Introduction

A new business in Chicago opens every 18.77 minutes, yet only 30% survive beyond five years and make over six figures. Many local entrepreneurs blame the recession and market saturation, but succeeding as a local brand in Chicago demands more than just effort; it requires strategic innovation. Today, you’ll uncover what it takes to thrive as a local service-based business in Chicago with 24 advanced digital marketing strategies designed to reach your business goals and join the successful minority elite of businesses.

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The Myth of an Oversaturated Market in Chicago

Chicago is often perceived as an oversaturated market, with a constant influx of new businesses opening and closing daily. This phenomenon can be attributed to various factors, but is the market to blame, or are the new generation of businesses themselves responsible? Let's explore this in detail.

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Statistics and Data

A whopping 28,000 new businesses emerge in Chicago annually, with about 9,333 failing within the first few years. This high turnover rate contributes to the perception of market saturation. However, this isn't necessarily due to the market itself but rather how the new generation of businesses markets themselves.

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Types of New Generation Businesses

• Copy Cats: These businesses mimic others in the market or hire agencies that replicate existing strategies. This lack of innovation often leads to failure as they struggle to differentiate themselves.
• Outspenders: These businesses attempt to outspend their competition, relying heavily on financial resources to gain market share. While this can be effective short-term, it often isn't sustainable.
• Outsmarters: These businesses employ smart, innovative strategies to outsmart their competition. By investing in a local strategy and understanding their unique market position, they are more likely to succeed.

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The perceived outcome is an oversaturated market of Copy Cats and Outspenders, with a scarcity of Outsmarters who invest in strategic, localized marketing efforts.

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The Biggest Business Bias in Chicago

Business bias is like a human bias—it reveals common blind spots. Many Chicago businesses believe that being great at what they do will naturally lead to success. However, being good at your core business is merely the entry fee in 2024. The real differentiators are how effectively you market your business and serve your customers.

For instance, Michelin-starred restaurant Claudia in Chicago had exceptional food but closed in 2023. Despite its culinary excellence, underperforming digital marketing and customer service led to its downfall. To overcome this business bias, you must accept that it takes more than being good. Smart businesses adapt by focusing on strategic marketing and exceptional customer service to set themselves apart. Prioritize these areas to truly thrive in today's competitive landscape.

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24 Advanced Digital Marketing Strategies to Thrive in Chicago

Today, you'll uncover 24 advanced digital marketing strategies for local businesses looking to outsmart competition, despite being in an oversaturated service-based industry. Here are the winning strategies:

• Skyscraper SEO Strategy: A powerful link-building local SEO strategy that involves creating high-quality content that surpasses your competitors in value and detail.

• Local Creative Brand Strategy: An action plan focused on tailoring the brand experience to meet the needs and preferences of local customers, ensuring the brand's relevance and connection within the local community.

• Local Loyal Fans Strategy: One of the highest ROI-driven strategies that prioritizes digital marketing efforts to existing customers with the goal of increasing local fans and creating a brand movement.

• Big Fish Strategy: A personal or automated process of reaching out to bigger businesses for client referrals they would reject for a commission.

• Waiting List Strategy: A dedicated landing page with a waiting list that potential customers pay for, testing the market, collecting a list of waiting customers, and securing real-time business capital before investing in a new business idea.

• Custom AI Bots Strategy: An involved process of automating customer-facing business processes that deliver instant value to customers, increasing brand loyalty, business authority, competitive advantage, decreasing human error, and becoming an investable business.

• Digital PR Strategy: Leveraging the power of traditional PR combined with SEO strategies to increase visibility, attract new customers, and build a solid reputation in local markets.

• Local LinkedIn Strategy: A laser focus on a predetermined market segment on LinkedIn to increase business authority, attract quality hires, and generate leads.

• Underrated Content Marketing Strategy: A powerful strategy for local service-based businesses to increase visibility, engage with their community, and drive customer acquisition.

• Omnichannel Social Media Strategy: A powerful tool for local service-based businesses to reach a targeted audience, build brand awareness, and foster customer loyalty on relevant and predetermined social media platforms with their ideal clients.

• Local Influencer Strategy: Strategically collaborating with local influencers to leverage trust and engagement from powerful local voices to drive brand awareness, generate leads, and increase customer loyalty.

• Local Video Marketing Strategy: A powerful tool for local service-based businesses in Chicago, targeting the ideal client with relevant and customer-centric videos, enhancing their SEO, improving online visibility, engaging potential customers, and cementing competitive advantage.

• Online Reputation Strategy: Monitoring and managing your brand's reputation across various online platforms, including review sites, social media, and search engine results for an impeccable online reputation.

• Local Search Engine Optimization (SEO) Strategy: A marathon-like strategy of finding and optimizing relevant keywords using a combination of an SEO-optimized business website, dedicated local web pages, local citations, local reviews, SEO-optimized content, local backlinks, and other business-specific local SEO variables for maximum online visibility on Google, Bing, Apple Maps, Google Maps, Waze, etc., for local searches.

• Quiz Strategy: A strategy to engage your ideal customers, provide valuable insights, and drive business growth by incorporating quizzes on dedicated web pages and social media.

• Experimental Strategy: A series of A/B online experiments sent through ads to a targeted ideal client or look-alike audience with the goal of choosing a winning combination for maximum ROI.

• Challenger Brand Strategy: Designed for businesses aiming to disrupt their industries and compete with market leaders through innovation, differentiation, and strategic positioning by using business challenges as opportunities.

• Inside-Out Marketing Strategy: Focusing on leveraging internal company strengths, culture, and values to drive marketing efforts.

• Guerrilla Marketing Strategy: Utilizing unconventional, low-cost tactics to create high-impact marketing campaigns that grab attention and generate buzz among the local community.

• Steal Like an Artist Strategy: Encouraging creativity and innovation by drawing inspiration from existing ideas and adapting them uniquely to fit your brand’s voice and vision.
• Reverse Engineering Strategy: Analyzing and deconstructing successful competitor strategies to understand their key components and replicate their success while adding unique elements.

• PPC Strategy to Devour: Implementing highly targeted pay-per-click campaigns that focus on local keywords and demographics to drive immediate traffic and conversions.

• The Underrated Strategy: Identifying and leveraging overlooked or underutilized marketing tactics that can provide a competitive edge due to less saturation and competition.

• Death Combo Strategy: Combining multiple marketing strategies in a synergistic way to create a powerful, cohesive campaign that maximizes reach, engagement, and ROI.

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Conclusion

To thrive as a local service-based business in Chicago's competitive market, strategic innovation and tailored digital marketing strategies are essential. With only 30% of new businesses surviving beyond five years and making over six figures, it's clear that standing out requires more than just effort. By leveraging advanced digital marketing strategies such as Skyscraper SEO, Local Creative Brand Strategy, and Guerrilla Marketing Strategy, you can effectively differentiate your business and connect with your target audience.

Prioritizing customer service, investing in personalized marketing tactics, and continuously adapting to market trends will position your business for long-term success. Embrace these strategies to not only survive but thrive in the dynamic Chicago market, ensuring your place among the elite businesses that achieve remarkable growth and sustainability.

By focusing on these actionable insights, your business can overcome the challenges of market saturation and recession, transforming potential obstacles into opportunities for innovation and excellence.

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