Small Business Saturday has become an essential tool to showcase the importance of small business in our economy and bring exposure to the companies fueling their industries. Black Friday and Cyber Monday have brought millions to larger stores and chains. Small Business Saturday is beginning to realize the same potential, be it on a smaller scale. The potential for revenue, marketing and branding during this event is tremendous if you are properly prepared. Here we’ve outlined 7 Steps to maximize your profits this November 25th.
Start Marketing Early
Make it well known that your company will be participating in Small Business Saturday. Marketing materials should be prepared well in advance and a comprehensive written plan should outline every detail. A well-organized approach will help you bring in the right customers and gauge the effectiveness of each aspect of your campaign.
Social Media Promotions
Many consumers turn to social media for special deals and promotions and Small Business Saturday is an excellent opportunity to reach this market. Posting coupon codes and “social media only” deals will help bring in customers and increase your social media presence on the whole.
Deals And Contests
Consumer expectations of Small Business Saturday are similar to those of Black Friday as bargains are its biggest draw. Detailed accounting will be necessary to ensure your sales don’t cut too far into your profit margins. Contests and raffles are a great way to stage a giveaway at a relatively low cost. They will also help bring brand exposure and get people familiar with your products.
Host An Event
If you have 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 to expand your event. Focus on the customer experience. Live entertainment, contests, games, food and beverages are all key ingredients in a successful event. As the owner you should host the event. This will put a face to the name of your company, which will encourage customer loyalty.
Extend Business Hours
Opening your doors early and closing late will allow you to capitalize on shoppers at all hours. Some will go as far as having midnight sales that run only through the early morning hours. Organize your staff to ensure you can handle any possible rush in business. Offer incentives to employees that work overtime to encourage their participation.
Customer Rewards
If you already have a customer rewards system set up you should offer additional benefits for purchases made during Small Business Saturday. This will help you upsell additional products to already loyal customers. Be sure your rewards provide a true benefit to your customers. If your establishment doesn’t currently offer customer rewards, Small Business Saturday is a great time to start.
Charitable Donations
With the influx of business that comes with Small Business Saturday, it presents a great opportunity to give back to your community and other worthy causes. Not only will this help others, it will improve the reputation and recognition of your company in your local area. Additionally, offering to donate a percentage of sales can potentially increase the money spent per customer.
Quikstone Capital Solutions has been providing small business owners with merchant cash advances to stabilize and improve their companies for more than 10 years. If you are in need of a cash to cover unexpected costs, or if you’re looking to make long overdue improvements, a merchant cash advance could be right for you. With the ability to quickly qualify and get your money in a timely fashion, there is no more convenient option.
