Hyperlocal Markets
You may have heard of hyperlocal marketing or even apply it within your own business. The term “hyperlocal” is used to describe the emergence of Web-based companies that are highly localized, focusing on much smaller and more precise geographical areas. They use the Internet as a tool to reach audiences within specific locations as opposed to the traditional approach of reaching the largest audience possible via the Web.
Hyperlocal marketing is gaining popularity due to the growing demand of businesses and consumers needing to provide or find services locally - a sign that a more widespread, even global, target market may not be a priority for some start-up businesses. At times, the best opportunity to increase business growth may be right in your own backyard - literally. Taking advantage of a hyperlocal market could be the difference between a company competing with dozens of others in a broad marketplace and uniquely positioning itself as a leading local business.
The surge of “mash-ups”, for example, is part of this growing trend. As defined by Whatis.com, “a mash-up is a Web page or application that integrates complementary elements from two or more sources.” In other words, more and more sites are using the power of the Internet and combining it with other complimentary technologies to create practical functions for consumers.
These “Web 2.0” businesses range anywhere from providing you with a list of restaurants that deliver to your door and finding a nearby establishment that serves your favorite, hard-to-find imported beer. “The Beer Mapping Project” at Beermapping.com does just that, taking data from its website and users and compiling it with the technology of Google Maps. It is also safe to say that craigslist, one of the most popular and successful Web sites servicing hyperlocal markets in cities worldwide, originally paved the way for other sites to produce these high levels of functionality.
The Coleman Entrepreneurship Center is working with such start-up companies targeting hyperlocal markets to launch their business. One example is HoodFind, LLC. Its Founder and President, Ara Berberian, said this market is largely untapped and is providing hyperlocal Web search with his business to meet the growing demand.
When he moved to Chicago three years ago, Berberian first-handedly realized there was a need for this type of online search after unsuccessfully looking for services and stores close to his home. “Chicago is a city of neighborhoods,” he said. And even though there were Web sites listing Chicago businesses and consumer reviews, they did not provide him with the practical information on his neighborhood’s businesses that he needed.
Berberian knows other consumers face the same challenges and that business owners want to locally showcase their stores, which is why he created HoodFind - a Web site that lists local businesses, services, products, and even store sales. “I’m raising the bar by focusing on actual items and services,” he said. “It helps people find what they’re really looking for, and for businesses to get out there and let people know what they have.”
As the hyperlocal trend continues to develop, more businesses will take on this approach as they evaluate their current marketing strategies and target markets. In Berberian’s case, it’s the very reason for his business which he hopes will eventually expand into other markets in addition to Chicago.
Visit Hoodfind on the Web at www.hoodfind.com.