Small Business Saturday is quickly becoming a “holiday” that encourages customers to shop at local small businesses. Let’s go over the history of Small Business Saturday and how your business can take advantage of it.
Getting the most out of Small Business Saturday
What is Small Business Saturday?
Small Business Saturday aims to have people buy things from their local, often independent retailers. The goal is to expose customers to the vital role that small businesses play in the economy. According to the U.S. Small Business Administration, small businesses make up:
- 99.9% of all U.S. firms
- 47.3% of private sector employees
- 64.9% of net new jobs.
Also, small businesses can offer customers unique experiences and products that larger competitors can’t.
When is Small Business Saturday?
Small Business Saturday 2019 is Saturday, November 30. This American shopping holiday falls on the Saturday after Thanksgiving and after Black Friday. It’s timed with the holiday shopping season, which accounted for more than $850 billion in sales in 2018, according to Mastercard SpendingPulse.
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Who created Small Business Saturday?
American Express created Small Business Saturday in 2010, in partnership with the National Trust for Historic Preservation. Shopping events like Black Friday and Cyber Monday benefit big-box retailers, but they said there wasn’t an event for local small businesses.
Now in its tenth year, Small Business Saturday has been a success. According to a report from the National Federation of Independent Business, Small Business Saturday spending has exceeded more than $103 billion since its inception.
How can I promote my business on Small Business Saturday?
There are multiple ways your business can capitalize on Small Business Saturday:
- Plan your deals: You don’t have to offer sales, but many customers are expecting discounts during this time of year. Discounts are an excellent way to get customers in the door. However, make sure you’re calculating your profit margins. It can make sense to lose money on certain items to get people in the store, but be clear on your pricing strategy.
- Promote your deals: If you are offering discounts for Small Business Saturday, let your customers know. Special allowances can be through in-store promotions, local marketing or email marketing. You should let them know a few weeks in advance to get them excited about your offerings.
- Join in on social media: You can use social media to let your followers know that you’re participating in Small Business Saturday. Use the relevant hashtags (#SmallBusinessSaturday), let your followers know of any deals you’re offering, and answer questions they may have.
- Participate in local events: Your city or county may have events or promotions related to Small Business Saturday. Your local Chamber of Commerce is a superb source of information for this.
- Take advantage of increased foot traffic: Ideally, everybody who enters your business buys something, but that’s not always the case. You can still take advantage of this foot traffic by getting information from people through efforts like a business card raffle or contests where people give their email address. You can then follow up over time with relevant offers and information.
American Express also offers customizable marketing materials for Small Business Saturday.
You don’t have to be registered or an American Express customer to get these materials.
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Business Insights and Ideas does not constitute professional tax or financial advice. You should contact your own tax or financial professional to discuss your situation.
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