Here’s a highlight of some of the top local-business-related news of the week:
[Holiday Retail News] Small Business Saturday Generates $5.7 Billion
News Source: Businessweek
Businessweek reported that last weekend’s Small Business Saturday brought in $5.7 billion of revenue in the US, according to a preliminary survey. Revenue from this year’s event was projected to come in at $5.5 billion.
Additionally, 41 governors declared support for the event this year, and over 3.3 million Facebook users have liked the Small Business Saturday Page since its inception last year.
Key Takeaway: Both consumers and officials turned out to support Small Business Saturday in a big way this year. For businesses that ran marketing campaigns around the event, the investment seems to have paid off.
[Social Media News] Facebook Adjusts News Feed Algorithm to Emphasize High Quality Content
News Source: Mashable
This week, Facebook made a new round of updates to its News Feed algorithm that controls what users see in their main stream. The changes place a greater emphasis on relevant content such as news articles, rather than generic content such as memes.
Facebook will also begin to display related articles underneath an original post for users who click on a link from their feed.
Key Takeaway: These News Feed changes reflect a broader demand from users for more relevant, interesting content across social media. Make sure that the content you’re sharing on your business's Facebook Page is helpful, entertaining, or otherwise engaging for your audience. If so, Facebook will reward your Posts with greater visibility in your followers’ News Feeds.
[Restaurant News] Recent Survey Shows Gift Card Purchases on the Rise
News Source: Nation’s Restaurant News
A recent survey by GiftCardRescue found that consumers are purchasing more restaurant gift cards as the economy rebounds. The study showed increased rankings from food chains such as Darden Restaurant Group, Starbucks, Subway, McDonald’s, and Panera Bread.
According to another survey by the National Retail Federation, more than 80% of consumers plan to purchase at least one gift card this holiday season, a 4% increase over 2012, and overall gift card spending per consumer is expected to rise as well.
Key Takeaway: The food industry is primed to see an uptick in business as the economy becomes stronger. If you run a restaurant, café, bakery, or other food establishment, be sure to have some gift cards ready for shoppers who are looking for a convenient gift option this holiday season.
[Social Media News] Twitter Launches Retargeted Ads
News Source: TechCrunch
On Thursday, Twitter announced the launch of a new feature called “tailored audiences”. This feature allows businesses to retarget ads on Twitter to people who’ve shown an interest in their products or services.
These ads rely on tying a user’s identity on Twitter to their activity on a personal computer. Twitter will analyze the cookies from a user's non-mobile-web browsing activity and then retarget to that user on a smartphone or tablet when they log into Twitter with the same credentials. This gives businesses the ability to run retargeted ads on mobile, which has been difficult to do since mobile web activity can’t be tracked the same way that PC traffic can.
This feature was tested with a small group of businesses over summer, but is now available globally.
Key Takeaway: Twitter ad targeting up to this point has left much to be desired. With this new tailored audiences feature, businesses will be able to run ads for a much more specific, engaged audience—and on mobile devices, where retargeting has traditionally been impossible.
Other news catch your eye this week? Leave a comment and let us know!