My Money Stays Local
Jump Start Your Business Recovery by Rallying Your Local Community
We’ve changed in many ways over the past 8 weeks. We shifted into survival mode, adopted social distancing norms, and found new ways to purchase products and services remotely. These purchases were predominantly done through remote online stores with the convenience of delivery right to our front doors.
This change in human behavior has resulted in Our Money - Leaving Our Communities faster than ever before.
We need to join forces and reverse this trend fast
For our local business community to survive and recover, our money needs to circulate as many times as possible around our communities before it catches the bus out of town. AMIBA created this chart to show what happens to our money based on where it’s spent:
A hundred dollars spent on Amazon or similar online store results in $1 staying in the community (if the delivery driver happens to live nearby). Compared to the same $100 spent at an independent local business where over $60 stays in and circulating around the community.
To rebuild our local economies we need our money to stay here in our communities. Shop Small Saturday in November isn’t going to solve this problem. We need a long-term My Money Stays Local movement to have a fighting chance.
I could jump up and down and act all crazy and feature this mantra on my posts from now through eternity, but as this video clearly points out (well it’s not really clear but it does make the point) it’s how other people (you in particular) pick it up and make it your own that ultimately determines if it becomes a movement.
So if you want your community to recover, and we all do, then you are going to have to jump on board and get loud for the next 12 months at least.
What if all 5 million of the small business owners on Alignable worked together within their communities? Maybe printing out signs and putting them on your storefronts, in email campaigns to local customers, and posted them across all their social media simply saying: #MyMoneyStaysLocal in My Community. I don’t care if you rip this off, change it to your heart's content, or even call it your own. Just Do It ;-).
If we want local consumers and others to follow our lead, we are going to have to back it up with our actions. Every day, we need to go out of our way to buy products and services from other local businesses, suppliers, and manufacturers.
Imagine every local storefront in your town with a sign showing how much of what they spend stays in their community...
Once we get going on this, we can bring the local consumers into the mix too. Imagine the tee shirt sales alone for #MyMoneyStaysLocal in Falmouth, MA (where I live) for the over 30,000 communities here on Alignable. Again… please rip this off for your own community!
Want to start a local discussion about this idea in your community? Just go to this discussion and add your ideas. We’ll then share it with all of the business owners nearby on Alignable.
Discussion: How can we shift spending back to local businesses?
Want to Lead Your Community?
I’m looking for 50 to 100 members with diverse business backgrounds interested in working together to brainstorm and develop content, collateral, and campaigns in support of a movement like this. You’ll have first access to this information and be able to test it out within your community. Then we’ll make it available to all 30,000 communities on Alignable and our 5 million members too!
If you’re interested in getting involved just click the check box below and I'll be in touch shortly.
Comments (1-10)
You're speaking my language! Why should Small Business Saturday just be ONE Saturday a year . . . ironically the day AFTER Black Friday . . . sponsored by American Express - the polar opposite of small business.
OK, off my soapbox!
I disagree with Maury's comments that people don't buy locally because they don't see the value.
I believe they don't buy locally because when given a choice of "buy something from the business I don't know" vs "buy from the business I know" they'll almost always pick the one they know, which is usually a brand name.
BUT THAT IS CHANGING
If there is a positive I've seen come out of COVID-19, it's that people WANT to support small business. They WANT to support their local businesses. They WANT to support their community.
Where the disconnect is, unfortunately, is that most small business owners don't know how to market (I can help you with this!).
Moreso than ever, because of COVID, I have seen small and local businesses PIVOT, PROFIT and PROSPER! I have a client (Leslie Klein of MinuteMan Press) who started making graduation yard signs - new revenue stream. My restaurant and coffee shop clients are selling gift cards to get cash in the door NOW. I have clients reaching out to do co-partnerships with businesses they've met here on Alignable. They're using technology to build community, to provide helpful information. Posting and outreach on NextDoor have brought in business they never had. They're gaining new customers, clients and patients who are supporting their businesses BECAUSE THEY'RE LOCAL!
This is a NEW NEW and it is THE OPPORTUNITY for small business to shine.
People WANT to support their local small business. They may be hesitant to because they don't yet "know" you. I "get" it. If there's a restaurant or a shop I've never been to, going there the first time and/or buying something there vs just going to my "regular place" . . . it's a habit that needs to be broken.
You can't blame the people for not shopping local. You can only blame yourself for not making your business "the go to choice". That can change right now because communities DO want to support local. Use it to your advantage!
I'm thrilled to see Alignable stepping up to create a movement. I don't particularly love the hashtag but I'm sure that can be debated and the entire Alignable community will come together to make this NEW NEW one where everyone #THINKLOCAL
"Small Business Stacey"
https://SmallBizMarketingSpeci...
Good article. I think one way to circulate dollars within the community is business collaborations. This is deeper than Chamber of Commerce and networking groups. I’m talking about shared marketing and promotional efforts, creating co-products and services (where there’s a fit of course), not just being $ponsors of grass roots projects but also LEADING them/owning them. Just initial thoughts I’m building ...
Eric,
This is a great article, thank you for sharing with us all. I will post my thoughts to the discussion.
Lee
Buying local and supporting your business neighbors is very important during this time of uncertainty.
So many businesses small and large will never be the same, even if they survive this crisis.
If we all (small business owners and workers who still have a job) would just take a quick moment to look our customer's in the eye say "thank you, your business is greatly appreciated" it may keep that customer coming back.
On your worst day a smile goes a long way. It can change someone else's day.
To all, be healthy, and stay safe.
The only way local money remains local is based on locals differentiating themselves from major corporations. Things are changing rapidly. Victoria’s Secret will be closing 250 stores nationally. Not a good sign. Locals should provide goods/services that are difficult to replicate on line. Otherwise you will be swallowed up. Build local relationships with buyers/ clients.
With many big box stores in trouble, mainly due to their philosophy of lots of sales, then they can take a smaller portion out of it and amazon and Walmart working on online structure as well as in store sales.
Local business must start an email, newsletter campaign with a positive case study on their web site. Start a conversation with people, after all, they are yourcustomers
Just commented on my local thread. I used the hashtag on a post today and will use it from now on!! Thank you for this!
Thank you Eric! You are now talking my language. Clique Success is about people helping people as the name implies. No one of us is as Strong as All of us!
When local businesses link together and build a chain of resources, the net gets tighter and tougher for the out of town'rs to break. However, it will take exceptional customer care from those in the local retail stores as a few bad eggs can spoil the web!
More if you want. I love the idea!
Our restaurant is working to bring more business to our community by partnering with the Social Distancing Supper Club North Atlanta. This movement started in Florida and has made its way to Atlanta. It is a way for local restaurants to support each other. Our menu will be posted this week in hopes of bringing more business to the Stone Mountain area.
My marketing strategy? No stone unturned
Pélage Studios at Canal/ Adams in the Financial Loop of Chicago. Over 20 years my warm/ hot market has been located across from Union Station on Rt 66. Ontario at Michigan I ran the oldest, most monied, women’s health club in the United States. Traveling with the Chicago Symphony Orchestra as their Myofascial specialist, I’m well connected.