Starting a cash mob movement
Recently, Park City Credit Union, a Buzz Points partner, was recognized as Business of the Year for their involvement with Cash Mobs. Cash Mobs provided credit unions an opportunity to reach out to their community to make a difference. March 24, 2014 is National Cash Mob Day, and throughout the week, Buzz Points will be supporting over 30 Cash Mobs in participating communities on behalf of credit unions and community banks.
What are Cash Mobs?
Cash Mobs occur when a group of community members patronize a specific local business at a specific time to support a locally owned business. The intention of a Cash Mob is to boost sales for a local business during the event, driving customer traffic to their store and away from national chains. Cash Mobs can be organized through direct mail, social media posts, and email communications to nearby customers. These efforts promote the Cash Mob and attract a crowd. Credit unions looking for visible community involvement opportunities can leverage their relationships to drive these events and support their local community.
Why shop local?
Studies have found that 45%-58% of a local business’ profit stays in the community versus only 13%-33% of a national business. Local business’ contributions to the community are often paired with a strong sense of accountability, with business owners following the impact of every dollar used. From building parks, sponsoring an academic challenge, or supporting a scholarship for a high school student, the small business owner sees that these dollars go towards the community. More money in the community means more growth, more jobs, and a more robust local economy. The Buzz Points program recognizes the importance of shopping local, and supporting events like Cash Mobs are additional ways to focus community efforts on the benefits of community based spending.
How does shopping local impact credit unions?
Research shows that consumers and communities are recognizing the importance of shopping and banking local. In 2012 over 600,000 consumers moved their banking accounts to local banks and credit unions. Furthermore, local banks and credit unions support more than 50% of all small business lending even though local financial institutions control less than 25% of all bank assets. Even though the top 20 largest financial institutions now control 57% of all bank assets, they only allocate 18% of their commercial loan portfolio to small businesses. Local banks and credit unions are the true advocates of small businesses.
In addition to supporting shopping local, Buzz Points ensures that cardholders and local business owners are supported on a grander scale. Our rewards program partners with local credit unions to not only market to active cardholders in the community, but also to ensure local merchants can leverage a financial institution that supports the local community.
Take Cash Mobs to the Next Level
With Buzz Points, Cash Mobs benefit more than just the local merchant, they also benefit a cause. Buzz Points leverages our relationship with the local credit unions to make a larger impact on the community. The credit union tied to the local business hosting the event will make a donation to a local non-profit organization based on the number of attendees during the event! Buzz Points partners with credit unions and merchants to regularly schedule these events throughout the year.
With Buzz Points, everyone wins. Local businesses are given a platform to advertise their business to active cardholders in the community. These cardholders are rewarded for their daily shopping behaviors with gift cards back to the very local business they patronized, and the credit union’s debit card is the mechanism used to build these stronger communities, one point at a time.
If you are a credit union, local business owner, or a consumer wanting more information about Buzz Points or Cash Mobs please contact our team at support@buzzpoints.com or visit buzzpoints.com.
