Walker
The KLD / Downtown
Login to Send PM
November 27, 2010 is the first-ever Small Business SaturdaySM. A day to come together in support of the small businesses we love. The shops and restaurants that employ our neighbors and reinvest our money close to home. The businesses that are the heartbeat of our communities and local economies.
More: http://smallbusinesssaturday.com
Facebook: http://www.facebook.com/SmallBusinessSaturday
Walker
The KLD / Downtown
Login to Send PM
I've been reading about this a lot online, but heard very little about it on a local level...
http://blog.entrepreneur.com/2010/11/small-business-saturday-another-reason-to-pay-attention.php
http://blog.entrepreneur.com/2010/11/get-set-for-small-business-saturday.php
Until today...
American Express' $25 credit promotion aims to draw shoppers to independent stores
Friday, November 26, 2010 02:53 AM
BY TRACY TURNER
THE COLUMBUS DISPATCH
To encourage shoppers, American Express is offering a $25 credit to their credit-card account to the first 100,000 of its customers who use the credit card at a small business on Saturday.
To be eligible, individuals with American Express cards must register their card at http://www.smallbusinesssaturday.com/enroll through Saturday. Purchases must be made at independently owned small businesses that accept American Express.
----------
Anyone have any thoughts on this? I've heard some business owners complain about higher charge fees with AmEx, so I wasn't sure if this was something too beneficial for every type of small business...
Curious is anyone is participating or what the general consensus on this program is...
Tigertree
771 N. High St.
Login to Send PM
I think outreach to small businesses could have been better. For instance, we accept amex but learned about this through Facebook last week. I think participation (like deals) would have been a lot better if a simple email or letter from amex would have gone out a month or so before hand. Ironically, it is too hard for most small businesses to offer big deals two days in a row and no one is going to bank on a new thing the day after Black Friday. Also ironic, this is being sponsored by the credit card company that a lot of small businesses will not accept because their processing rates are too high, and the way the payments are structured upset cash flow.
I do think this is a wonderful concept with a very compelling pitch. I hope and imagine it will take off over the coming years.
thecandlelab
Columbus, OH
Login to Send PM
It actually worked pretty well for us. We promoted it in advance to our customers, and several came in for additional candles they probably wouldn't have bought otherwise. I do think AMEX could have educated card members more on their end, but overall it worked for us. We even had a couple people call in with their AMEX numbers to place an order over the phone because they couldn't come in that day.
@Tigertree is correct that the processing rates are higher, but I tell my fellow merchants all the time - it is INSANITY not to accept American Express. Its a 0.5% higher for us to accept AMEX, and the demographics and spending habits of AMEX card holders are much better than other cards. Bottom line - make it easy for your customers to give you their money. And if a half-a-percent per transaction makes or breaks your business, you are in the wrong business.
gramarye
In Exile
Login to Send PM
Heh. AmEx could have done a better job promoting that credit to its user base, too; I only just now learned about this when I clicked on this thread.
I have extremely few complaints about AmEx, though, which is one reason my AmEx card is my primary--I reluctantly fall back on my old Visa from college when I encounter a merchant who won't take AmEx and that I still want to buy from. For the most part, that card exists to bolster my credit report, since it's the oldest card I have. My AmEx is newer, shinier, and better. I agree with thecandlelab, speaking from the perspective of an AmEx user instead of a vendor. I also make it a point to always ask "do you take AmEx?" even at vendors I know don't, just to keep it in the business' minds that I'm interested, and it's something I notice and care about.
On this one, though, it appears that their marketing and outreach strategy had some holes in it, not only with respect to vendors but with respect to their cardholders as well.
Liner Notes
Short North
Login to Send PM
I think the idea of a special "small business day" is a good one. It really works well for Record Store Day. However, I think the timing is all wrong. I want to get customers through the door before they spend their money elsewhere. We did Black Friday deals for the second year in a row and saw a 30% increase in sales. Imagine what a cohesive Small Biz Black Friday could do for locally owned businesses, for the Short North! Kudos to Tigertree, Milkbar, Homage, Rivet, The Garden, and all other shops in the district for getting the word out that you can still have fun shopping on Black Friday AND shop local!
goodalehardware
1015 Goodale Blvd
Login to Send PM
Walker wrote >>
Anyone have any thoughts on this? I've heard some business owners complain about higher charge fees with AmEx, so I wasn't sure if this was something too beneficial for every type of small business...
Curious is anyone is participating or what the general consensus on this program is...
Seems like a pretty win-win idea , unfortunately I didn't find out about it until the deadline was pretty much past so we were not able to participate this year. AmEx didn't do anyone any favors by waiting to announce this to retailers and their cardholders at nearly the last minute.
as for the higher fees and whatnot that comes with accepting AMEX cards, I agree completely with @thecandlelab it doesn't bother me at all. For us the fees usually are balanced out by the much higher average ticket we historically receive from Amex cardholders and the cash flow issues are pretty easy to navigate. And we certainly want to make it as convenient as we reasonably can for people to shop with us.
But every type of retail is unique (and in some cases wildly different) and what is true for us may not be true for other more niche retailers and other places that take cards. e.g. I could certainly see food trucks and other very small food vendors really being impacted very negatively by Amex's fees, since in many cases there simply isn't higher tickets to be had given what they sell.
Unlike some of the other comments I actually really liked the fact that SBS was the Saturday after black Friday, simply because that's also OSU/Michigan gameday. Our footraffic always takes a good sized hit during "The Game" for completely understandable reasons so anything to help address that is welcome indeed. I certainly understand the whole shopping event fatigue thing as well, this time of year there is a ton of unavoidable event noise.
if they do SBS again next year we'll likely participate. Hopefully Amex will give us much more advance notice next year. :)
cbus11
Login to Send PM
I want to clarify what I posted. I want this concept to continue.
I like the small business angle, but as an amex user (who somehow missed this) I spent a lot of $ at local small businesses on Black Friday. I am not the kind to be at the 3am - 6am sales blitz's but I spent the morning and afternoon hitting the shops, both at the malls and at the SN. If I had known about the amex savings I would probably have spent more at the participating stores. I think that small businesses add calm between the madness on BF and that it is nice to mix the two. I am sure that this will draw extra shoppers whenever it is held, but I really think the full potential will not be reached on the day after the busiest shopping day of the year, just too much shopping shock.
As for Amex, that is the card I use the most. I never really think much of it, most of the places I shop at take it. They have built good customer rapport and I appreciate that.
Anne
King Lincoln
Login to Send PM
Looks like the $25 credit offer is extended to 12/31/10. And it sounds like you use it at ANY small retailer, restaurants included. To me, it sounds like EVERYONE is participating on AMEX's end so if you go to a place, AMEX will know it was a small business.
Enroll your card here:
https://enroll.amexnetwork.com/US/sbs/
This topic has been closed to new replies.
Launched in August 2010, TheMetropreneur.com is a local online resource devoted to small business development and entrepreneurship. Its aim is to tell the stories of Central Ohio's business community, foster regional economic development and assist entrepreneurs with its resource-heavy focus. Click here to visit TheMetropreneur.com.
RSS
Twitter
Facebook
YouTube
