on in your marketing training how to optimize your website around a list of root keywords that you wanted to rank for.

In order to get traffic and leads from your digital efforts, you needed to rank highly for keywords with some monthly search volume. 

Your website strategy likely revolved around building pages based on these specific search queries that were relevant for your business.

You learned the game, understood what levers to pull, and drove traffic to your site.

But as it is known to do, the SEO game changed.

As has been the case in the last couple of years, search engines are ever more focused on creating a better experience for the searcher. This means they are constantly evolving to continue to present the most relevant results to the searcher.

In short, search engines are more focused on trying to learn the why someone searched something instead of just what the searcher typed in.

The goal for all SEOs is to build a website and a content strategy that attracts ideal prospects and customers. But your SEO strategy can no longer rely on extensive keyword research alone.

In this article, we will explain keyword research, intent research, and how to leverage both to help create an SEO strategy for 2020 and beyond.

🔎 Related: Wait, what’s intent research?

Building an SEO strategy with keyword research

Historically, to create a website and SEO strategy around keywords, the first step was to gather all the root keywords that are important to your business.

Thinking of your ideal buyer, what are the keywords that they would plug into a search engine that you’d want to be found for?

These keywords would be closely linked to the products or services that you offer. Answering this question would lead you to the basis of your keyword strategy. 

With this keyword list, you’d then create longer and more specific versions of these keywords and build individual blogs targeting the long-tail variations.

So, if you were a roofing manufacturer building a keyword strategy around “metal roofing,” some of these long-tail variations might be “how much does a metal roof cost” or “how to install metal roofing.”

Using a tool like SEMrush, you’d find these long-tail keywords to write around, paying close attention to monthly search volume and competition score. 

The expectation was that if your content was well-written, and the SEO boxes were all checked, you would rank highly for your important keywords, users would click your results, and you’d get organic search traffic and leads.

However, with the continued refinement of search engine technology, this strategy no longer works as it once did. Today, you need an understanding of what results the user is really interested in when they type a search query. 

Understanding search intent

To help explain how Google provides the most relevant answers for users, it’s helpful to define the types of searches. There are four well-regarded categories of searches, each with a unique type of search intent.

Understanding these search types will help you understand what type of content to create that’s aligned to the intent of the searcher.

Informational search

These are search queries that someone types in with the intention to learn about something.

The results will largely be populated with content that answers these questions. It’s pretty common that when someone types a search query that falls in this category the results are various websites, all answering the same question.

Some examples of information search queries are:

  • Benefits of a standing desk
  • Content marketing strategies
  • What color should I paint my house?
  • NFL players in the XFL

Navigational search

Think of these search queries as a user leveraging Google as a shortcut. The user has a predetermined end destination in mind and they are using a search engine to help them get there more quickly.

These searches are performed as a replacement for typing in a URL. Users in this category  are wanting to get to a specific page.

The search results will typically favor the websites and pages that the searcher is looking for.

Some examples of navigational search queries are:

  • IMPACT blog
  • Facebook login
  • Google docs
  • Ubersuggest tool

Commercial

These users are further along in their buyer’s journey than someone in the informational search category.

These keywords have some buying intention behind them, but the user also doesn’t know exactly what they want yet. They are considering options that can solve their particular problem and are looking for the best fit.

The search results are likely to be reviews and comparisons to align with the search intent.

Some examples of commercial search queries are: 

  • Best inbound marketing agencies
  • iPhone 11 pro vs. Google pixel 4
  • SEO tools for small businesses
  • Food near me

Transactional

When someone types in a search query of this kind, they know exactly what they want to buy. They’ve done the research and are looking to make a purchase.

Search results in this category are likely to be product pages and shopping results that allow the searcher to make a purchase on the page.

Some examples of transactional search queries are:

  • Buy iPhone 11
  • Charlotte Hornets tickets
  • Opti-greens 50
  • IMPACT content consulting

Applying search intent to SEO

Starting to understand and create a content strategy around intent research isn’t as cut and dry as traditional keyword research, but it will help you deliver relevant content to your ideal buyers. 

Let’s say for example that we here at IMPACT wanted to rank for “Facebook ads.”

This would be a good term for us to rank for as we offer paid media services that include Facebook ads among others.

Instead of just creating a blog article or website page focused on the keyword, we’d start by plugging the keyword into Google. Here’s what we’d see:

Facebook Ads Google Search Screenshot

Notice anything about the top results?

Three of the top website results go directly to Facebook’s website to let you learn more about how to host ads on their platform. This falls into the category of “navigational search.”

Users that search “Facebook ads” are trying to get to Facebook to manage and create new ads. This means that it’s almost impossible to rank in the top three positions on Google for this term. 

