Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Bring in More Locals with Location-Based Marketing Tools

Running A Business 4 min read

Ready to talk to an expert?

As a business owner, you know how important it is to connect with local customers. Over the last few years, location-based services (LBS) have helped millions of businesses harness trends in consumer tech to grow a local following, boost revenue, and thrive. But how are these businesses using LBS, and what can you learn from them?

Non-techies need not fear. You don’t have to be an iPhone-wielding, social networking addict to take advantage of location-based marketing. All it takes is a willingness to experiment and unwavering confidence in the quality of your product or service.

Build It, And They Will…Leave A Positive Review.

Many businesses marketing with LBS never spend a dime. Consider All Day Records in Carrboro, North Carolina, a storefront business that uses popular social networks like Facebook and local search apps like Foursquare for what amounts to free (and almost effortless) advertising.

“We’re always meeting people who found us through Foursquare or our Facebook page,” says Nick Kirkman at All Day. The record store also benefits from foot traffic generated by nearby establishments, “although a lot of those are restaurants using Urbanspoon,” he says.

Listing your business on the same platforms All Day uses (Foursquare and Facebook) makes you visible to people using those networks to look for businesses like yours. In Foursquare’s case, new customers might even find you when the mobile app recommends you to them! It’s like having a digital brand ambassador that lives in your customer’s mobile device.

The same can be said of Yelp, which boasts 132 million monthly visitors and is the web’s most popular crowd-sourced review service.

When customers leave positive reviews recounting the fantastic experience you provided, word gets around. All you have to do is list your business and wait for the accolades to roll in. Or if it’s taking a while to rack up reviews, you can get the ball rolling by encouraging longtime customers to write something nice about you.

Grouponing Your Way To The Top

Besides maintaining profiles on LBS-powered social networks and user review sites, many businesses are taking a more active role in their LBS marketing. One way they do this is through services that let local customers “try you out” at a discounted price – services like Groupon.

According to Lilly Phillips, a manager at Ladies Workout in Asheville, North Carolina, Groupon is consistently effective at bringing in new business. “It’s been a fantastic success for our fitness facility,” she says. “We’ve used Groupon for three years now.”

Discount services like Groupon generally only charge you when your business meets a specific sales goal through the service. If lots of customers use a Groupon to get a discount, the LBS provider takes a cut of those earnings.

The advantage, of course, is that you’ve broadened your local customer base and created a buzz around your brand. For businesses like Ladies Workout, it seems to be working.

Another way to actively motivate customers is through local advertising with services like Facebook or Yelp, both of which offer paid options for businesses that want to extend their reach.

Yelp ads target local customers searching for the sort of thing you offer. Selling espresso beans? Jugs of antifreeze? Packs of stationery? Yelp makes sure that when locals search for those products in your area, your business pops up first. Facebook ads work similarly, except that Facebook targets local users whether they’re actively searching for businesses or not.

Ultimately, an active approach to LBS marketing improves on old-fashioned “everybody sees it” advertising. Ads directly target people whose online behavior suggests they’ll be interested in your business – and they’ll be close enough to stop in, too.

Are you ready to grow your business with a strong financial plan with a local partner? Check out all your options.

Ready to talk to an expert?

Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Image for tile. How to Build Business Credit as a New Business: A Step-by-Step Guide 1. Establish Your Business Plan Creating a business plan is the first step when starting a business. It serves as a roadmap, outlining your goals, target market, financial projections, and strategies for success. A well-crafted, documented plan also conveys your vision to important stakeholders like CPAs and attorneys so they can provide tailored financial and legal guidance. A CPA will use your plan to assess budgeting, tax planning, and funding strategies while attorneys will use it to advise on business structure contracts and compliance. Ultimately, a business plan will transform your vision to actionable steps, ensuring professional advisors can help you build a solid foundation for long-term success. 2. Register Your Business With your business plan in hand, and the direction of your advisors, it’s time to set up your business legally. Incorporate your business as an LLC, corporation, or form a partnership. This not only legitimizes your operations but also separates your personal and business finances. Additionally, you’ll also want to apply for an Employer Identification Number (EIN) from the IRS, which acts as a social security number for your business. Make sure your business has a registered physical address and phone number, as lenders and credit bureaus will use this information to verify your business. 3. Open a Business Bank Account A dedicated business bank account is the foundation of good business financial management. By separating personal and business finances, you create clear financial records that help build your business’s financial reputation. At First Bank, we offer tailored business banking solutions to help you manage transactions, track expenses, and monitor cash flow—essential components for establishing your business credit. Pro Tip: Don’t settle for just any bank with business checking options. Spend some time researching banks and meet with a few different bankers to make sure you find a financial institution you believe in and a banker that you resonate with. The right banker will consider your full banking picture – offering holistic financial advice specific to your personal and business needs. At First Bank, we provide customized solutions based on a deep understanding of our customer’s financial history, goals, and needs. We even have a checking account that includes telehealth benefits for your employees. Click here to explore First Bank business checking account options or use this link to reach out to a First Bank Business Development Officer. 4. Obtain a D-U-N-S Number A D-U-N-S number from Dun & Bradstreet is essential for tracking your business’s credit. It serves as a unique identifier for your company, used by credit bureaus to assess your business’s creditworthiness. This step helps ensure that your business credit is separate from personal credit, which can lead to better loan terms and credit card offers in the future. Visit the Dun & Bradstreet website for more information on how to obtain a D-U-N-S number. 5. Establish Trade Lines with Vendors One of the best ways to build business credit is by working with vendors and suppliers that report to major business credit bureaus, such as Dun & Bradstreet, Experian, and Equifax Business. Establish trade lines by purchasing supplies or services on credit and consistently paying your invoices on time. A strong payment history is one of the most important factors in building a solid credit score. 6. Determine Your Credit Needs Business credit cards are an excellent short-term tool for building credit, especially when used responsibly. Additionally, you may want to consider other forms of credit that compliment your long-term business goals like a term loan for working capital or a commercial loan to purchase a building. Consulting with a trusted banking partner will help you determine the best financing package that makes the most sense for your business. First Bank offers a competitive business credit card featuring a wealth of benefits like 0% introductory APR, no annual fee, and powerful rewards program. To learn more about the First Bank Mastercard Business Card with Rewards, read our article “4 Reasons Why the First Bank Mastercard Business Credit Card is Good for Business”. 7. Monitor and Maintain Personal and Business Credit Personal credit is crucial for business financing, especially for small businesses and startups. Until business credit is established, an owner’s personal credit will be used by lenders to evaluate trustworthiness of the business itself. Everything from loan and credit approvals, interest rates and loan terms, personal guarantees, business credit card approvals, and business expansion opportunities will look at an owner’s personal credit score. Once your credit is established, it’s important to regularly monitor your credit reports for accuracy. Mistakes can happen, and any errors could negatively impact your score. By reviewing your credit reports from major bureaus, you can correct any inaccuracies and keep track of your credit performance. 8. Build Credit Gradually and Diversify Your Portfolio Building business credit is not an overnight process. Start by using small, manageable credit lines and paying them off in full each month. Over time, this demonstrates reliability to lenders and creditors, which can lead to increased credit limits and more favorable terms. Patience and consistency are key to long-term success. As your business grows, diversifying your credit sources can strengthen your overall credit profile. Consider applying for larger lines of credit, term loans, or equipment financing as your company expands. However, be mindful of your credit utilization ratio. Keeping your credit use below 30% of your available credit helps maintain a healthy score and shows that your business isn’t overly reliant on borrowing. 9. Manage Cash Flow Effectively Good cash flow management is the backbone of maintaining strong business credit. Make sure you always have enough cash on hand to cover expenses, ensuring you can make timely payments on any credit accounts. By maintaining a good relationship with your bank, you can improve your chances of securing future loans or credit increases. Why Choose First Bank for Your Business Banking Needs? First Bank is committed to being the best bank for business in North and South Carolina. We offer personalized service, local expertise, and a wide range of business banking solutions tailored to your needs. Our bankers will give you honest and sound advice that considers your unique situation and your long-term goals. Whether you’re looking to open a business account or apply for a line of credit, our team is here to support your financial growth every step of the way. Want to meet with a banker to discuss how you can improve your business credit? Request a meeting with a Business Development Officer or visit your local First Bank branch today to get started! 6 min read
First Bank logo
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.