American Express is promoting Small Business Saturday on November 25, 2023.
Small Business Administration (SBA) estimates that 99.9% of American businesses are small businesses, which are defined by the Census Bureau such as companies with fewer than 500 employees and whose revenues range from $1 million to $40 million, depending on the sector. America’s 33 million small businesses employ 61.7 million Americans, or just under half (46.4%) of private sector employees. Small businesses have also helped create the lion’s share (more than 60%) of new jobs in the U.S. economy since 1995.
Small Business Saturday, an annual nationwide shopping event that encourages Christmas gift buyers to shop small and local, will take place this year on Saturday, November 25, 2023. Created by American Express in 2010, the initiative has since grown in popularity as a way to encourage consumers. shopping at small, independent businesses during the holiday season. THE American Chamber of Commerce estimates that up to 65% of small business annual revenue was generated during the holidays last year. The chamber also reports that for every dollar spent at a small business, an average of $0.67 stays in that business’s neighborhood.
Promotions are needed more than ever to help small businesses. With the ease and convenience of online shopping, local business owners need all the help they can get to motivate holiday shoppers to come to their establishments and spend. The idea behind Small Business Saturday is to promote and celebrate the contributions of small businesses and their positive impact on local communities and economies.
It’s a win-win situation. Many small businesses offer special promotions, discounts or events on this day to attract customers and increase sales. During this time, institutions can build stronger relationships. Likewise, Small Business Saturday is an opportunity for consumers to discover unique products and services while helping to sustain local businesses in their community.
On Small Business Saturday 2022, estimated spending reached nearly $18 billion among independent retailers and restaurants, according to American Express. Various organizations, including chambers of commerce, trade associations, and government entities, often collaborate to promote Small Business Saturday and encourage community members to participate.
Social media, local advertising and community events play an important role in raising awareness of the importance of supporting small businesses. Here are some other tips for small business owners to promote their business and make the most of Small Business Saturday:
1. Collaborate with other local businesses: Collaborate with neighboring businesses to promote each other. This can help you tap into each other’s customer base and create a sense of community support. American Express offers online service research database to locate and support small businesses in your area.
2. Optimize your online presence: Make sure your website is user-friendly and up-to-date. Many customers will research online before visiting a store, so make sure your website provides accurate information about your products, services, and Small Business Saturday promotions. Promote your Small Business Saturday deals on social media, including Facebook, Instagram, Twitter (now called X), and even Tic Tac.
3. Provide a personalized experience: Small businesses can excel by providing a personalized touch. Provide exceptional customer service, take the time to get to know your customers, and consider offering personalized recommendations.
4. Loyalty programs: Encourage customer loyalty by implementing a loyalty program. Offer discounts, gifts, or exclusive access to special events to customers who frequent your business.
5. Collect customer information: Use Small Business Saturday as an opportunity to collect customer information, such as email addresses, to build your marketing list. This allows you to stay in touch with customers and promote future events or offers.
6. Emphasize local roots: Highlight the fact that you are a local business and highlight the positive impact that supporting local businesses has on the community. Share your business story and connect with customers on a personal level.
Small businesses are the backbone of local economies and communities. By patronizing local stores, consumers invest directly in their neighborhood, thus promoting job creation and economic stability. Supporting small businesses also promotes unique products, diverse services and a personalized shopping experience that larger companies may not offer.
Colleen Mahr, mayor of Fanwood, New Jersey, is promoting Small Business Saturday in her suburban town.