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Advertise In Detroit: Shoppers' Needs Are Changing...Again!

Sep 28, 2020 2:14:53 PM / by Larry Julius

There are over 3.5 million adult consumers in the Detroit area. Collectively, in a typical year, these shoppers would generate $78.3 billion in retail sales. This money would be spent on cars, shoes, fast-food, entertainment, groceries, mattresses, adult beverages, haircuts, makeup, and an over-abundance of other of goods and services. Their money was being spent on both the essential and the frivolous. 

The way Southeast Michigan consumers spend money changed radically in March as COVID-19 began to spread. Six months into the pandemic, shopping strategies are about to change again.

It started with panic buying. Consumers began ignoring prices and were paying what was ever necessary to ensure the safety, health, and comfort of their families.  According to Nielsen, this sudden spike in demand caused widespread price increases. To put it in perspective, retail prices shot-up in 64% of all product categories stocked in grocery stores.

Almost immediately, advertising messages from local retailers shifted from promises of low prices and convenience to product availability and shopper safety.

Based on new research from Nielsen, consumers' shopping strategies are beginning to shift again. This will require Metro Detroit small business owners and retailers to also change their advertising strategies, too.

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Topics small business, small business owner, retail, return on investment, ROI, retailer, retail sales, retail store, corona, coronavirus, covid 19, small business marketing, small business advertising, pandemic

How Detroit Small Business Owners Can Boost 2020 Holiday Sales

Sep 25, 2020 2:44:19 PM / by Larry Julius

Southeast Michigan shoppers are expected to spend over $15.9 billion during this year's November-January holiday season. This estimate is based on a forecast issued last week by Deloitte, the world's largest business accounting firm.  This spending represents a 1-1.5% increase  versus the same period last year.

How can Metro Detroit small business owners best compete for a significant share of the 2020 holiday expenditures?

"Retailers who prioritize customers’ desires for a safe, efficient shopping journey will be the big winners this year," writes Sean Gundz on www.ChainstoreAge.com.

"The holiday season is always a stressful time for retailers, especially the ones that make the majority of their revenue in the short window between Thanksgiving and Christmas," says Mr. Gundz. 

"Within this window is Black Friday, which, along with other big holiday sales events, are going to look a lot different this year. Retailers must accommodate COVID-19 mandates that enable social distancing, minimize surface touching, and actually restrict foot traffic in their facilities. All while trying to optimize sales."

Mr. Gundz says there is no single way to deal with the challenges facing retailers this holiday season. He does offer five tips, though, that every Detroit retailer can employ.

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Topics small business, small business owner, radio advertising, retail, retailer, retail sales, retail store, small business marketing, small business advertising, holiday advertising, christmas, holiday shopping

Metro Detroit Retailers Expect Sweet Halloween In 2020

Sep 22, 2020 8:37:34 AM / by Larry Julius

Southeast Michigan consumers are expected to spend $117 million on Halloween related activities in 2020, according to information from the National Retail Federation.  This would be a slight 2.3% decrease from 2019. This is proof of the holiday's strong resistance to the pressures of a pandemic economy.

Based on data from the NRF's annual survey conducted by Prosper Insights & Analytics, more than 2.1 million Metro Detroit adults plan to participate in Halloween-related activities. Among those celebrants, safe at-home activities ranked highest: 53 percent plan to decorate their homes, 46 percent plan to carve a pumpkin, and 18 percent will dress up their pet.

“Consumers continue to place importance on celebrating our traditional holidays, even if by untraditional standards,” NRF President and CEO Matthew Shay said. “Retailers are prepared to meet the increased demand for seasonal décor, costumes, and other items that allow families the opportunity to observe Halloween safely.”

To earn a large share of Halloween spending in 2020, Detroit small business owner will need to advertise to let consumers know their stores are open, stocked, and ready. By any metric, advertising on Detroit radio is the best way to reach holiday shoppers.