Google doesn’t want users to have to bounce up and down the search results to find what they’re looking for. They want to deliver the most relevant information to the searcher in the quickest way possible.

Whichever result users click is what Google will deem as most relevant for the search query and, thus, rank highly. And, as Google positions these results highly, they’ll garner a majority of the clicks, helping secure their place at the top.

Google continues to learn and evolve based on this type of user feedback to help identify the intent behind the search. 

Building an SEO strategy with intent research

In order for IMPACT to be found for our Facebook ad service, we’d want to find search terms that align with someone looking to learn about Facebook ads. 

This could be an informational search term like “How much should I spend on Facebook ads” or a commercial term like “Facebook ads vs Boosted posts.”

Instead of spinning our wheels trying to rank for “Facebook Ads” knowing that the user who searches for this really just wants to login, our efforts to get in front of ideal buyers are better spent on people looking for information, comparisons, and reviews of Facebook ads.

This brings us to the main strategic difference between keyword research and intent research:

Because of the search volume of “Facebook ads” dwarfs the search volume of “How much should I spend on Facebook ads,” a keyword research focus would indicate putting your effort into the term with higher search volume. That is, “Facebook ads.”

But at the end of the day, if the user searching for the term only wants to get to the login and has no intention of clicking your search result, what’s the point of even ranking?

keyword intent vs. intent research for facebook ads

To get traffic that’s interested in your content and can turn into prospects, your search result has to be found with the right keywords and align with the type of results the searcher wants to see.

Performing intent research as part of your SEO strategy requires you to go to Google and start learning. Plug in a keyword and answer these questions:

  • What content is currently ranking high? Are the top results from companies like mine or that offer a similar product or service? 
  • What format/structure is the content in? Are the results leading to product pages, informational blog posts, how-to guides, etc.? This can help guide the strategy on what type of content you can create.
  • What search intent category does the keyword fall into? Understanding this will help you determine if the keyword aligns with what you can offer. If it’s a transactional or navigational search for something that you don’t offer, find other keywords.

When planning the content you’ll create, go beyond just using keywords, keyword volume and content type.

With search intent in mind, there are some additional layers to content planning that can help you drive relevant traffic.

Using Google as a tool, find and add modified keyword variations that have clear intent. Detail how you can format your content similar to high ranking results. 

Intent research in practice

Going back to the metal roofing example, some of the additional keywords with clear intent would be “how much does a metal roof cost” and “how to install metal roofing.”

When you type in “how much does a metal roof cost”, you’ll see similar results to those shown below.

Metal Roofing Cost Google Search

From this you can see the content is relevant and related to what you’d like to rank for. You also may notice that the type of content that you’ll likely create would be a long-form blog.

You’ll also see that one of the things that people care a lot about is a cost comparison between a metal roof and asphalt shingles.

Knowing that, you would likely want to include the cost of asphalt shingles into your blog and not just write about the cost of a metal roof.

Similarly, if you want to build content around “how to install metal roofing,” type that phrase into Google. 

installing a metal roof google search

As a manufacturer of metal roofing, you’ll see the results are relevant to the products that you sell, so there is unique intent.

Based on the top results with this Google search, you’ll also be able to strategize what type of content to create. You’d likely want to create a video rather that writing a long-form blog, or at least have a video to go along with your blog.

Google is highlighting videos because for this search term people would rather see how to install a metal roof than exclusively read about how to do it.

Combining keyword and intent research to build an SEO strategy

When it comes to SEO strategy, neither keyword or intent research methods can live on its own without the support of the other.

Keyword research is the foundation on which you need to build your SEO strategy. You need to understand what people are interested in and therefore what they search for online.

But focusing on monthly search volume, competitive density, and keyword difficulty can only take you so far. 

The next step in your SEO strategy needs to add a layer of intent over top of your keywords. Google is the best tool to use to understand the search intent behind these keywords that are important to your business.

By understanding which search intent category the keyword falls into, you can understand the content that would need to be created to rank well. Additionally, search the keyword string in Google and see what results are already ranking highly.

This will give you a good idea of what Google and searchers deem relevant to the search query. 

What is crystal clear is that Google wants to provide the most relevant results to searchers. In order to position your company for success, SEOs must understand three things:

  1. The keywords that have volume
  2. The search intent behind the query
  3. The structure or format of the content Google deems valuable 

Understanding these three elements is vital to plan what keywords to target, what type of content to create, and how to be a relevant result that gets clicked. 





