Small businesses have been considered the heart and soul of the American economy for decades. These businesses successfully bring communities together, drive up real estate value, and help to keep money local.
As we quickly approach Small Business Saturday (Nov. 25, 2023), it is important for owners to consider offering promotions to boost sales and drive business. An effective plan can help you make the most of this lucrative event.
The Importance of Small Business Saturday
In 2021 alone, Small Business Saturday generated more than $23.3 billion in sales, highlighting the importance of having a strong plan in place when it comes to generating interest and inspiring repeat customers. Nearly 72% of shoppers agree that Small Business Saturday encourages customers to continue shopping and dining at small and independently-owned companies throughout the entire year.
As a retailer, it is vital to take advantage of all the publicity that this event brings and put together an effective marketing solution to keep customers returning for your products or services. Thankfully, there are several ways that you can implement cost-effective marketing strategies to set you up for success during this year’s Small Business Saturday event.
Partnering With Other Local Businesses
One of the most effective promotion ideas for small businesses is to work with other local business owners in the area. Forming a partnership can help you increase your reach to more potential customers.
Not only can these efforts help to drive customer traffic, but they can also help you develop strong relationships with other small business owners in your area. This can strengthen your sense of community, which many customers appreciate.
Establishing a promotional alliance with other owners can help create excitement and even turn the event into a full-blown community celebration. The best way to ensure your success is to become visible.
How to Find a Suitable Partner
When promoting your business in partnership with another business owner, there are various qualities that you need to look for to ensure you will both work well together. These include:
- Sharing the Same Values: You should select a company that has the same values as your business. Having conflicting company values will confuse customers and negatively impact their trust.
- Identify Mutual Goals: You need to be on the same page with your partner and clearly define your goals. Creating an open and transparent partnership helps to establish key performance indicators.
- Define Your Target Audience: Effective promotion ideas work well for helping businesses increase product awareness in various demographics. A partnership enables you to increase brand awareness in a different consumer base, opening the doors of opportunity.
- Choose a Company That Complements Your Own: You want to highlight your company’s marketing strengths when pitching an idea to a potential partner. This can help you identify each side’s weaknesses and work together to overcome them.
- Define the Responsibilities: Once you have found the optimal partner for cross-promotional Small Business Saturday marketing, it is recommended to define each partner’s role and responsibilities. A firm understanding is critical to avoid wasting resources.
Small Business Saturday Promotion Ideas
There are several cost-effective marketing strategies for small business owners that you should consider implementing so you have the best chances of being successful this Small Business Saturday.
First, it is critical to have a strong social media campaign in place. Social media has become an effective tool for businesses of all sizes, and taking advantage of this platform for your small business Saturday marketing only makes sense. As mentioned, collaborating with another local business can amplify your reach and create a buzz online.
One effective way to implement a social-media campaign is by cross-promoting each other’s products or services. This can be done by tagging each other in relevant content, sharing posts, or even hosting joint giveaways or contests. By doing so, you are not only reaching your own audience but also tapping into the network of your partner business.
Another strategy is to create engaging and shareable content together. This could include creating videos showcasing how your products complement each other or featuring customer testimonials from both businesses. Having both parties come together to leverage the power of storytelling and creativity will enable you to capture the attention of potential customers who may have overlooked your goods or services.
Offering special discounts or even selling bundles of products together can help your company gain exposure to customers who may not have known about your products. For example, if you own a wine company, partner with a local cheese company to offer wine tastings with cheese samples. This can help open the doors of opportunity for both businesses at once. You want your audience to be captivated so that they feel compelled to show up during your Small Business Saturday event.
By creating a comprehensive communication and social media plan ahead of time, taking advantage of local media advertising outlets, and posting flyers around the neighborhood, you can create an effective marketing plan for your Small Business Saturday event that will drive customers to your location and help you maximize sales. Start planning today so that you can make the most out of this upcoming opportunity.
PEAC Solutions is a DBA of Marlin Leasing Corporation. Equipment financing is provided by Marlin Leasing Corporation. Working capital loans are originated by WebBank.