Car radios came to Philadelphia in June of 1930. For just $120, about $1200 in present dollars, local drivers could install these early mobile devices into their Fords, Studebakers, Packards, and DeSotos,
The first car radios were built by the Galvin Manufacturing Company of Chicago. They named their invention, and eventually their company, Motorola.
Today, more than 3.5 million car radios fill ears of Delaware Valley drivers with music, news, sports, and information. As a result, local radio reaches more consumers than all other media.
In a typical pre-COVID-19 week, according to Nielsen, 90% of adult consumers would tune-in to a Philadelphia radio station. This is significantly more than were reached by local TV, cable, social media, newspaper, or streaming media sites Pandora and Spotify.
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Small Business Advertising,
Best Way To Advertise,
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in-car audio,
vehicle traffic,
small business marketing
If you were one of the 3.8 million adults who tuned-in to a Philadelphia radio station last week, then no doubt you heard multiple commercials that included phrases like 'troubling times', 'uncertain times', 'unprecedented times', 'new normal', and 'we're in this together'.
In March, as the pandemic began to disrupt consumers' lives, using these phrases was a powerful way for Delaware Valley small business owners to acknowledge the severity of the crisis and to exhibit empathy. But 120 days later, these words have become cliche and have lost potency.
A cliche, says the Oxford Dictionary, is "a phrase or opinion that is overused and betrays a lack of original thought."
According to the Writing Center at The University of North Carolina, the dependence on cliches could create a harmful perception of a business that uses them. For instance, these overused phrases can make an advertiser's message seem boring. They can be perceived as vague. They can be interpreted to be a sign of laziness. They can also result in a lack of credibility.
The words a Philadelphia area small business chooses for its advertising will have the most significant effect on sales. That's why eliminating cliches is critical.
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scripts
This year, according to Nielsen, 3.1 million Delaware Valley consumers will spend $3.2 billion on eco-friendly goods and services. Sales for sustainable products have grown 20% since 2014, a trend expected to continue into 2021.
Tensie Whelan and Randi Kronthal-Sacco of the New York University Stern Center for Sustainable Business write in the Harvard Business Review, "Consumers are voting with their dollars against unsustainable brands. The legacy companies that will thrive are those that accept this shift and are willing to pivot.”
For Philadelphia area small business owners who are skeptical that sustainability affects purchase decisions, retail analyst Stacey Widlitz provided this advice, recently, in Forbes.
"Retailers only need to look to IBM's recent study, in association with the National Retail Federation, to understand just how fast consumer priorities are changing," says Ms. Widlitz. "Findings from the study revealed nearly 60% of consumers surveyed are willing to change their shopping habits to reduce environmental impact. For the nearly 80% of respondents who said sustainability is important to them over 70% would pay a premium of 35% on average."
To compete for a share of consumers' spending on green goods and services requires local small business owners to advertise.
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Small Business Advertising,
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Millennials,
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small business marketing,
sustainable,
eco-friendly,
green products
Before the onset of COVID-19, more than 747,000 Delaware Valley households were planning to spend $1.3 billion on furniture, according to Nielsen. Unfortunately, many of those plans were put on pause as consumers sheltered in place to help slow the spread of the virus.
A recent study by Elevate | SmithGeiger suggests that the fortunes of home furnishing retailers, however, are about to improve.
According to the study, 32% of consumers who had been planning to buy furniture will do so within three months of the pandemic easing. Fifty percent will do so within six months. The numbers for mattress shoppers are even stronger.
To capture a significant share of the post-pandemic sales of furniture and mattress will require retailers to advertise. The most effective way to reach the customers who are ready to buy is on Philadelphia radio.
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Small Business Advertising,
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retail,
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small business,
mattresses,
furniture,
Retail Sales,
retailer,
retail stores,
advertise on radio,
small business marketing
There are more than 3.5 million registered voters in the Delaware Valley. Here is the number by county:
- Burlington, NJ: 329,605
- Camden, NJ: 376,904
- Gloucester, NJ 220,046
- Bucks, PA: 461,327
- Chester, PA: 360,387
- Delaware, PA: 188,322
- Montgomery, PA: 574,446
- Philadelphia, PA: 1,080,764
According to Nielsen, Philadelphia radio reaches significantly more of these registered voters than all other media, including local television pay-TV, newspaper, social media platforms, and streaming audio sites like Pandora or Spotify.
