The Real Value of Chamber Membership
In a study commissioned by the American Chamber of Commerce Executives with support from Small Business Network Inc., Market Street (A part of The Schapiro Group Inc.) was able to determine the real value to companies – in terms of consumer outcomes – of joining and being active in their local chamber of commerce. (View full Schapiro Group Research Study)
Do consumers really support businesses because they are chamber members?
- Most consumers (59%) think that being active in the local chamber of commerce is an effective business strategy overall. It is 29% more effective, however, for communicating to consumers that a company uses good business practices and 26% more effective for communicating that a business is reputable.
- If a company shows that it is highly involved in its local chamber (e.g., sits on the board), consumers are 12% more likely to think that its products stack up better than its competition.
- When a consumer thinks that a company’s products stack up better against the competition because the company is highly involved in its local chamber of commerce, it is because he or she infers that the company is trustworthy, involved in the community, and is an industry leader.
- When consumers know that a restaurant franchise is a member of the chamber of commerce, they are 40% more likely to eat at the franchise in the next few months.
- When consumers know that an insurance company is a member of the chamber of commerce, they are 43% more likely to consider buying insurance from it.
- When consumers know that a small business is a member of the chamber of commerce, they are 44% more likely to think favorably of it and 63% more likely to purchase goods or services from the company in the future.
What a Local Chamber of Commerce Membership Shows Consumers:
- 59% of consumers say that you’re showing people about your company
- 63% of consumers say that you’re showing you are involved in the community
- 64% of consumers say that you’re showing that you care about consumers
- 69% of consumers say that you’re showing that you have a good reputation
- 70% of consumers say that you’re showing that you use good business practices
Impact on Small Businesses
Small businesses represent the largest segment by number of most chamber membership rolls, so it is important to quantify the impact that a chamber membership has on them. The following are the study results of respondents from small businesses when asked the impact of being a chamber member:
70% of consumers say that you’re showing that you use good business practices
- Overall 44% said it increases Consumer Favorability
- Overall 51% said it increases Consumer Awareness
- Overall 57% say it increases the Local Reputation
- Overall 63% say it increases the Likelihood of Future Patronage