Small Business Saturday 2024: History, Impact and How Your Business Can Take Part

Black Friday gets a lot of attention, but there’s another event around the same time you should know about. Small Business Saturday comes the day after Black Friday and encourages people to shop small or local. It’s a can’t-miss chance to grow your brand, so here’s a closer look at it and how you can participate.

When Is Small Business Saturday 2024?

Small Business Saturday 2024 will fall on November 30. The specific date changes from year to year, but it’s always the Saturday after Thanksgiving.

The History of Small Business Saturday

American Express founded Small Business Saturday in 2010 as a way to focus the spirit of Black Friday spending on small and medium-sized businesses (SMBs). A year later, the Small Business Administration (SBA) began sponsoring the celebration.

As marketing efforts grew over the years, so has the holiday. SMBs across the nation see considerable jumps in sales each time the celebration rolls around. While the regular holiday retail spike probably accounts for some of that, it’s hard to ignore the impact of extra media attention.

Today, Small Business Saturday is nearly as well-known and publicized as Black Friday. It’ll likely keep growing as more SMBs join in, too, so it’s a prime time to take part in the action.

How Can Small Business Saturday Help You?

There are over 33 million SMBs in the U.S., but many get overlooked in favor of larger corporations with bigger budgets and a national presence. Consequently, any chance to bring extra attention to smaller companies is a welcome change.

Historical spending trends show that Small Business Saturday is remarkably effective, too. The holiday has generated $201 billion for SMBs since its inception. In 2023 alone, it drove $17 billion in sales.

Participating in the day and spreading awareness can amplify these benefits. According to the same survey, 59% of the shoppers who know about the celebration support small or local organizations when it comes around. Over half of them said they’d come back to or become a regular customer at a business they found while doing so. While most of this activity happens in person, e-commerce gets a boost, too — 53% of consumers shopped online at SMBs more than large companies.

How to Get Involved in Small Business Saturday in 2024

Those benefits are hard to ignore. Here are some steps you can take to take part in Small Business Saturday this year.

Create a Special Event

Small Business Saturday may drive shoppers to SMBs, but many of them are still looking for a deal. Think of the day as an extension of Black Friday. People expect sales, bundles or other special events, so plan a way to celebrate that will draw customers in.

A sale is the most straightforward choice, but it’s not your only option. You could also run a giveaway where buyers earn additional entries for spending more in-store. Alternatively, you could release limited edition items, provide free food or entertainment, stay open longer or offer free shipping for the day.

What to emphasize depends on your audience. While 40% of Baby Boomers rate convenience as a top priority in holiday shopping, just 22% of Gen Zers say the same. Conversely, 42% of Gen Zers prioritize quality, compared to 22% of Baby Boomers. Lower prices are always good, but your specific value proposition should keep your target demographic in mind.

Market the Day Ahead of Time

Once you know how you’ll celebrate the day, be sure to communicate it with your customers. Millions of other stores will be vying for consumers’ attention on November 30, so you must do all you can to stand out.

You don’t necessarily need to reveal how big your sales will be or what special offers you’ll run. However, you should tell your audience what they can expect in general. That may be saying you’ll offer discounts without saying how much or promising a giveaway without revealing the prize until the day of. Sometimes, the anticipation is more impactful than an information overload.

Remember to brand all marketing materials around the theme of small business. Use slogans like “shop small” or “shop local.” Highlight individual employees to show the impact you have on families in the community. Unlike Black Friday, money isn’t the only thing at stake here. It’s a chance to show how buyers can make a difference by choosing you over a larger corporation.

Engage Customers on Social Media

Along those same lines, you should capitalize on social media. Post regularly in the days leading up to the event and use hashtags like #smallbusinesssaturday and #shoplocal, but don’t stop there. Consumers spend up to 40% more when engaging with brands on social platforms, so take the time to interact with your followers.

Consider building a unique sticker or filter for your business that customers can use in their posts. Encourage your audience to ask questions or ask your own in a public poll. You could also livestream conversations with your followers as you prepare for the upcoming celebration.

These interactions serve two purposes. First, they promote your brand by getting users involved. Secondly, they help you get a better understanding of your audience so you can tailor marketing materials or promotions to the niche.

Consider Partnering With Other Small Businesses

Small Business Saturday is also a prime time for strategic partnerships. In the spirit of promoting SMBs, run joint promotions with other companies to boost both sides’ reach.

You can partner with other SMBs in a few ways. The easiest is to post about neighboring stores or share their social media content, ideally getting them to do the same for you. However, you can go further, too. You could run special deals for people with receipts from other local businesses or give away gift cards to them as part of your celebration.

These strategies can seem counterintuitive at first, as you’re helping potential competition. Keep in mind, though, that consumers rarely shop exclusively at one store. Your biggest competitors are also larger companies, not other SMBs, so joining forces can yield better results. Such partnerships foster a friendlier spirit for the day if nothing else.

Track KPIs and Set Goals for Next Year

Finally, remember to track relevant key performance indicators (KPIs) for your business. KPIs serve as a guide for your company, and monitoring them will make it easier to plan an effective strategy for the next Small Business Saturday.

Your sales for the day compared to your average is one important KPI to track. Similarly, you should monitor your profits, especially if you’re running a sale. That way, you can measure the effectiveness of your discounts to know if you should offer a lesser one next year or can offer steeper cuts.

Social media impressions, new followers, lead generations and foot traffic can all be useful, too. Whatever you track, be sure to measure the same factors year after year to consistently monitor your progress.

Capitalize on Small Business Saturday to Grow Your Brand

Small Business Saturday 2024 will be here soon. Follow these steps and start preparing now to make the most of this valuable opportunity. As an SMB owner, you can’t miss the chance to stand out from the big players in your industry and make a lasting impression.