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Marketing Strategies

What Is Local PR and How Does It Work? [Examples]

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Let’s face it — building brand awareness isn’t the easiest task for a marketer. Trying to be a big voice in a field of so many is nothing short of difficult.

That is where public relations comes in.

Ultimately, the goal of public relations is to maintain positive communication with the world, and ensure your brand image represents your company’s core values and offerings.

Of course, PR is easier said than done, particularly when you’re trying to resonate with global audience. That’s where local PR comes into play.

Those who are struggling with fostering brand awareness should look into the opportunities local PR can give them. As a more cost-effective route to spreading the word, local PR gives businesses repeat consumers in an accessible area and a chance to broaden coverage to the national level.

It’s a good idea to look into leveraging some local PR if you find your business struggling to expand reach and generate leads. Instead of focusing on a broad campaign, however, local PR is a chance to tailor that campaign close to home, boosting its impact among your local community.

Here, let’s explore the benefits of local PR, as well as some examples of brands that have successfully implemented local PR, so you can consider whether it’s a good idea for your own marketing strategy.

Local PR

Local PR is about building brand awareness and creating positive and engaging customer relationships within a business’s community. Local PR takes all of the aspects of public relations, such as maintaining a good brand image, and focuses it at the community level.

For instance, global PR campaigns have an impressive amount of potential reach, but language, budget constraints, and other factors can limit how it will resonate with an audience.

With local PR, businesses can build brand loyalty within their own community. Additionally, creating lasting relationships with local media outlets can lead to positive future press.

Think of travel sites that host roundups of the top local spots to visit in big cities. Businesses with a close relationship with local media outlets that cover local spots would have a good chance of earning this exposure over a business that doesn’t connect with local media.

Local PR comes with its own set of unique benefits: it’s easier than a national campaign, less expensive, and targets physically-accessible customers.

A brand can really tailor its image through local PR and share a local story within a community to which its residents can connect. After all, part of public relations is how businesses communicate with people.

For a broad scope, this guide is an excellent resource for all things public relations. For inspiration with local PR campaigns, let’s explore how three brands used local PR to resonate with their local communities

Local PR examples.

Take a look at how some brands, large and small, are making impacts locally. Through local PR, they’ve earned positive press and strengthened community ties.

These are only a few examples of local PR — more incredible public relations examples are listed here.

1. General Mills

Global manufacturer General Mills (products include Cheerios, Lucky Charms, Cinnamon Toast Crunch, and a number of other household breakfast cereals) provides grants every year for educational programming in Minneapolis, Minnesota.

The Hometown Grants are how Minneapolis-founded General Mills gives back to its community. Every year, the company picks a program or non-profit delivering educational experiences about hunger and food insecurity to the area and sponsors it. The grant also focuses on providing resources to the public K-12 schools in the area.

A company that is globally revered, such as General Mills, could have a hard time keeping positive relationships with local programs and offerings. However, with their grant program, they can continue to build those partnerships and improve their community.

2. Veggie Galaxy

One of my favorite places to eat here in Boston is a diner called Veggie GalaxyThe restaurant has won rave local reviews and even lends its space for Bitcoin meetups every Monday night.

Having the space to host local events or meetups helps build positive relationships around the community.

3. True Crime Obsessed

The first live podcast on Broadway will be performed on June 1st, 2020, at Hayes Theater in New York. True Crime Obsessed is a podcast about all things related to true crime documentaries, based and recorded in New York.

In anticipation of the Broadway announcement, the hosts of the podcast did an interview with New York-based Broadway site Playbill to promote their show.

Being the first podcast to perform in a Broadway theater is a national story, but doing press with a local, Broadway-connected site turns the national story into one with local scope. So, not only is the podcast building a relationship with Broadway and its press, but it is also framing the event on a national level, building more press for the engagement.

Now, let’s talk about some quick strategies to get started with local PR.

Three strategies to get started with local PR

1. Find the Local Angle

Finding the local angle to your news that might only have national appeal is one way to connect your brand to local PR. Maybe you donate to a business in the community or only manufacture within your area. Having that local angle helps your brand appeal to the local press, as well.

2. Host Local Events

Alternatively, participating in local events held by other local businesses offers amazing networking opportunities. Even if the connections are with others outside of your industry, like Bitcoin is for Veggie Galaxy, there’s always the possibility for future collaboration. Who knows, your next event might be held at a vegetarian restaurant, too!

3. Use Local PR for More Exposure

Another great time to incorporate local PR is when partnerships are being looked into. Local PR helps brand image around its community first, opening the door to more expansive coverage.

Sometimes leveraging local PR is a great springboard for gaining broader attention and finding a national angle. Other times, local PR earns you great ground in the community that surrounds you. 





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