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Boston Small Business: Appliance Stores Prepare For Rebound

Jun 16, 2020 12:23:41 PM / by Larry Julius

During lockdown, Boston consumers have been postponing the purchase of major appliances.  Despite the pause in buying, however, local shoppers are still expected to spend $271 million this year on ovens, stoves, refrigerators, freezers, washing machines, dryers, and dishwashers.

Here's how appliance sales in the Boston area will breakdown by category:

  • Cooking: $73,400,000
  • Refrigerator/Freezer: $67,900,000
  • Laundry: $57,100,000
  • Other: $73,400,000

Based on traditional buying patterns, at least 60% of all major appliance sales will occur between now and December.

To capture a larger share of all this spending will require local appliance dealers 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.”

The SBA goes on to say, “Advertising, if done correctly, can do wonders for your product sales, and you know what that means: more revenue and more success for your business”. 

By almost any measure, advertising on Boston radio is the best choice for local appliance store owners.

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Topics retail, best way to advertise, radio advertising, roi, small business owner, small business, advertise on radio, return on investment, retail sales, retailer, retail store, appliance stores

Advertising In Boston: Time For Local Jewelry Stores To Shine

Jun 12, 2020 3:56:53 PM / by Larry Julius

Despite the pandemic, Boston area consumers are expected to spend $257 million on fine jewelry this year. Based on projections from IBISWorld, here's what will be purchased:

  • $107 million worth of diamonds
  • $39 million worth of watches
  • $26 million worth of gold
  • $30 million worth of pearls and gemstones
  • $53 million in other goods and services

Boston area business owners will now have an easier time capturing a bigger share of jewelry expenditures as a monster competitive force disappears.

This week, Signet, the largest jewelry retailer in the country, announced that by December, it would be closing over 380 stores.  Signet's brands familiar to New England consumers include Kay, Jared, Zales, and Piercing Pagoda.

To successfully compete for the void created by fewer Signet stores, local retailers will need to advertise, especially between now and the end of the year. This is when 63% of all fine-jewelry sales traditionally occur.

By any metric, the best way to reach local jewelry buyers is by advertising on Boston radio.

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Topics retail, best way to advertise, radio advertising, consumer spending, small business owner, small business, retail sales, retailer, retail store, bridal, jewelry store, wedding

Boston Radio Listeners Will Power The Post-Pandemic Recovery

Jun 10, 2020 12:31:37 PM / by Larry Julius

At the dawn of 2020, Boston small business owners were expecting the area's retail economy to expand by 4.1%. This optimism was stoked by the National Retail Federation's chief economist who said, "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."

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Topics retail, best way to advertise, consumer spending, small business owner, small business, advertise on radio, automotive, retail sales, retailer, retail store, corona, covid 19, coronavirus, crisis marketing, reopen, recovery

Traffic In Boston Is Picking-Up. Is Your Small Business Ready?

Jun 3, 2020 10:08:01 AM / by Larry Julius

More than 87% of Boston area households own at least one vehicle. 

Pre-pandemic, 70% of workers spent, on average, 68 minutes every weekday in these cars commuting to-and-from their jobs.  

On their way to work, many of these drivers would contribute to the Boston area's $100.9 billion retail economy by visiting the convenience stores, coffeehouses, auto repair centers, gas stations, daycares, grocery stores, or hundreds of other businesses they passed.

At lunchtime, these same cars would take their owners to restaurants, dentist appointments, nail appointments, barbershops, and on an infinite number of other errands.

On the weekends, these vehicles filled the parking lots of hardware stores, furniture stores, car dealers, appliance stores, bowling alleys, movie theatres, and nightclubs, 

Then on March 24, when the Governor of Massachusetts shut down the state to slow the spread of COVID-19, traffic came to a standstill and so did the spending.

There are strong indications, though, that in the Boston area, roads are filling up again.

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Topics store traffic, retail, best way to advertise, radio advertising, consumer spending, small business owner, small business, retail sales, retailer, retail store, vehicle traffic, in-car audio, commuting

What Happens When A Boston Small Business Stops Advertising?

May 27, 2020 7:27:31 AM / by Larry Julius

Boston small business owners may perceive the continuation of advertising as a luxury right now. This is especially so when compared to the necessity for covering the costs of utilities, inventory, payroll, and rent.

Before pulling the plug, though, business owners from Newburyport to Taunton must consider the consequences of 'going dark', a marketing term which means to stop advertising.

