The National Retail Federation forecasts that in 2020, sales will increase by as much as 4.1%. This will create another $4.2 billion for local small business owners.
“The economy is growing at a more modest pace, but the underlying economic fundamentals remain in place and are positive,” stated NRF chief economist Jack Kleinhenz. “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.
To claim a fair share of this enlarged pool of spending will require New England small business owners to advertise.
“Think you have a great product?” asks the U.S. Small Business Administration. “Unfortunately, no one’s going to know about it unless you advertise.”
A study by Nielsen of effective advertising campaigns revealed that reach was the media element that produced the greatest lift in sales. Reach is defined as the number of different people who are exposed to an advertiser's message.
Of all media options available to New England retailers, the best way to achieve reach is by advertising on local radio.
Every week, nearly 90% of all adult consumers tune-in to a Boston radio station. This is significantly more than are reached by local TV, social media, newspaper, or streaming media sites like Pandora and Spotify.
This is especially true among Boston millennials, who account for 30% of all retail spending. Despite some misconceptions, local radio reaches more members of this generation every week than all other media.
If a local retailer owner chooses not to advertise, then they do so at considerable financial peril. Based on business category, here is how many more dollars Boston consumers will spend this year versus last year
- Furniture & Household Appliance Stores: $58,226,960
- Radio, TV & Other Electronics Stores: $59,807,200
- Department Stores: $112,349,240
- Building & Material Supply: $230,099,000
- Clothing & Accessories: $235,068,240
- General Merchandise: $256,046,040
- Health & Personal Care: $262,114,120
- Grocery Stores: $499,264,720
- Food Services & Drinking Establishments: $600,900,480
- Food & Beverage Stores: $611,531,480
- Motor Vehicle & Parts Dealers: $772,050,520
More Advertising Advice For Boston Small Business Owners
- Advertising On Boston Television vs. Local Radio
- Advertise In Boston: Reaching Millennial Parents
- Why Used Car Dealers In Boston Should Advertise Now
- Boston Small Business Owners Ask: How Do Consumers Spend Their Money?
- Advertising In Boston: Reach Mother's Day Shoppers
- Smart Speakers: What Boston Consumers Are Listening To