Most successful local businesses have learned that working together with other successful local businesses leads to greater success. Some of the common ways local businesses work together are helping each other out on social media, word of mouth recommendations and doing events together but the world is changing fast, here are 3 ways local businesses can work together that you might not have heard about:
A local currency
So what is a local currency? It’s a currency that can only be used within a certain area at shops or other businesses that have signed up to accept it as an alternative to the official currency.
The goal is to encourage spending in the local economy. This can either encompass a whole town or City like the Bristol Pound or in the case of a currency like the Brixton Pound, just one London neighbourhood, and can be bought at a rate equivalent to the national British pound.
There are thousands of community currencies in the world and the concept has been around for decades, but in the past couple of years, they are becoming more popular and more are becoming digital.
Focus on community
We are all still looking for authenticity, transparency, and truthfulness from organisations and their leaders. Corporate social responsibility is now old hat as many companies now go beyond the push for carbon neutrality by finding ways to be carbon positive, and the concept of Environmental, Social and Governance (ESG) strategies linked to business purpose are becoming the norm.
Supporting Small businesses is now becoming a philanthropic priority for large businesses, with organisations like American Express and Natwest putting it front and centre in their marketing campaigns.
The key to any local business is to create meaningful connections within your local community. Smart local businesses understand the way people meet is changing and they use digital platforms, to turn online relationships into offline sales.
Check out our top digital platforms turning online connections into offline business relationships.
Digital House - Help you connect young professionals who live in the same area as each other via experiences and shared interests.
fibodo - No matter what the activity fibodo helps you connect with your community, allowing you to create a hybrid business model between online and offline.
urfeed - A place where people come to learn, debate and meet people face to face in the digital world.