Shop Local Guide 2021

December 2021 A Special Supplement to

Mustang Times Tuttle Times Minco-Union City Times

Main Street On the Mend How to help Main Street rebound from the pandemic

Partnering Pointers Unique ways local businesses can work together

Lending a Hand

4 unique ways to help small businesses grow

2

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

Strategies for customer retention Thriving businesses rely on their customers to sustain their success.

Business owners spend ample time drawing up ways to attract customers. But in addition to attracting new customers, savvy business owners recognize how vital repeat business is to their success.

Repeat customers are the lifeblood of successful businesses. According to Simple CRM, a customer relationship management and intelligent automation company, a new customer is almost 16 times more expensive than retaining an existing one to whom a business can cross sell and upsell. In addition, a survey from SAS and Loyalty360, two companies geared toward supporting customer intelligence research, found that 68 percent of business comes from existing clients. Business owners who want to emphasize customer retention can try various strategies to keep consumers coming back for more.

Identify highly valued customers. Certain customers are not only repeat buyers, but also advocates for a company.

These are the most valuable to retain since they do marketing work for you. Consider these customers VIPs when offering customer perks.

Offer customer perks

Business owners who want to emphasize customer retention can try various strategies to keep consumers coming back for more.

and surprises. In regard to perks, customer loyalty can be fostered by offering deals or surprises to your client base. Showing customers they are appreciated may come down to sending a handwritten note or offering insider-only discounts or specialized shopping hours.

Implement feedback initiatives. Set up survey mailings, text check-ins or have customer feedback cards at checkout to provide insight into how customers view the business.

Feedback provides insight into how the service is performing in comparison to customer expectations.

Treat compliments and complaints equally, valuing the role each can play in bettering your business.

Recognize that one hand washes the other.

Solidify customer retention by using the products and services of your own customers.

For example, if a

customer has a printing business, you can use that business for your stationery needs.

Develop a system to receive and address complaints. Complaints should be addressed promptly and properly.

Negative online reviews can do damage if left unchecked and unresolved. Reducing response time to address customer issues will result in higher customer engagement.

Build trust through community relationships.

Customers may be more inclined to return to companies they see having positive effects in their communities.

Sponsor community sports teams, get involved in school functions, engage in community clean-up initiatives, and make your business seen and heard around town.

Customer retention comes down to getting to know your customers and building trust in the community.

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

3

4

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

4

unique ways to help small businesses grow

T

he role small businesses play in thriving local communities cannot be overstated. Vibrant downtown areas that feature independently owned shopping, dining and entertainment options help distinguish communities from surrounding towns and generate tax revenue that is ultimately funneled back into the community.

Many small business owners are active members in their communities, which made it even more heartbreaking to see so many locally owned establishments struggle during the COVID-19 pandemic. Even as the world gradually began to emerge from the pandemic, more than half of small business owners expected their struggles to continue. In late 2020, the Small Business Pulse Survey from the U.S. Census Bureau found that 53 percent of small business owners expected it would be at least six

months before they could return to pre-COVID operations. That survey was conducted months before the Delta variant of the virus began to spread. When the Delta variant began to spread, three effective COVID-19 vaccines had already become widely available, but scientists warned that Delta could be one of the most transmissible respiratory viruses in the world. That prompted many consumers, even those who were fully vaccinated, to wonder if it was still safe to spend time in public. Such fears once again put small businesses in the inancial crosshairs.

Only time will tell if the Delta variant puts more small businesses in jeopardy. In the meantime, local residents and professionals can make a concerted effort to shop local. In addition to offering their inancial support to the small businesses that make their

communities special, residents can embrace four unique strategies to help locally owned establishments stay a loat.

1. Offer pro bono professional expertise.

Successful professionals can help small business owners by offering their services free of charge.

Financial planners can pitch in and help secure small business loans, while attorneys can provide pro bono legal advice.

2. Help small businesses strengthen their digital presence.

Individuals with web design and e-commerce experience can help small businesses revamp their websites and improve their online shopping offerings. This can be a vital way for small business owners to attract new business and generate revenue should consumers express concerns about in person shopping in the months ahead.

