DUBLIN, Ohio-"Cash Mobs" doubled business for a number of small Ohio enterprises this year and garnered area credit unions a lot of positive press in the process.
The Central Ohio Chapter of Credit Unions introduced its Cash Mob Series (Credit Union Journal, May 28) in May and has held a string of successful events each month, generating at least a 50% to 100% lift in average business for the business compared with the same day a week earlier, the chapter reported.
"Overall, it was a very good year for our Cash Mobs," said Jamie Crooks, marketing director for the $50-million Ohio HealthCare FCU. "In October we held a Cash Mob on International Credit Union Day at The Chocolaterie Stam, a specialty chocolate store. They had triple the sales compared with the same day a week earlier."
The series ran monthly in 2012, but Crooks said the focus for 2013 is to hold two big events that get more credit unions involved and draw bigger crowds, having a greater impact on local communities. Cash mobs, driven largely by social media communications, started in 2011when Buffalo blogger Chris Smith envisioned using the purchasing power of so-called "flash mobs," in which a group of people connected via social media suddenly show up at one location, to help small businesses.
Since then cash mob groups have formed in numerous cities across the country. During a cash mob each person is asked to spend $20 and pay full price for items.
