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Small Business Saturday's Lesson for Higher Ed

7/26/2015

4 Comments

 
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In 2010, American Express started a rather unique marketing campaign. The campaign was not focused on convincing more customers to open American Express credit card accounts, but instead was looking to create a new holiday and help small businesses stand out among the crowd, at least for one day.

Small Business Saturday has grown each year since its inception and now has a huge following among shoppers around the country. Even the President has shown his support of Small Business Saturday. In 2014, over $14.3 billion was spent at locally owned stores by people who were aware of the special day, a huge number. And what is the benefit to American Express? Well, the company does not have a direct dollar goal in mind, but as far as brand awareness and brand perception goes, one has to imagine that Small Business Saturday is a huge win. Everyone roots for the little guy, and small businesses are David to Walmart’s Goliath… so being able to align your brand (AmEx is a pretty big Goliath brand in and of itself) is pretty smart marketing. 

Small Business Saturday works for the businesses because there are many consumers in the US who want to know that their dollars are supporting their neighbors and the local economy. This is an important motivator for many, and Small Business Saturday takes that motivation and turns it into a celebration for one day.

What Can Be Learned? University of Houston's Cougar 100


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Higher Ed Institutions can benefit as well from helping out their own constituent base who own their own businesses. In fact, the University of Houston is doing just that with their Cougar 100 campaign. The Cougar 100 is UH’s way of recognizing and promoting the top 100 UH alumni owned businesses. The campaign benefits the businesses listed because the 100 companies are promoted within the Houston Business Journal and listed on UH’s alumni website.  

Similar to how Small Business Saturday appeals to consumers who are motivated to buy local, the Cougar 100 will appeal to alumni consumers who want to support those they share a common bond with. Many institutions have alumni who will go the extra mile for a fellow alum, and the Cougar 100 will hopefully create a group of loyal consumers for some of these up and coming businesses.

The campaign also benefits UH’s alumni association as well. By encouraging alumni to nominate their own or a fellow alumni owned business, the university is gaining valuable insight into how well a small subset of alumni are doing professionally, which could benefit UH’s development department. The campaign will also help to substantially build and grow its entrepreneur network for current students and future alumni. Lastly, the event and promotion of the announcement of the list creates a lot of positive publicity for the school.

UH is ahead of the curve with this idea. Perhaps the school will even have a Support the Cougars small business day in the future as well!

4 Comments
Andy Shaindlin link
8/6/2015 09:17:59 am

Hi Tim. Good to highlight new-ish ideas and ways to market alumni community engagement. The Houston effort as you describe it is a model that could be replicated or adapted pretty much anywhere, so it has a lot of potential value. However, it's not really new at all. When the web was new (1994 or so), the idea of an online "alumni Yellow Pages" or an "Alumni Business Card directory" were among the first things alumni folks thought of using it for. And even before the digital revolution, alumni magazines frequently carved out space in their classifieds or ad sections to highlight alumni-owned businesses. So the fact that this idea has been around for a long time suggests it is a long-term, viable option for building up the community with its own members. Thanks for the article.

Reply
Tim
8/6/2015 10:53:31 am

Thanks for the comment Andy, while the idea of online alumni yellow pages has been around for a very long time, initiatives like the Cougar 100 are very different and I would say very innovative and new... there are not many schools actively promoting alumni-owned businesses in this way... IE - partnering with a well-known local business journal to showcase the businesses; publishing growth rate information; and hosting a large luncheon to honor the top 100. The idea for this blog is to showcase schools that are breaking outside the alumni relations/annual giving norm, and this initiative, to me, goes above and beyond the standard business card directory or asking alumni to purchase ad space in a school magazine.

Reply
Andy Shaindlin
8/7/2015 02:09:03 am

Thanks Tim. I get your point, but we disagree about whether this is new. Having said that, what will be really interesting is to find out - in time - whether what they are doing in Houston has a measurable effect on the institution or its alumni community. It's good to promote alumni businesses - but it's even better if in so doing, you make those businesses and the school more successful! Thanks.

Reply
Tim
8/8/2015 03:27:43 am

Thanks Andy, yes, as mentioned in the post, the key is the impact that is made on the institution and on the businesses and I think there are many ways both can and will benefit.




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