3. Support legislation that beneϐits small businesses.

Many small businesses would not have survived the pandemic without government assistance programs like the Small Business Administration’s Paycheck

Protection Program. Voters should carefully consider programs and proposals before voicing any support, but they should not hesitate to promote programs they believe in that are designed to help local businesses. Write to local elected of icials to encourage their support, and share news about proposals with fellow voters when given the chance.

4. Spread the word.

Take to social media to spread the word about a local business. Share stories about positive interactions with a given business and use social media platforms to share news about sales or special events they’re hosting.

There’s much individuals can do to support small businesses as they continue to recover from and confront the COVID-19 pandemic.

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

How to identify what customers want

G

enerating repeat customers should be the goal of any small business.

Various studies have found that consumers spend more the longer their relationship with a business lasts, which only underscores how vital repeat customers can be to the long-term success of a business.

One component of keeping customers happy and returning time and again involves understanding what patrons are seeking from a business. Addressing customer needs early on generally involves solving a current problem or thinking about what customers may need in the future — perhaps even before they recognize it themselves.

The following are some of the factors customers look for in the products and services they choose.

Good price Price is one of the biggest factors in choosing one business over another.

Customers frequently compare prices between different sellers. Prisync, which offers competitor price tracking and monitoring software, indicates 90 percent of consumers invest their time to hunt the best online deals, and 86 percent of consumers say it’s important to compare prices from different sellers.

Business owners can get ahead of bargain hunters by iguring out how to make their prices more attractive than their competitors’. While you may not be able to offer the lowest unit price, you may be able to bundle items and services or offer some other perk, such as free delivery, which makes your overall product value better.

Ask customers questions Figuring out what customers want may come down to asking them. Reach out

to customers to learn about why they visited your establishment. Getting a clearer picture of what makes you stand out to customers helps you to ine tune that advantage even further.

Assess customers’ lifestyles Rather than focusing on a product or service, look at the people who will be relying on it and plan with that in mind. For example, if you have a store that stocks housewares and other furnishings, and ind that your client base is largely apartment dwellers or those who reside in small houses, you’ll need to offer items that do not take up too much interior space. Identifying these factors can ensure you always have something useful to offer your customers.

Reliability No matter what item or service is offered, most customers want products to last and be dependable, states Power Reviews, a consumer opinion company.

If you’re an electrician, show up for the estimate on time and complete the job as promised. A store owner should choose a product line that endures by carefully vetting vendors to ensure only the highest quality products are being sold in their stores.

Learning what customers want involves asking the right questions and getting to know a customer base more deeply.

5

6

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

Questions to ask when soliciting customer feedback

T

he value of customer feedback is signi icant. According to Dimension Data’s 2017 Global Consumer Experience Benchmarking Report, 81 percent of organizations credit improving the customer experience with differentiating them from their competitors. In addition, 84 percent of irms reported a growth in revenue after implementing strategies to improve the customer experience.

In order to improve the customer experience, business owners must irst recognize what their customers want.

Soliciting feedback from patrons can help business owners identify what their customers want. Thanks to email, social media and online services like Google Reviews, it’s now easier than ever for businesses to solicit and identify customer needs. In addition to asking patrons to review their experiences online, business owners can ask the following questions to improve experiences for their customers.

• How did you hear about us?

• Did we meet your expecta ons?

• Was the staff helpful?

• How could staff be more helpful?

• What was the most enjoyable part of your experience with our business?

• What do you most enjoy about our products or services?

• Did you shop online or in store or both?

• How can we improve your in store or online shopping experience?

• Are you likely to recommend us to friends and family?

• What would you change about your experience?

These questions are straightforward and can be answered in a matter of minutes, but honest feedback from customers can be incredibly valuable to business owners. Feedback also can be valuable for customers, especially when they feel their voices have been heard.

In fact, a recent report from Apptentive, who specialize in customer feedback services, indicated that 97 percent of customers are somewhat likely to exhibit brand loyalty to a company that implements their feedback.

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

The impact reviews have on businesses O nline reviews have long been a mixed bag for small businesses.

Though positive reviews can help businesses stand out from their competitors, negative reviews can be as harmful as positive reviews are helpful. That’s true even when negative reviews do not re lect the average customer’s experience.