"According to our analysis, short-term decisions to go dark create significant risk for long-term revenue," says Ameneh Atai, Senior Vice President of Commercial Strategy at Nielsen. "This affects both incremental revenue and base sales."

"Our database of long-term effects models suggests that cutting ad spending for the rest of 2020 could lead up-to 11% revenue decrease in 2021," says Ms. Atai. "It could take three to five years of solid and consistent brand building to recover from an extended dark period of media."

"We have a ton of evidence in our historical analysis," adds Nielsen's Tsvetan Tsvetkov, Senior Vice President of Agency and Advertiser Solutions. "Companies that step away from advertising efforts for a period of time, whether it's a couple of quarters or a full year or longer lose the momentum they have built over time the minute they stop. To recover takes a long, long time."

To avoid the economic risks of going dark, local small business owners need to make sure every dollar spent on advertising produces solid returns.  By most marketing metrics, advertising on Boston radio could prove to be the best option.

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Topics retail, best way to advertise, reach, radio advertising, advertising reach, roi, small business owner, small business, return on investment, reach & frequency, retail sales, retailer, retail store

Who'll Be Buying When Boston Small Businesses Reopen?

May 19, 2020 7:16:00 AM / by Larry Julius

To slow the spread of COVID-19, the Governor of Massachusetts shut down all but the most essential businesses in the state on March 24. This public safety measure inflicted a severe disruption to the Boston area's $100.9 billion retail economy.

As local small business owners prepare to reopen, each must concentrate on supercharging their cash flows to compensate for nearly 60 days of consumer abstinence. Turning the lights back on and hanging out a welcome sign might not be enough, though, to bring even the most loyal customers back.

Some customers may not return because of personal safety concerns. Other customers may have discovered alternative sources to purchase goods and services.

But, there is one thing every Boston small business owner can be assured of. Consumers will not return if they aren't aware that a business has reopened.

Advertising is a potent tactic for any New England small business that needs to reintroduce itself to local consumers.

“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.”

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Topics retail, best way to advertise, radio advertising, retail sales, retailer, retail store, corona, covid 19, coronavirus, crisis marketing, reopen

How Well Does Social Media Work For Boston Retailers?

Mar 13, 2020 12:29:04 PM / by Larry Julius

New England retailers spend a considerable amount of time and money marketing their small businesses on social media.  Is this effort paying off?

Each month, according to Nielsen, 2.8 million Boston area adults use Facebook, Instagram, or Twitter. This equates to 71.2% of consumers.  This reach is rather anemic compared to Boston radio and TV, which attracts considerably more users in a single week than these social media platforms do over 30 days.

Among local millennials, the monthly reach of Facebook, Instagram, and Twitter is eclipsed by the weekly reach of Boston radio.

The number of consumers reached by an advertising campaign, according to Nielsen, is the media consideration that has the most significant effect on increasing sales. 

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Topics retail, best way to advertise, reach, small business owner, social media advertising, small business, facebook advertising, instagram advertising, retailer, retail store, facebook, twitter, engagement

Small Business Advertising In Boston: Target The Spenders

Mar 4, 2020 8:14:00 AM / by Larry Julius

Boston area consumers spent more than $100.9 billion with retailers last year. The National Retail Federation forecasts 4.1% more will be spent this year.

Who are the shoppers that will be spending all this money?

According to Nielsen, 51.7% of retail dollars are spent by Boston area consumers over the age of 50. This may surprise many small business owners because older consumers comprise only 41% of the area's adult population.

These older consumers account for the majority of spending in almost every retail category. This includes furniture, cars, pet supplies, fast food, and electronics.

To earn a share of these massive dollars spent by these older consumers requires Boston small business owners to advertise.

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Topics store traffic, retail, best way to advertise, newspaper advertising, radio advertising, consumer spending, small business owner, social media advertising, television advertising, small business advertising, retail sales, retailer, retail store, baby boomers

Retail Boom: How Your Boston Small Business Can Benefit

Feb 28, 2020 9:02:09 AM / by Larry Julius

Retailers in the Boston area rang-up $100,992,095,000 in retail sales last year, according to Nielsen. But wait. It's about to get better.

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.”  

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Topics store traffic, retail, best way to advertise, newspaper advertising, reach, radio advertising, consumer spending, small business owner, millennials, television advertising, small business, facebook advertising, pandora, spotify, retail sales, retailer

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