Local Business Changes Create Opportunities for Winning Ad Deals

What Drives Local Market Changes?

Several factors impact advertising markets, including audience changes and competition.

In terms of audience, those who live in your market today won’t be the same in six months. That’s because U.S. consumers are migrators. It’s much easier to move further, and many workers are now permanently doing so remotely. The cost of living is also pricing some people out of cities.

Census Bureau data validates these assumptions. They reported that more people moved across state lines in 2021 than in 2019.

So, the audience mix likely has new entrants coming in all the time, which means advertisers need to engage them with brand awareness tactics. A longtime customer who says everybody knows them is only accurate at that moment in time. Tomorrow, the facts change.

The second part of this evolving paradigm is competitors entering the market. New business openings have experienced record-breaking numbers in 2023. In 2024, the Census Bureau reported that the average number of monthly applications they received was 430,000.

Thus, there’s a significant likelihood that your advertiser’s market share is in danger, which means they need to spend more. New businesses also need your local advertising guidance so they can engage audiences and turn them into customers.

With these influences in mind, you’ll want to formalize strategies that enable you to capitalize on local business changes.

Helping New and Existing Businesses Create Awareness

Your current customers, as well as those fresh to the market need awareness advertising. For the latter, it’s about finding ways they can connect with audiences who are newcomers. They’ll need new local resources for everything from health care to home services to fitness and beauty. According to a survey, 90% of new movers are likely to try different brands or companies.

When talking to advertisers about fostering awareness, some of the best tactics are:

• Geofencing apartment complexes that specialize in relocation
• Targeting ZIP codes where real estate transactions are high
• Using SEM (search engine marketing) campaigns with keywords that align with new mover search behavior

Businesses just getting started can use these same tactics but also need to reach an established audience. Some ideas to pitch to them include:

• Geofencing competitors with ads for promos or specials for new customers
• Investing in high-reach tactics like radio
• Building targeting criteria (e.g., demographics, interests and online interactions) for use in any digital ad type that defines their ideal customer profile

Supporting Advertisers with Campaigns to Protect Their Market Share

A new competitor on the horizon can affect a company’s revenue and customer loyalty penetration. This is especially true for categories with the most price sensitivity. They won’t stay with a brand when a comparable one has a better price.

To assist advertisers in protecting market share, they’ll need to up their defensive marketing investments. Campaigns to do this should focus on:

• Deals and promotions
• The benefits of their loyalty program, if applicable
• Reminding customers about the value of their products or services

Geofencing the new businesses could be a proactive step in getting customers back to their brand before they leave.

Designing Plans for New Companies to Gain Market Share

On the other side of the equation, businesses launching need help to gain market share. It starts with awareness strategies. Advertising must continue through the customer journey. When consumers are ready to buy, brands need to be top of mind. They can do this with continuous advertising and using bottom-funnel tactics like:

• SEM campaigns that focus on buying phrases
• Social media ads that use in-app form fills to convert immediate demand
• Email marketing that delivers an appealing promotion