Search Engine Land, which covers digital advertising technology, reports 88 percent of consumers trust online reviews as much as personal recommendations. Unfortunately for businesses, Inc. magazine and entrepreneur Andrew Thomas found that a customer who has a negative business experience is highly likely to share that experience by leaving a bad review. On the other hand, someone who has had a positive experience is unlikely to leave a good review. Roughly 10 percent of happy customers say they were pleased by a product or service. Furthermore, Thomas indicates it takes roughly 40 positive customer experiences to undo the damage from a single negative review.

Customer happiness should be the goal of businesses, with the added bene it of helping to generate more positive reviews and word-of-mouth recommendations. While that is happening, customers can think twice about online reviews.

• Speak to product quality especially when you have a very good experience with an item.

Many retailers request feedback via email shortly after consumers have made a purchase. Take advantage of this opportunity to offer positive feedback.

• Companies gather personal information from customers so they can follow up in many cases.

Great customer service helps prevent bad reviews and de ines companies’ brands. If you are asked for a phone number or email address, provide it.

88%

of consumers trust online review as much as personal recommendations Doing so helps companies improve their products or services.

• Happy customers can reach out to friends and family members to share their experiences with certain companies. Posting your own review on social media also can drum up business for a company you respect.

• Customers should weigh their words heavily and think before posting a review. The marketing and consulting resource The Chat Shop says 31 percent of customers are interested in grocery store reviews, 60 percent are likely to read restaurant reviews and 70 percent rely on technology product reviews.

Make an effort to discuss issues with a company before leaving a negative review. You may be pleasantly surprised with the outcome. There’s no need to hesitate when leaving positive reviews. Simply explain why you were pleased.

Reviews can make or break a company. Both business owners and customers have a role to play in making online reviews a valuable way to learn about a company.

7

8

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

Did you know?

S

uppor ng small businesses ensures more money stays in the communi es those businesses serve.

The U.S. Small Business Administra on says $48 out of every $100 spent at a small business stays in the community. On the flip side, when a person spends $100 at a big-box store or a na onal chain, only $14 remains in the community.

Local businesses are more likely to u lize other local businesses, such as banks, service providers and even farms. Small businesses also pay employees, many of whom are local and shop local, thereby keeping even more dollars in their communi es.

Unique reasons to shop at small businesses

in the United States. That’s also true in Canada, where 68.8 percent of the total labor force works for a small business. A person may never know when he or she — or a relative — will need a job. Keeping small businesses viable provides a strong job market for locals.

T

he numbers don’t lie. Locally owned businesses may be classi ied as “small,” but they have a big impact on the national economy.

According to the Bureau of Labor Statistics’ Business Employment Dynamics report, small businesses created 10.5 million net new jobs between 2000 and 2019, accounting for 65.1 percent of net new jobs created since 2000 in the United States. The Government of Canada reports that the number of small businesses in Canada in 2020 was far greater than the number of medium and large businesses, accounting for 97.9 percent of all the businesses in the country.

Supporting locally owned businesses is a great way to support a neighbor, but that’s not the only attraction. Here are several reasons to shop small.

The feel-good factor Doing for others certainly has an impact on the person on the receiving end, but also bene its the do-gooders.

A November 2020 survey by Union Bank found that 72 percent of Americans said supporting small businesses was more important than getting the best deals. That may be due to the feeling of helping out a fellow neighbor.

Create job opportunities Shopping at small businesses keeps those establishments a loat, and it also keeps their employees a loat. Small businesses are the largest employers

Keep more money in the community The Small Business Administration says $48 out of every $100 spent at a small business stays in the community.

Spend the same $100 at a national retailer and only $14 stays.

Enjoy a more local ϐlavor National retailers and other businesses follow a global business model that may not allow for much customization, but small businesses can provide products or services that relate directly to the needs of the communities they serve. These same small businesses also may be more inclined to work with local vendors and start-ups than national companies that have global supply chains.

These are just a few of the many reasons to seek out small businesses when in need of products or services.

$48 out of every $100 spent at a small business stays in the community

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

9

10

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

How businesses can persevere in the face of adversity M illions of individuals envision being their own boss and gaining inancial independence, and those are just two reasons why starting a business can be an exciting prospect.

Novice entrepreneurs are likely familiar with just how dif icult it can be to get going and sustain a business for years.

The United States Department of Labor Statistics says 20 percent of small businesses fail within the ϐirst year. By the end of ive years, nearly 50 percent have closed their doors.

