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Metro Detroit Retail Sales Are Growing. Is It Time To Advertise?

Oct 19, 2020 4:30:14 PM / by Larry Julius

Now would be a good time for Southeast Michigan small business owners to consider increasing their advertising expenditures.

There are just over 158,000 small businesses in the Detroit-Warren-Dearborn, MI Metro Area metro area, according to the U.S. Census Bureau.  Based on some promising retail sales data, the Overall  Sentiment Index among local small business owners has improved 32.7% between April 26 and October 12 of this year.

The best news for business owners came from the Commerce Department on Friday when it reported that retail sales rose by a seasonally adjusted 1.9% in September.  This is the fifth straight month of gains.

Local retail gains are being powered by improving consumer confidence and a large pool of cash sitting in people's savings accounts.

The Conference Board's Consumer Confidence Index jumped to 101.8 in September, up 17.9% from August. This means consumers are in the mood to spend. Fortunately, they have money in the bank to do so.

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Topics small business, millennials, small business owner, consumer spending, retail, return on investment, ROI, retailer, retail sales, retail store, small business marketing, small business advertising, millennial parents, consumer confidence, purchase intent

Detroit Small Business: Appliance Stores Prepare For Rebound

Jun 16, 2020 4:15:40 PM / by Larry Julius

During lockdown, Southeast Michigan consumers have been postponing the purchase of major appliances.  Despite the pause in buying, however, local shoppers are still expected to spend $237 million this year on ovens, stoves, refrigerators, freezers, washing machines, dryers, and dishwashers.

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

  • Cooking: $63,400,000
  • Refrigerator/Freezer: $59,900,000
  • Laundry: $49,100,000
  • Other: $63,000,000

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 Detroit radio is the best choice for local appliance store owners.

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Topics small business, small business owner, radio advertising, best way to advertise, consumer spending, retail, return on investment, ROI, retailer, retail sales, retail store, advertise on radio, appliance store

Advertising In Detroit: Time For Local Jewelry Stores To Shine

Jun 13, 2020 8:26:58 AM / by Larry Julius

Despite the pandemic, Metro Detroit consumers are expected to spend $224 million on fine jewelry this year. Based on projections from IBISWorld, here's what will be purchased:

  • $94 million worth of diamonds
  • $33 million worth of watches
  • $22 million worth of gold
  • $26 million worth of pearls and gemstones
  • $47 million in other goods and services

Southeast Michigan 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 Detroit 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 Detroit radio.

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

Detroit Radio Listeners Will Power The Post-Pandemic Recovery

Jun 10, 2020 2:02:11 PM / by Larry Julius

At the dawn of 2020, Metro Detroit 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."

By February, however, the country entered into a COVID-19 induced recession. Then, to slow the spread of the pandemic, on March 24, the Governor of Michgian locked the state down. This brought the Detoirt area's $78,3 billion retail economy to a standstill.

As stores, restaurants, and offices in the Detroit area begin to re-open, consumers' appetite for spending is returning. According to Nielsen, loyal radio listeners are very likely to be first in line at the cash registers.

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

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

Jun 3, 2020 12:25:28 PM / by Larry Julius

More than 91% of Detroit area households own at least one vehicle. 

Pre-pandemic, 88% of workers spent, on average, 58 minutes every weekday in these cars commuting to-and-from their jobs.  

On their way to work, many of these drivers would contribute to  Southeast Michigan's $78.3 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 23, when the Governor of Michigan 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 Detroit area, roads are filling up again.

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

Web Traffic Is Soaring For Detroit Small Business Owners

Apr 24, 2020 11:15:30 AM / by Larry Julius

Since the onset of the Coronavirus crisis, consumers are not flocking into the showrooms, storefronts, offices, or dining rooms of Southeast Michigan small business owners. It turns out, though, social distancing has not proven to be an impediment to shopping.

Metro Detroit consumers are still spending money despite the chaos imposed by the pandemic, according to Gordon Borrell, CEO of Borrell & Associates. His company specializes in the collection of marketing data from business owners across the country.

"During depressions, recessions, floods, hurricane, earthquakes, fires, and, now, pandemics, commerce goes on," Mr. Borell told members of Detroit's small business community during a recent teleconference.

To prove his point, he shared research from IBISworld  which, indicates spending continues despite a plunge in consumer confidence.

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Topics small business, small business owner, consumer spending, online advertising, radio advetising, corona, coronavirus, covid 19, attribution, web traffic, website visitor, e-commerce

How Do Metro Detroit Consumers Spend Their Money?

Apr 13, 2020 8:21:00 AM / by Larry Julius

Detroit area consumers are expected to spend $78.3 billion at retail this year, according to Nielsen. This means that every household, on average, will be dishing out over $44,000.

To capture a larger share of these dollars, Southeast Michigan small business owners need to know the answer to two questions.

The first question is, where is this enormous amount of cash being spent?  The list below details the answer.

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Topics small business, small business owner, radio advertising, best way to advertise, consumer spending, retail, return on investment, ROI, retail sales, retail store

Why Metro Detroit Mortgage Lenders and Brokers Need To Advertise Now

Mar 7, 2020 9:18:52 AM / by Larry Julius

There are 2.3 million consumers in Metro Detroit who own their own homes. 

According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing  now, which means millions of dollars in fees for local lenders and brokers are up for grabs.

Why the sudden urgency for Southeast Michigan homeowners to refinance their mortgages?

According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."

"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."

If a consumer Googles 'refinance my mortgage in Detroit', more than 4.4 million results come back, So, to set themselves apart, lenders and brokers will need to advertise.  By any key metric, advertising on local  radio is the best way to reach area homeowners.

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Topics small business, small business owner, radio advertising, best way to advertise, consumer spending, mortgage, mortgage rates, mortgage brokers, bank, financial planner, financial services, home values, home owners

Metro Detroit Retail Boom: How Your Small Business Can Benefit

Feb 29, 2020 8:02:00 AM / by Larry Julius

Retailers in Southeast Michigan rang-up $78,314,821,000 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 $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.”  

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

Advertise In Detroit: Options For Small Business Owners

Feb 25, 2020 6:00:56 PM / by Larry Julius

Advertising is critical to the success of every Southeast Michigan small business owner.  One of the most powerful elements of any advertising campaign is how many people it reaches.

Nielsen, the world's largest consumer insights company, found that advertising reach has a more significant effect on sales than branding, recency, and context.

There are many ways a local business owner can advertise. This includes traditional media like Detroit radio, local TV, and newspaper. It also includes online advertising options, such as Facebook, Instagram, and Pandora.

The type of customer an individual business needs to reach depends on the goods and services a company sells. For instance, a daycare operator might want to reach households with young children. On the other hand, a real estate agent could be looking for consumers in the market to purchase a new home.

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Topics television advertising, radio advertising, consumer spending, social media advertising, facebook advertising, pandora, spotify, digital advertising, newspaper advertising, online advertising, retail, advertising options

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