July is Independent Retailer Month, which is the perfect time to show your support for locally owned businesses that rely primarily on community support. Independent retailers are essential to communities as they are more likely to put money back into their local economy than national retailers.
Why Independent Retailers Are Important
Every dollar spent at an independent retailer may pass through the community five to 10 times before moving elsewhere. For each dollar spent at a local independent retailer, the estimate is that $45 of local spending occurs versus only $14 for a national chain.1
Independent retailers are more likely to hire locally and spend their revenue dollars on other community businesses. These retailers not only directly help the people in their community but other businesses in the local economy as well.1
Ways to Support Independent Retailers
While you may support your community’s independent retailers by patronizing their businesses throughout the year, you might also show additional support during Independent Retailers Month. Get started by telling others about Independent Retailers Month and why supporting local businesses is essential for the entire community.2
If you are a business owner, consider creating a section on your website for Independent Retailers Month and list the local independent retailers in your community. Perhaps spread the news on social media to show your support for local businesses.2
Ways to Promote Your Business During Independent Retailer Month
If you are an independent business owner, Independent Retailer Month may be the ideal time to try to attract more customers and promote local spending.
Here are some ways to promote your business during Independent Retailer Month.
- Kick off the month with savings and promotions: The Fourth of July holiday is a popular day for deals. Take advantage of customers who may be in a shopping mindset and offer special savings or coupons for the holiday.
- Download resources from the Independent Retailer Month website: The website is full of ways to market your own business during Independent Retailer Month, such as downloadable flyers, mailers, posters, and graphics.
- Spread the word with #indieretail: Utilize the hashtag #indieretail to show your support for other local businesses.
- Consider cross promotion: Find other independent retailers in your area and partner up for the month. Host an event together or work together on a contest. You may also want to develop some cross-promotional materials where customers who purchase at one business get a discount at the other business.2
Whether you are an independent retailer yourself or simply want to shop locally, Independent Retailer Month is the perfect time to show your community support.
Footnotes
1Independent Retailer Month, https://www.indieretailermonth.com/statistics
2How to Make the Most of Independent Retailer Month for Your Business and Community, Small Business Trends, https://smallbiztrends.com/2018/06/independent-retailer-month.html
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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