This information shouldn’t make aspiring entrepreneurs run for the hills, but it can serve as motivation to avoid common mistakes and learn from others.

Every new business venture is met with obstacles along the way. Recognizing potential challenges and learning how to sidestep them is an important part of growing a successful business.

Make a business plan A business plan is crucial and will begin with your vision and what you want to achieve. The business guidance site The Balance: Small Business suggests including the following in your business plan: a mission statement; list of the products or services that will be offered; the niche a business intends to establish itself in; marketing strategies; which problems a business will solve in its industry; and how business owners plan to position themselves against competitors. An effective business plan can serve as a guide that business owners can use to get started and then return to as their business grows and evolves.

important. It may be tempting to hire a friend or family member because you want to do them a favor. You may even have had a successful working relationship in the past. But it’s best to base hiring decisions on applicants’ competence and skills.

Integrity also is a good trait to look for in an employee.

Strategies for retention also should be a priority. Pew Research says roughly 40 percent of millennials will change jobs in a year’s time. Figure out how to make your business so attractive that employees will want to become long-term ixtures.

Ask for help or consider mentors

Choose the right people

All business owners experience problems from time to time, but the obstacles a business faces have no doubt challenged others in the past. Business owners should not feel as though they need to go it alone to prove their mettle. Business owners can reach out to a mentor or someone in their professional network when faced with a new and challenging obstacle. A study by UPS showed that 70 percent of business owners who received mentoring survived for ive years or more. That’s nearly double the rate of those who didn’t seek assistance. Asking for help with problems can also free up energy for other components of the business, which allows owners to play to their strengths.

The business solutions company Don’t Do Business Without It says choosing the right employees or cofounders is very

Any business will face obstacles and adversity, but with the right mindset and people, any obstacle can be overcome.

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

How to help Main Street rebound from the pandemic

M

ain Street is the heart of many small communities.

Small businesses have long been the drivers of both local and national economies.

The impact small businesses have on their communities may have been lost during the pandemic, when so many establishments were forced to close.

The good news is that many small business owners were hopeful that the effects of COVID-19 would soon be a thing of the past. Data from Bank of America, Data for Good and JPMorgan Chase indicates that 59 percent of entrepreneurs expect the impact of COVID-19 to affect their bottom line for two years or less. That’s encouraging, but in the meantime community leaders can take various steps to promote everything Main Street has to offer.

• Create an inviting downtown atmosphere. Main Street America® is a grassroots network of small towns, mid-sized communities and urban commercial districts that work together to make downtown areas the heart of local communities. Ed McMahon, the chair of the National Main Street Center Board of Directors, notes that a healthy downtown area is vital to having a healthy town.

Towns that want to revitalize their downtowns should aspire to create an inviting, inclusive atmosphere that celebrates the character of the town, including its history. Main Street America® notes that people-centered, accessible public spaces can restore and revitalize downtowns, making them places locals and even non-locals want to visit.

• Make it a partnership. Business owners in community centers and downtown areas have a vested interest in revitalizing Main Street, but they can’t go it alone. Local government

of icials, chambers of commerce, private sector businesses, and civic organizations all have roles to play in making Main Street a place where people want to spend their time and money. Local leaders should make a concerted effort to hear every voice as they try to revitalize Main Street.

• Emphasize safety. COVID-19 changed how many people shop and dine, and those changes must be considered as Main Street is rebuilt.

The Mayo Clinic notes that outdoor fresh air is constantly moving and dispersing the type of respiratory droplets that contain the COVID-19 virus. Because that air is constantly on the move, individuals are much less likely to get COVID-19 when spending time outdoors compared to indoors.

Communities may be ready to get back to normal life, but it’s important to do so safely. Many small towns closed Main Street and downtown areas to automobiles during peak shopping and dining hours, such as weekend evenings and afternoons, so local businesses could bring their offerings outside. Communities can keep such rules in place after the pandemic, as more outdoor seating at restaurants and less crowded walking areas proved wildly popular among consumers. In addition, communities must make a concerted effort to create and maintain a Main Street where residents and shoppers feel safe at all times of the day and night.

Communities can work together to ensure Main Street thrives as the world slowly emerges from the pandemic.

