Small Business Saturday has become a successful initiative in the whole country to help strengthen small businesses.
The objective of this campaign is to encourage customers to buy products and services offered by small businesses. You, too, can enjoy this celebration that supports small businesses like yours.
Given the COVID-19 crisis, this date is a great opportunity to boost your sales in the holiday shopping season. During 2020, Small Business Saturday will be held on November 28, so you still have time to prepare to increase your sales.
If your business has participated before, you must focus on improving your strategies and adapting to the challenges this year has created. If you still haven’t celebrated Small Business Saturday, this is the time!
Here are some strategies to increase your business’ profits, get new customers, and pamper your most loyal buyers with discounts and promotions.
|Table of contents|
|1. Why Should you Participate in Small Business Saturday?|
|2. COVID-19 and Small Businesses|
|3. 10 Tips for a Successful Small Business Saturday|
|4. Increase your Sales on Small Business Saturday|
|The origin of Small Business Saturday dates back to 2010 when American Express decided to celebrate small businesses. The idea was so successful that, the following year, it received a resolution from the Senate to support it.
Over the years, the event has reached extraordinary figures, a cumulative $120 billion spent during its 10 years of existence.
Why Should you Participate in Small Business Saturday?
Small businesses don’t usually take a big slice of the pie during Black Friday or Cyber Monday, its big brands who really make big sales. That’s why this celebration was created to strengthen the small business sector.
This celebration has big names behind it: it’s backed by the great marketing machinery of American Express and co-sponsored by the Small Business Administration to fuel America’s largest engine: small businesses.
This special day has become an amazing tool for all small businesses. You can take advantage of it in any way you like and according to your possibilities and needs.
COVID-19 and Small Businesses
The impact caused by the pandemic needs immediate actions and solutions. According to Yelp: Local Economic Impact Report, more than 163 thousand businesses have been forced to close. And according to American Express statistics, of the businesses that are still open, 62% need to return to pre-pandemic profit levels by the end of the year to stay afloat.
The outlook for the Latino business community is not very encouraging either. According to the Camino Financial Latino Small Business Survey, 45% of Latino-owned small businesses have decreased their income by 30% or more.
Fortunately, the sales projections for Small Business Saturday are very encouraging.
In 2019 alone, consumer spending was of $19.6 million, which is a record for this celebration, according to the Small Business Saturday Consumer Insights Survey.
10 Tips for a Successful Small Business Saturday
Planning and creating strategies is crucial to have a successful Small Business Saturday. Remember that each business is different, and you must adapt these tips to your current needs.
For example, if you have a restaurant, you need to consider social distancing restrictions; if your business sells products, anticipate your sales, and have sufficient inventory to satisfy the demand.
Each business requires a different formula. After all, a brick-and-mortar store is not the same as an online store. It’s not the same to sell products than services. You need to tailor your strategy to your need.
But don’t worry; we’re sharing amazing tips that will adapt to your needs, regardless of your type of business.
1. For brick and mortar stores
Focus your efforts on ensuring compliance with the measures to prevent the spread of COVID-19. Properly distribute the spaces to maintain social distance and ask your clients to use a facemask, antibacterial gel, and even a disinfectant mat.
2. For online stores
If you have an eCommerce, make sure to implement various forms of payment. If possible, accept all cards (including American Express to take advantage of the tools they offer).
Train your staff to provide better customer service and, above all, verify that your website supports high visitor traffic.
3. If you sell products
Before you celebrate Small Business Saturday, make sure you analyze which products give you the highest profit margin, as well as those with the highest demand. Use this information to make sure you have enough inventory to meet your customers’ needs.
4. If you sell services
You can offer events such as webinars, conferences, or attractive and useful tutorials for your clients, giving your clients the possibility of receiving additional benefits (such as discounts when buying your services).
Make this date a real party around your industry: show that you are the source of information and services they need.
A celebration that encourages customers to buy with small businesses cannot be complete without exclusive promotions. Surely you already have many promos in mind for the December holidays, or even for Black Friday, but remember to create some specific to Small Business Saturday.
You won’t get as much foot traffic (or online traffic) if you don’t let them know that you have exclusive promotions. Decorate your business with posters, signs, and banners that describe your promotions.
7. Online Marketing
Whether your business is physical or not, a correct marketing strategy is your best ally for great sales.
Use social media to publicize that you are part of the Small Business Saturday. Present your promos there, too. Don’t forget to use hashtags like #SmallBusinessSaturday or #ShopSmall to reach a wider audience.
You can also use other tools, like a newsletter, a mailing campaign, or WhatsApp messages, and share all your promos.
8. Printable Resources
As part of this initiative, American Express has created several printable resources that you can use on your small business. Create a marketing campaign with the posters, ebooks, and social media posts they have created.
9. Be part of the map Shop Small Map
You can also be part of the Shop Small Map that shares with customers business information and offers throughout the country. The Shop Small Map helps customers find you easily (it even has an option for online businesses if you don’t have a brick and mortar store).
To be part of this map, you must:
- accept American Express cards at your location
- be located in the US
- not be a franchise
- Have between 1 and 25 stores (if your business is physical)
Here you can create an account to be added to the Shop Small Map.
10. Extra activities
Another way to join this celebration is to contact state authorities, local chambers of commerce, or business organizations in your community to sign up for the activities they plan to carry out.
In case you don’t find something that fits your needs, you can create your own celebration with neighboring businesses: organize yourself and offer a true small business festival.
Increase your Sales on Small Business Saturday
Small Business Saturday is the opportunity you have been waiting for to increase your sales and get more clients during the holidays.
If you take advantage of this event, you can start recovering from the pandemic: with the profits, you can open an emergency fund or cover fixed expenses. Besides, by promoting your business during the Small Business Saturday, you will find new clients that could become customers for life.
Take advantage of all available resources, participate in this celebration, and take your brand to new heights.
Small businesses are the lifeblood of the United States. From old canning shops to new technology businesses, and as we say at Camino Financial, “No Business Left Behind.”
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Tell us what strategies you will use during the Small Business Saturday to improve your sales?