COLUMBUS, Ohio-Credit unions in central Ohio are jumping on a new social media trend-cash mobs.
The Central Ohio Chapter has introduced its Cash Mob Series to help small businesses stay open and prosper, increase community involvement, and promote credit union awareness.
Cash mobs, driven largely by social media communications, started last fall when 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.
At press time, the Central Ohio Chapter had planned to conduct its first cash mob event last Thursday at Weiland's Gourmet Market, an independent grocery store here.
"We are looking for a different way for the chapter and all its members get involved in the community," said Allyson Tate, marketing specialist at $700-million KEMBA Financial CU and a member of the chapter board. "We had seen stories about cash mobs across the country and we thought this is a great way to support small business."
More Mobs Scheduled
Seven more cash mobs-one a month-are already scheduled for the remainder of the year and Tate said based on response, the effort could extend into 2013. The mobs will be held the third Thursday of the month. The inaugural event included local dignitaries, including State Representative Tracy Heard (D-Columbus), and the local media. Last week Tate said she expected to have about 50 people attend, possibly more due to the expected media attention.
The first cash mob was scheduled to run from 4 p.m. to 7 p.m., and Tate said future events could include extended hours if the store is located in downtown Columbus. "That would allow people who are working during the day to participate." Tate added that about 50 people make a good cash mob size and that the events are never intended to overwhelm the host business.
"We plan to have a chapter representative on hand at each event to hand out flyers for the next event and talk about the benefits of credit unions," said Tate.
The chapter relies on credit unions to spread the word through social media outlets, in-branch signage, e-mail blasts, CU websites and internal messaging to staff. The chapter also created www.cucashmob.com. There are 32 CUs in the Central Ohio Chapter and seven are currently participating. Tate expects more to come on board.
To get cash mob groups going, Tate said it helps to partner with grassroots small business organizations. The Central Ohio Chapter is working with Small Business Beanstalk in Columbus. "There is a movement afoot-people across the country are interested in working with small, local businesses. We have jumped on that."
Jennifer Williams, Weiland's Gourmet Market proprietor, said small businesses need this type of support to thrive. "If you live in a town you can't just drive by a small local business and say it's great that they are there. The deal is that small businesses provide local consumers with great convenience, a great experience, and great value, but you have to spend money at these shops if you want them to stay around."
No Big Bank Knocks Like This
Weiland's has been in business since 1961 and Williams said she sees the cash mob as a perfect fit for how credit unions get involved in their communities. "No big bank has ever knocked on our door with any opportunity like this."