11

12

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

How small businesses can make the most of local markets

A

nnual holiday bazaars are a tradition in many communities, and the success of such events has led many towns to schedule similar events throughout the year.

Community festivals and weekend marketplaces can be great opportunities for small businesses to connect with locals and generate revenue. Such events can be even more lucrative for small businesses that plan ahead.

• Do your research. Chances are business owners can ind a number of festival or marketplace opportunities in or around their communities each month. Some of these festivals may be large scale events like annual Christmas bazaars, while others might be more toned down affairs that occur each week. Business owners can research local festivals, paying particular attention to how communities market the events and which businesses attend them.

Community turnout is another signi icant factor to consider. Such research can help business owners determine which festivals best suit their businesses and what they’re hoping to accomplish.

• Make things easy for customers. Cash was once king at community festivals and marketplaces, but the convenience of plastic and even touchless payments has long since replaced hard currency as consumers’ preferred method of payment.

In fact, a recent study from Visa found that contactless payment usage in the United States grew by 150 percent between March 2019 and March 2020. Card readers are inexpensive and easy to use.

Businesses can still accept cash payments, as accepting both cash and card increases

the chances of making more money.

• Brand, brand, brand. The National Federation of Independent Businesses recommends that small businesses make everything in their festival or marketplace space about their brands. Storage containers, banners, price tags, and the clothing personnel wear should re lect the brand.

• Don’t overdo it. A cluttered stall at a festival or marketplace may make it dif icult for consumers to browse or ind what they’re looking for. NFIB® advises business owners to ill the space without it making it appear cluttered. Keep extra inventory on hand to restock displays as sales are made throughout the day.

• Balance engagement with patience.

NFIB® recommends that business owners tone down their sales efforts without coming off as disengaged. Warmly welcome visitors to the booth or stall and express a willingness to discuss products customers appear interested in. But keep in mind that many people attend festivals and marketplaces to browse, so give them space after welcoming them to the booth.

Weekend festivals and marketplaces can be fun and lucrative ways for small business owners to connect with their communities.

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

13

14

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

December 2, 2021 • Mustang Times • Tuttle Times • Minco-Union City Times

What small businesses can do to engage their communities

C

ommunity engagement can bene it small businesses in various ways. By engaging with their communities, business owners can build brand awareness and inspire trust among residents. Trust in a brand leads many consumers to share positive word-ofmouth, and it also can inspire brand loyalty, a potentially lucrative bene it that can pay dividends for years to come.

A recent study from Bain and Company found that the average repeat customer spends 67 percent more in months 31 through 36 of their relationship with a business than they do in the irst six months of that relationship. That underscores how lucrative a long-term relationship with a customer can be for a business. When paired with reliable products and great customer service, community engagement strategies increase the likelihood that businesses will create a loyal customer base, thus laying the foundation for a successful business that can grow for years to come.

Businesses can engage with their communities in various ways. Many engagement strategies give business owners a chance to communicate directly with their customers, and these interactions can be especially valuable.

• Participate in local events. Local events like holiday bazaars and town festivals provide great chances for business owners to communicate directly with new and existing customers. Take advantage of the chance to set up a booth at such events, and make a concerted effort to reach out to consumers who stop by the booth. The customer feedback experts at Apptentive found that 97 percent of consumers are somewhat likely to become more loyal to a company that implements their feedback. Setting

up a booth at a bazaar or festival provides a great chance to solicit feedback that businesses can then implement to retain more customers.

• Sponsor a local youth sports team.

Youth sports team sponsorships are a relatively inexpensive way to create brand awareness. The National Alliance for Youth Sports, Inc., reports that sponsorship costs vary from organization to organization, though they may cost as little as $100 to around $5,000 for the season. In return for that investment, businesses gain exposure to athletes, athletes’ families and friends, volunteers, and countless others who may see players in uniform on game day. When compared to the cost of advertising online, on television or on the radio, youth sports sponsorship provides a great return on investment.

• Offer your space. Another way business owners can engage their communities is by offering their spaces for community-based events. For example, business owners with ample parking lots can offer those lots as registration sites for charity 5Ks or other events that can utilize large and open outdoor spaces. This approach addresses a community need and draws a crowd of locals to your establishment, thus increasing the chances they will patronize the business during and after the event.

There is no limit to the ways local businesses can engage their communities.

15