Whatever kind of business you have, Small Business Saturday can help. Here’s our rundown of the biggest benefits that come from participating.
How Small Business Saturday Helps Your Small Business
Small Business Saturday, started by American Express in 2010 and co-sponsored by the U.S. Small Business Administration since 2015, provides small businesses and communities an economic boost to start the holiday shopping season. Here are some of the benefits of Small Business Saturday for your business.
- Some Statistics - According to a press release from the SBA (Small Business Administration) about Small Business Saturday 2020:
- American consumers spent an estimated $19.8 billion at independent retailers and restaurants on Small Business Saturday, according to data released by American Express, up from $19.6 billion in 2019.
- Online shopping at small businesses on the day was up significantly, with 56% of shoppers making a purchase online, up from 43% in 2019.
- More than 50% of Americans who reported shopping small on the day said they supported a small business through social media by endorsing local shops or shopping at a small business because of a recommendation on social media.
- Small Business Saturday has raised consumer awareness, with 97% of shoppers recognizing the positive impact they can make by shopping small, and 85% reporting they also encouraged friends and family to do so, too.
- Builds Awareness - Building brand awareness is essential to customer trust. Without brand awareness, customers may not be able to identify your business or tell you apart from your competition. Whether you’re a new small business or well-established, Small Business Saturday is an opportunity to build brand awareness since so many consumers are familiar with it. Small Business Saturday’s Facebook page has over three million likes and when you piggyback on American Express’s SBS advertising campaigns, you can build brand awareness for your business and increase credibility for your name.
- Increases Sales - Meeting sales goals is important for any business. If COVID-19 negatively impacted your sales, you’re probably looking for ways to boost them before year-end. Small Business Saturday can help your small business increase sales. It’s a prime shopping day, like Black Friday and Cyber Monday, so customers are probably prepared to spend more. To maximize your sales, try expanding the types of payments you accept. If you aren’t already, you can start accepting credit card payments and even mobile payments to give customers more options. Many people only shop with credit cards or a mobile wallet, and if you don’t take them, you could lose business.
- Establishes Reputation - Being an active member of your community is an essential element of your small business reputation. With Small Business Saturday you can show your community what your business is all about. Show them that you plan to make your business a permanent member of the community and let them know how much you appreciate their business. Being involved in your local community gives you the chance to make connections with other organizations and members of your community. It can also improve customer loyalty and encourage people to become cheerleaders for your small business.
- Sets You Apart - Use Small Business Saturday to show what makes your business special. Focus on the things that separate you from your competition by highlighting the original aspects of your business. When customers come in, talk to them about the history of your business. A connection between your customers and your brand’s story is a great way to stand apart. You can connect with customers and provide a memorable and personalized experience by making time to answer questions and quickly solve problems in ways that larger businesses can’t. Small Business Saturday isn’t about competing with the low prices national chains offer, it’s an opportunity to show customers why spending a little more on quality and originality is a good investment.
- Improves Marketing - Small Business Saturday is a great way to get to know new customers and build your customer list for marketing. When new customers come into your business, ask them for their emails, names, and phone numbers so that you can connect with them later time through email marketing. Also, ask them to connect with your business on social media. Finally, pay attention to customers’ likes and dislikes by asking questions and tracking their shopping history so that you can tailor your marketing later.
If you want to know more about marketing your small business, read our article How much should you spend on marketing your local business? or get in touch with us.
Tags: Small Business Saturday, small business