Topic: Local Business Market Share
Podcast Episode #77 of the internet show about small business marketing
In this episode of the Power to the Small Business podcast, social theorist and author John Gerzema joins us to talk about the potential spend shift to local small businesses. Gerzema is co-author of Spend Shift: How the Post-Crisis Values Revolution Is Changing the Way We Buy, Sell, and Live. Gerzema says the time is right for local businesses to claim a larger share of consumer spending. People are less likely to trust larger institutions and they want to spend money with you. But are you ready to earn it? Gerzema shares some insightful advice and gives us the three keys for your business:
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What spend shift?
Consumers are ready to embrace local brands, to shift money from larger institutions to local businesses. The question is, are you ready for the shift? Is your brand ready for the shift?
Customers will not just do business with you because you’re local. You still have to give them a reason. But when you do, they are more likely to do business with you. The three keys (from Spend Shift), character, authenticity, and narrative.
The Virtuous Circle:
The more of a contribution you have to make to your community, the more will people are to embrace your brand.
Know your customers, how will you give back through your brand.
65% of people are willing to pay a premium for companies that made a contribution to the local community.