Much like Black Friday and Cyber Monday, Small business Saturday is an annual holiday designed to encourage shoppers to start their holiday shopping locally. As a small business owner, you are no doubt aware of the impact Small business Saturday can have on your bottom line. The potential for revenue, marketing, and brand building during this event is tremendous if you are properly prepared. Here we've outlined 6 ways you can maximize your profits this year.
Start Marketing Early
You should make it well known that your company will be participating in Small Business Saturday ahead of time. Marketing materials will need to be prepared in advance and should include posters, flyers, and email content. Placing posters in your front windows and passing out flyers at checkout are great ways to get let current customers and passersby know you are participating by having a sale or event. Make sure you have an organized marketing plan and track the results of each piece of the strategy, so you know what worked and what didn't for next year.
Use Social Media To Promote Your Participation
Consumers these days turn to social media for sales, special promotions, and coupon codes. Promoting your participation in Small Business Saturday is an excellent way to reach this audience and get the word out. Include coupon codes and "social media only" deals to help bring these customers in. Start posting early and increase posting as Small Business Saturday gets closer. Make sure to include hashtags such as #SmallBusinessSaturday and #ShopSmall to connect with a larger community.
Advertise Special Deals And Contests
Much like Black Friday consumers will be looking for bargains. Choose a deal that will attract customers but not cut too far into your profit margin. Once you have decided on a deal, make sure you include it in your marketing efforts. Conduct contests and raffles throughout the day as these are a great way to bring people in and have a relatively low price tag.
Host Or Participate In An Event
Events on Small Business Saturday will draw attention to businesses that are participating. If your company has enough space, you may consider holding an event to promote your savings and the importance of small business to the economy. If you don't have the room, you may consider partnering with neighboring businesses or see if there are any local events you could join in on. Live entertainment, contests, games, food, and beverages are all key ingredients in a successful event.
Extend Your Business Hours: Open Early, Close Late
As the saying goes, "the early bird gets the worm," opening your doors early will allow you to capitalize on the shoppers that set out to get good deals early in the day. You might also want to extend your closing hours, so you don't miss out on any shoppers that can't make it until after work. Some businesses will go as far as having midnight sales that run only through the early morning hours. Ensure you have adequate staff and inventory to handle the increased activity in your store. You can offer incentives to employees that are willing to work overtime to encourage willing participation.
You should use Small Business Saturday to get to know your customer base. If you already have a customer rewards system set up offering additional benefits to customers who make a purchase during Small Business Saturday is a great way to increase customer loyalty. You will want to make sure the reward you offer provides a true benefit to the customers. If you don't currently offer customer rewards, there is no better time to start then Small Business Saturday.
Being prepared for this holiday, so you cash in on the rewards will require an investment. If you need funds to put your plan in place, Quikstone capital can help. We having been providing alternative funding to businesses just like yours for nearly 15 years. Apply now and see how we can help your business.