A recent survey shows that an overwhelming percentage of those asked said that they will pay more now if it means supporting their favorite small businesses. Overall, near 83% of those surveyed said that they'd opt to support small businesses before a large national corporation and what's more they'd pay more for the products to do so.
Also as a result of this study, it was found that over fifty percent of people say that the reason they prefer to shop locally is that nine times out of ten the product is just better quality. Another thirty percent said that it is also much easier to shop small and local as everything is far more accessible this way. The definition of local according to those polled was any business within city limits. Although sixteen percent did suggest that local could also mean within the state. And fifty-four percent of respondents claimed that they shopped locally at least once per month.
One of the biggest takeaways from this particular poll was that community loyalty is stronger than ever. In the wake of the pandemic, people want to see their local small businesses make it; they want to see them come out of this strong. Consumers are not only pointing to the quality of goods and services but many also spoke about the local businesses' involvement in the community itself.
What this also shows is that businesses need to do more to reach those clients willing to patronize them and who are subsequently willing to pay more. Small businesses especially have to enhance their digital efforts across the board. And in doing so, the companies have to be on top of customer feedback and reviews. While small businesses do seem to have better stats here (small businesses respond to online feedback 25% of the time versus 10% with larger companies/), they can't afford to get lax—especially during this challenging period.
Experts also cite the need for businesses to strengthen connections with their customers. By knowing the customer, understanding their buying habits, it stands to reason, you have a much better chance of making that sale.
Times are tough, this goes without saying, and how a small business reacts is going to mean the difference between success and failure in the months ahead. That is to say, are they going to forge ahead as far as digital and technological innovation? Are they going to stay on top of their web presence and do even more by way of reaching people in this manner? Will they tweak their business model if need be to meet the demands we face today? Being flexible and being able to pivot is going to be crucial for a company's survival.
Are you in need of additional cash to make changes to your small business given the current situation? First Union Lending can help. We want to see all of our clients make it through this. Call today!