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Topics small business, millennials, small business owner, retail, retailer, retail sales, retail store, parents, working mothers, children, small business marketing, small business advertising, millennial parents, holiday advertising, halloween

Metro Detroit Small Business Update: Auto Parts Sales Accelerate

Sep 18, 2020 7:39:30 AM / by Larry Julius

There are more than 2,900,000 vehicles registered in Southeast Michigan. Many need new windshield wipers, shocks, struts, brakes, air filters, ignition coils, and the hundreds of other items that fill the shelves of local auto part dealers.

Despite the pandemic induced slowdown, business at auto parts stores has grown nearly 13% since February, according to the US Census Bureau.

This explosive growth in auto parts sales directly relates to the  average age of cars on Detroit's roads.

"Per the latest study from IHS Markit, the current combined average age of vehicles has hit a record of 11.9 years," Rimmi Singhi wrote this week on NASDAQ.com. "The aging vehicles are a boon to auto parts, replacement, and repair companies. In a bid to ensure long-term functioning of the aging vehicle population, customers are making investments to replace faulty vehicle parts and components."

Also contributing to the rapid aging of cars on the road is the current demand for used versus new vehicles. According to the Bureau of Economic Analysis, the personal consumption expenditures (PCE) for used cars is 25% higher in August than it was during the same month last year.

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Topics small business, small business owner, best way to advertise, retail, retailer, retail sales, automotive, retail store, small business marketing, small business advertising, used trucks, used vehicles, used cars, auto parts

Banks and Credit Unions Reach ReFi Customers On Detroit Radio

Sep 11, 2020 3:25:43 PM / by Larry Julius

There are approximately 526,000 households in Southeast MIchigan with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $115,000.

Yesterday, there was extraordinary news for many of these borrowers and for Detroit area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

 
With interest rates at this new level, 20 million American homeowners can now refinance their existing mortgage, according to Black Knight, a data analytics company specializing in homeownership life cycles. 
 
By refinancing an existing mortgage, a Metro Detroit homeowner could considerably reduce the length of their loan or lower the amount 
of their monthly payments.
 
Local banks, credit unions, and mortgage companies create a great deal of revenue from refinancing. 
 
Generally, a lender can expect to earn two to five percent of the loan principal amount in closing costs, according to BankRate.com. For a $200,000 mortgage refinance, for example, closing costs could generate between $4000 and $10,000.
 
For local financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Detroit radio is the most effective way to reach homeowners.
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Topics radio advertising, best way to advertise, mortgage, mortgage rates, mortgage brokers, bank, home values, home owners, home buyers, advertise on radio, banks, credit unions, advertise on detroit radio, mortgage companies

Now Open: Political Advertising Window on Detroit Radio

Sep 8, 2020 12:54:35 PM / by Larry Julius

On September 4, the political advertising window opened on Detroit television and radio stations.  This is a 60 day period leading up to a general election when broadcast stations licensed by the Federal Communication Commission are obligated to offer candidates for national office the opportunity to buy commercials at the lowest unit rate (LUR).

For example, if a high-frequency advertiser like McDonald's earns the lowest rates on a particular Detroit radio station during morning drive-time, then any candidate for federal office must, during the 60-day political window, be offered the same rate for morning drive time on that station, regardless of frequency.

If, however, the McDonald's rate is contingent on the radio station's ability to pre-empt commercials without notice, then qualified candidates must agree to identical terms to receive the same rate.

To facilitate the purchase of commercials on Detroit radio, stations will supply candidates with a political rate-card.  This card will show the LUR by time of day and by preemption parameters.

Here are other important facts about political advertising on Detroit radio.

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Topics radio advertising, political, political advertising, issue advertising, political campaigns, political advertising rates, political rates, advertising on radio, lowest unit rate, LUR

Advertising In Detroit: OTT & CTV Viewing Soars

Sep 4, 2020 3:00:20 PM / by Larry Julius

Advertising on Detroit television and cable is becoming less attractive to local business owners as viewers rapidly defect to alternative video entertainment sources including, Netflix, YouTube, Hulu, Amazon and Disney+.

