There's a reason many New England small business owners target their advertising towards consumers who have completed a four-year college degree. It's because, typically, university graduates earn $29,106 more per year than those with only a high school diploma, according to The Federal Reserve.
There are, according to Nielsen, 1.7 million college graduates living in the Boston area. In total, this population generates $129 billion in annual take-home pay.
To tap into a similar pool of spending power, a marketer would need to reach 2.8 million consumers who did not go beyond high school. The problem is, this is more than double the number than actually live in the Boston area.
The number of people reached by a campaign is, generally, what determines the cost of advertising. So, for a New England small business owner operating on a tight marketing budget, spending can be kept in check by targeting those consumers with the most money to spend. In this case, college graduates.
Of all the advertising options available to local business owners, Boston radio, by far, reaches the most college graduates.
Each week, local radio stations reach 90.3% of all college grads. This is significantly more than were reached by local TV, newspapers, social media sites like Facebook and Instagram, or streaming audio services like Pandora or Spotify.
The value for New England small business owners to ensure their advertising reaches college grads becomes profoundly apparent based on the Nielsen data below. This shows, in the Boston area, compared to high school graduates, college grads are
- 13% more likely to by a new vehicle
- 16% more likely to buy furniture or mattress
- 41% more likely to invest in home improvements or remodeling
- 50% more likely to refinance a mortgage
- 60% more likely to hire a financial planner
- 62% more likely to sell their house/condo/coop
- 64% more likely to purchase a hot tub or spa
- 80% more likely to use a travel agent
- 85% more likely to go back to school for degree/certificate
Boston radio's ability to precisely target those consumers with more money to spend illustrates why Deloitte, the world's largest business consulting firm, recommends that the medium be included in the mix of all companies that buy advertising.
"One might think," says Deloitte, "since radio in North America is popularly perceived to be largely free and ad-supported, that it would appeal mainly to demographics that are of less interest to those who buy advertising. The exact opposite is true."
"The August 2018 Deloitte Global survey found that the percentage of Americans who report listening to live radio is higher for those who are working, those with more education, and those with higher incomes."
More Advice For New England Small Business Owners
- Do Millennials Listen To Boston Radio?
- Advertising On Boston Radio Drives Profits For Small Business Owners
- The SHEconomy: How To Market To Single Women In Boston
- Where Will Boston Consumers Do Their Holiday Shopping This Year?
- What Is The Best Way To Advertise In Boston?
- How Newspaper Advertising In Boston Compares To Local Radio
- New England Small Business Can Advertise For Free On Boston Radio
