The National Retail Federation forecasts that in 2020, sales will increase by as much as 4.1%. This will create another $3.2 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 Metro Detroit 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.”
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."
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 Southeast Michigan retailers, the best way to achieve reach is by advertising on local radio.
Every week, over 90% of all adult consumers tune-in to a Detroit 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 the millennials in Metro Detroit, 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 Detroit consumers will spend this year versus last year:
- Furniture & Household Appliance Stores: $48,698,720
- Radio, TV & Other Electronics Stores: $50,074,960
- Department Stores: $81,321,960
- Clothing & Accessories: $135,685,800
- Building & Material Supply: $192,290,360
- Health & Personal Care: $208,508,960
- Grocery Stores: $286,782,720
- Food Services & Drinking Establishments: $346,523,560
- Food & Beverage Stores: $361,116,240
- General Merchandise: $440,656,600
- Motor Vehicle & Parts Dealers: $774,013,080
More Advertising Advice For Detroit Small Business Owners
- Employment Advertising: Find 94% Of Qualified Candidates In Detroit
- Political Advertising In Detroit: How To Reach Likely Voters
- Advertise In Detroit: Options For Small Business Owners
- Small Business Owners Can Advertise For Free on Detroit Radio
- What Is The Best Way To Advertise In Detroit?
- Do Millennials Listen To Detroit Radio?
- Advertising In Detroit: Reach Mother's Day Shoppers
- Advertising On Detroit Television vs. Local Radio