Is MAIN STREET Still Hot?
You bet. Last year was the strongest on record in the “small business optimism” index. The big questions, however are: How long will it last, and how do you ensure you are positioned to take advantage of the buy-local trend? Here are seven key points that will help answer those questions.
Tip: “The buy local resurgence will turn on the intersection of mobile technology and community reinvestment.”
THE TREND
Buy local has been big for several years, and shows no signs of waning. According to a recent survey, “Consumers don’t need a lot of extrinsic motivation to patronize local businesses. Fifty-five percent say they do so because they like to support their local communities and 30% say they do so in order to support small businesses (even those not right in their local area).”
Source: G/O Digital
BUSINESS RESPONSIBILITY
“Success is realized not just through the personal service that specialty retailers offer, but by being vital members of the local community.”
Source: Pam Danziger, Unity Marketing
PERSONAL TOUCH
“Small business retailers have a competitive advantage that none of the bigger, better capitalized, and techno-powered retailers have: their personal touch.”
Source: Pam Danziger, Unity Marketing
ONGOING CHALLENGE
“The challenge for 2018 and beyond? “It’s going to take innovative technology and mobile solutions. The resurgence will turn on the intersection of mobile technology and community reinvestment.”
Source: Forbes
GENERATIONS
Millennials favor personalized service and buying from communities they know. In fact, nearly 40% of millennials surveyed say supporting small, local businesses is important when making purchasing decisions. Why does that matter? Because millennials will represent a third of total U.S. retail spending just two years from now—in 2020.
Source: Coldwell Banker, Accenture
SOCIAL MEDIA
“Technology has allowed mom and pops to gain exposure around the world without expanding their footprint by leveraging the power of social media and targeted marketing.”
Source: CNBC
FUTURE FOCUS
“By 2025, a host of small service businesses that once thrived in mainstream America will be back with a vengeance—thanks to technology.”
Source: Entrepreneur Magazine
Do you stress being local and a part of the community in your business? If so, tell us what’s worked and share in the conversation on Facebook here.
Erinn Morgan
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