[Masterclass] Supply vs Demand Marketing Strategy - How to Create More Awareness
One thing local businesses have in common is a location-based targeting approach where they are trying to find the highest-paying customer in the real world. In this video, John Lincoln will walk you through different ways to squeeze as much as you can out of a limited market.
(00:50) For the purpose of this exercise, we're looking at two different markets. When analyzing Market 1, it's notable that since the market is smaller, you would need all searches to turn into leads, which is impossible when there are other competitors in the market. The solution here is growing brand awareness.
(03:47) When you analyze Market 2, you'll see it's a demand-based market in which you'd still need a ton of searches, however not all of those searches would need to turn into leads to match the number of new visitors you need to generate the same revenue. Here' in the demand market you only need to close leads on 1% of the searches made.
(05:20) Is this a demand or service market? To find out you'll need to...
Understand how many searches need to be conducted in order for this market to succeed
Figure out how much competition there is
Review your offer and make sure it's stronger than your competitor's
Focus on the zip codes that will be most impactful
(06:50) Demand Market Tactics
Google Ads
Local Service Ads
Search Engine Optimization
Angi
Yelp
(08:18) Awareness Tactics
Linear TV/ Traditional TV/ Radio
CTV
Programmatic
Meta
Google Network
Email
SMS
Direct Mail
(10:30) Location matters, as well as the supply and demand. So, make sure the demand for your product or service is there, otherwise use the strategies above to create awareness.
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