Collectively these streaming services are referred to as Over-The-Top Television (OTT) and Connected-TV (CTV). Viewers can only access this OTT and CTV content via smartphone, tablets, computers, smart-TVs, Amazon Fire Sticks, and Roku Sticks, Nielsen reports that 91.5% of Southeast Michigan adults own at least one these devices. Furthermore, they are using them.

According to Nielsen, OTT and CTV networks now reach 40.2% of all Metro Detroit consumers every week.

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Topics television, small business, small business owner, television advertising, best way to advertise, pay-TV, cable TV, advertise on radio, small business marketing, small business advertising, advertise on detroit radio, OTT, CTV, streaming video

B2B Advertising In Detroit: Reaching The Decision Makers

Aug 27, 2020 6:47:48 AM / by Larry Julius

New data from the US Census Bureau has optimistic news for Metro Detroit companies that sell business-to-business.

There are approximately 83,556 businesses in Southeast Michigan, according to the Census Bureau. Indeed, many of these businesses have suffered since the onset of the Coronavirus, especially in April.

Census information is now showing positive indicators that the fortunes of area companies are improving. This includes those with 500 or fewer employees. These small businesses account for 95% of all Detroit area firms.

During the week of April 26, 60% of Detroit area small businesses reported temporary closures.  By July 1, the number dropped to 15%

Also, during that same week, 81% of Southeast Michigan small business owners were reporting decreases in revenue versus the prior week.  By the end of June, that number fell to 30%.

In both June and July of this year, national data shows all retail and food services spending significantly outperformed the prior year by between two and three percent.

As the business climate improves in the Detroit area, the fortunes of B2B companies will accelerate as well. These include those businesses that sell office supplies, restaurant supplies, cleaning services, legal services, accounting services, transportation services, banking services, technology, and commercial real estate.

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Topics small business, small business owner, best way to advertise, return on investment, ROI, small business marketing, small business advertising, detroit radio, business to business advertising, advertise on detroit radio, b2b advertising

How Has Working From Home Affected Advertising On Detroit Radio?

Aug 24, 2020 6:45:00 AM / by Larry Julius

Before COVID-19, most listening to Detroit radio happened outside the home. Southeast Michigan consumers were tuning-in to their favorite stations from the car on the way to their job. Then, they tuned-in when they arrived at work. They listened again during the commute back home.

Nielsen recently surveyed consumers who worked from home before and during the novel coronavirus outbreak. The results show, as of June, 66% of respondents now work from home full-time as a consequence of the pandemic.

As consumers are compelled to work from their houses and curtail their commutes, the share of at-home listening to Detroit radio has grown by 31%, according to Nielsen.

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Topics radio advertising, best way to advertise, corona, coronavirus, covid 19, advertise on radio, radio commercials, pandemic, time spent listening, work from home, radio listening, listening location

Advertising in Detroit: The Radio Century

Aug 20, 2020 7:02:00 AM / by Larry Julius

Detroit radio reaches more area adults every week than any other medium. During a typical seven-day period, according to Nielsen, 3.1 million local consumers tune-in to their favorite AM and FM stations. This is significantly more than those who watch broadcast television, subscribe to pay-TV, browse social media, read a newspaper, or stream music from Pandora and Spotify.

Radio's omnipresence in the life of Southeast Michigan consumers is remarkable considering today is the medium's 100th birthday.

On this day in 1920 at 8:15pm, the Detroit News, owner of radio station 8MK, began broadcasting. The broadcast originated from the second floor of the newspaper's headquarters on Lafayette Boulevard.

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Topics radio advertising, best way to advertise, return on investment, detroit news, advertise on radio, advertising reach, radio commercials, radio history

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