Traditionally, the last Saturday of November has been designated as Small Business Saturday. Here are some tips for local companies to make the most of Black Friday, including ways to monetize the popular video-sharing platform TikTok.
There isn’t much time left until the holidays, and businesses of all sizes have been adjusting to the post-COVID retail environment.
This holiday shopping season, consumers are flocking back to traditional brick-and-mortar stores in droves, creating a golden opportunity for local mom-and-pop shops, restaurants, and service providers to take part in Small Business Saturday.
This year, Small Business Saturday is on November 26, and the spirit of supporting local businesses by shopping small continues throughout the holiday shopping season. In 2010, at the height of the Great Recession,
American Express initiated this shopping holiday as a means of shifting holiday spending away from online retailers and toward brick-and-mortar establishments. Ten years later, it’s celebrated in every single state, and in 2011, the Senate even passed a resolution in its honor.
Consumers have been quick to join the post-COVID economic bandwagon and support neighborhood shops. On average, American Express finds that 68 cents of every dollar spent at a local merchant are reinvested back into the neighborhood.
With many small businesses still trying to recover from the pandemic’s financial toll, this could help them achieve their financial goals just in time for the 2022 holiday season.
Here are a few ways to capitalize on current events and set up shop for success on Small Business Saturday.
What Is Small Business Saturday?
American Express started Small Business Saturday in 2010 to give small, locally-owned businesses a boost amidst the hustle and bustle of Black Friday.
In 2011, the movement gained a lot of traction after a resolution in support of the day was passed unanimously by the Senate. Since then, Small Business Saturday has grown into a national movement, with over $120 billion in spending reported over the last 10 years.
“Our ultimate goal is to help small businesses do more business, and for Small Business Saturday, that includes arming them with the tools to help make the day a success,” said Amy Marino, vice president, head of global social media, and head of Small Business Saturday at American Express.
American Express provides many resources for business owners, including event ideas, business boot camps, “SBS 101” online content, marketing materials, checklists, and customizable print and digital signage such as event flyers, posters, save the dates, and social media assets. Be sure to check out the site for ideas and support when planning out your Small Business Saturday.
This Year Marks The Debut Of Using TikTok To Expand Into Gen Z Market And Reach New Customers
On this year’s Small Business Saturday, American Express and TikTok have launched a new program called the #ShopSmall Accelerator to help local merchants attract the attention of the Gen Z demographic.
According to American Express, 67% of millennials have made purchases from a small business that was featured on their “For You Page.”
Beginning on November 14th, the #ShopSmall Accelerator platform will provide small business owners with resources to help them “think like creators” on the short-form video platform, such as a tutorial at AmericanExpress.com/ShopSmallAccelerator on how their businesses can attract attention on the platform. Small business owners who participate in the program can receive a $100 TikTok advertising credit.
Lifestyle influencers Anna Sitar (@annaxsitar) and Sofia Bella (@iamsofiabella) will be joined by small business owner Brandon Blackwood (@brandonblackwoodnyc) to teach other entrepreneurs how to use TikTok as a search engine, capitalize on sounds,
trends, hashtags, and communities, and drive customer engagement this year. American Express has teamed up with Chlöe @chloebaileywashere to produce a “Shop Small Soundtrack” that users of the video-sharing platform TikTok can incorporate into their videos in order to promote small businesses to a wider audience.
History Of Small Business Saturday
Oddly enough, American Express, a U.S. corporation with $37 billion in revenue in 2018, started Small Business Saturday in 2010. (Yes, most small retailers do accept credit cards.) The U.S. Small Business Administration (SBA) joined as a cosponsor five years later. SBS has become an important part of how many small businesses launch their busiest shopping season.
According to the 2018 SBS Consumer Insights Survey, total reported spending among U.S. consumers who said they shopped at independent retailers and restaurants on the day reached a record high of approximately $17.8 billion.
The same survey reported that more than 70% of consumers are now aware of the Small Business Saturday initiative. Based on this annual survey over the years, SBS spending has now reached a reported estimate of $103 billion since the day began.
SBA, Women Impacting Public Policy (WIPP), and American Express hope to drive traffic and revenue to America’s 30 million independent businesses through Small Business Saturday events.
Among other things, the SBA provides small businesses with access to capital, entrepreneurial development, government contracting, and advocacy. Perhaps most importantly, the SBA offers free counseling and low-cost training to new entrepreneurs and established small businesses in over 1,800 locations.
Every year on the Saturday after Thanksgiving, Americans are encouraged to support their local small businesses by shopping at them both in person and online during the annual Small Business Saturday event. In the run-up to the holiday shopping season, this annual event in November provides a great opportunity for local merchants to boost sales.