For many of us this winter has been a trying one. Some areas had record snowfall while others broke the record for coldest or most consecutive days below 0 degrees.
Local stores are facing the worst of it because while some of us were snuggled next to the fire, they saw projected revenue for Christmas and Valentine’s Day plummet with those temps.
Those businesses aren’t thinking about November’s Small Business Saturday. Some of them are hoping to still be around by then.
Time to jump in with a shop local push.
Chamber Currency Encourages People to Buy Local
In today’s exceptionally busy world, the perfect gift is often one the person themselves picks out. A chamber currency program is a great way to encourage some of that $100 Billion annually spent on gift cards to be spent in your community.
Most People Spend More
72% of recipients receiving gift cards spend more than what the gift card is for (on average about 20% more than what its face value is). This is encouraging news for local businesses. If your chamber offers a gift certificate program, the chances are very good that the amount on the card will produce even larger spending at that merchant.
Quick Cash Infusion
Gift certificates also have a very quick effect on improving the local economy since most gift cards are used within the first 90 days of receipt.
Earmarked for Your Community
Unlike many gift cards, a chamber currency program is earmarked for the local businesses who are a part of your program. Gift cards for box stores in your community may or may not get spent in your community.
Also, some “local” gift cards that operate the way credit cards do can be spent anywhere. A well-meaning mom and dad who wanted to treat Junior to a few extra ice cream cones at his favorite local shop, ended up paying for sun tan lotion and other “necessities” on Spring Break in Florida instead.
Chamber gift certificate, or currency programs, are a reliable way to help local businesses who are reeling after a tough winter. If you institute a program like this shortly, it will be in place for the upcoming gift-giving season of graduations, teachers gifts, weddings, and summertime fun.
Photo credit: werner22brigitte via Pixabay
