Inspired by our friends across the pond, the UK ran its own version of the US phenomenon known as ‘Small Business Saturday’ this year. With the aim of reviving our crumbling high streets, the event was injected with plenty of buzz and advertising. Our shadow Business Secretary was certainly enthusiastic: “Never in my wildest dreams did I think it would get this big.”
While positive press coverage and plenty of shoppers out on the day is certainly encouraging, it doesn’t cover all the bases. So was the event a success, or just an air-filled exercise that ultimately failed in its core objectives?
The Day Itself: Facts & Figures
While it’s difficult to draw any long-term conclusions from the day itself, it’s certainly a good thing to be able to report a positive impact right from the get go. In that sense, Small Business Saturday looks to have hit a home run (to borrow an Americanism).
Expenditure reached a total of £468 million across the country, with 43% of shoppers claiming to have spent on local businesses as a direct result of Small Business Saturday (source: AMEX poll). That’s nearly half a billion pounds, which is impressive no matter how you look at it.
Social Media Buzz
The event organisers certainly grasped the importance of a strong web presence, bolstered by active social media accounts that gathered quite a lot of traction. Its Facebook page managed to get over ten thousand likes, which is no mean feat. Its Twitter was almost as popular, amassing an impressive 9725 followers.
The company that managed the online marketing for the project has now gathered a solid base from which to build on next year. When 2014 rolls around, the project will have a fantastic platform on which to garner even more attention and positive buzz.
More Than Brick & Mortar
Helping local businesses is not just about promoting physical stores. E-commerce retailers are often owned and operated by local businesses, but sometimes lose out to the bigger names on the market.
It seems that Small Business Saturday at least had a temporary effect on some retailers. NotontheHighStreet.com, for example, forecast a 15% increase in unique traffic to their website. Having such a spike right before Christmas can have a massive impact on the bottom line of a small business.
Considering the costs of rent and other overheads, it’s often difficult for small businesses to break even out on the high street. That’s why it was a very smart move on the project’s part to highlight the importance of supporting our small businesses on the web as well. It certainly showed some consumers that there’s more to online shopping than the bigger department stores!
The Long Game
Considering Small Business Saturday happened only very recently, it’s almost impossible to ascertain whether it will reach its long-term objectives. However, based on the positive vibes and feedback from consumers coupled with the success felt in the United States, it feels safe to say that the event will have some positive impact at the very least. We can certainly see it building on the momentum gathered during the 2013 edition.
All in all, the event certainly made its mark on the UK economy. To say it’s changed consumer behaviour, however, is a little bit of a stretch. It’s only the first year of the initiative and it will take a lot more to convince consumers to switch from larger (and cheaper) chains, no matter how much good will they have towards the plight of our small businesses. Nevertheless, it was certainly a step in the right direction.
About the Author: Gary Martin is the founder and managing director of Click4Assistance UK. He keeps a close eye on the UK’s retail economy to keep on top of trends, initiatives and developments that could impact his clients’ bottom lines.