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registered voters,
likely voters,
political rate card,
political
Following the lead of many national marketers, some Delaware Valley small business owners are considering canceling or, at minimum, pausing their advertising schedules with social media network Facebook and its co-owned photo-sharing platform, Instagram.
According to the New York Times, "more than 400 companies, from Coca-Cola and Adidas to Ford and Lego, have vowed to halt advertising on the social network, in a growing protest over how it handles hate speech and other harmful content".
With the pandemic figured in, Philadelphia small business owners were expected to spend $289 million on Facebook and Instagram advertising in 2020. This is according to Borrell Associates, a firm that specializes in the collection and analysis of local marketing expenditures in every city across the United States. But these expenditures could shrink if the protests become louder.
Every type of Delaware Valley business imaginable, including clothing stores, plumbers, HVAC repair, funeral homes, restaurants, dentists, and nonprofits, has come to realize how powerfully social media can contribute to their bottom lines.
Part of what makes Facebook and Instagram attractive to small business owners is the enormous reach these platforms have among consumers. Locally, the audience size for these two social media sites now rival Philadelphia radio, TV, cable, and newspaper outlets.
For small business owners considering a hiatus from social media advertising, there is a viable way to redirect these dollars into a different medium without losing the marketing equity or momentum built-up on Facebook.
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Best Way To Advertise,
social media advertising,
small business owner,
radio advertising,
facebook advertising,
small business,
instagram,
facebook,
social media,
advertise on radio
Based on statistics from the Bureau of Labor Statistics, before the COVID-19 crisis, Delaware Valley households were putting more than $12.3 billion in the bank every year.
Since February, however, Philadelphia area banks and credit unions noticed that customers' savings accounts were beginning to swell to record levels.
According to the Federal Reserve, for many years, the personal savings rate has hovered well below 10%. The PSR is the percentage of personal disposable income that remains after taxes and all other spending.
In April of this year, the PSR hit an all-time high of 33%. The rate remained at stratospheric levels in May, as well. The previous record high was 17.3% in September of 1975 at the tail-end of a deep recession.
There are more than 4783 banks and credit unions in Pennsylvania who would love to earn a large share of this infusion of new savings. To compete, though, requires advertising. By almost any metric, the best way to reach new depositors is by advertising on Philadelphia radio.
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Best Way To Advertise,
small business owner,
radio advertising,
small business,
bank,
advertise on radio,
credit union,
savings account
From Cherry Hill to Bucks County (and every point in between), Delaware Valley real estate agents see a robust, post-pandemic market shaping up. Home sales are being driven by record low-interest rates.
The average rate for a 30-year fixed rate in June is 3.17%, according to Freddie Mac. This is down from 3.99% June of last year. That difference could save a Philadelphia area home buyer close to $30,000 over the term of a loan.
Data from the Federal Reserve indicates that one of the fast-growing segments of the current real estate market is starter homes. Sales in May for these modest price houses have risen above pre-COVID-19 levels and have hit a three year high.
Feuling the starter home market is demand from millennials. This generation now comprises 37% of all home buyers, says the National Association of Realtors Research Group.
To claim a large share of the market for starter homes, local real estate agents will need to advertise to attract these buyers. By almost any metric, advertising on Philadelphia radio is the best way to reach millennials planning to buy a house, condo, or co-op over the next year.
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Best Way To Advertise,
small business owner,
radio advertising,
small business,
home buyers,
real estate,
mortgage,
mortgage rates,
home sellers,
advertise on radio,
real estate agent
During lockdown, Delaware Valley consumers have been postponing the purchase of major appliances. Despite the pause in buying, however, local shoppers are still expected to spend $285 million this year on ovens, stoves, refrigerators, freezers, washing machines, dryers, and dishwashers.
Here's how appliance sales in the Philadelphia area will breakdown by category:
- Cooking: $77,400,000
- Refrigerator/Freezer: $71,900,000
- Laundry: $59,100,000
- Other: $77,000,000
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 Philadelphia radio is the best choice for local appliance store owners.
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return on investment,
retail,
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small business,
Retail Sales,
retailer,
retail stores,
advertise on radio,
appliance stores
Despite the pandemic, Delaware Valley consumers are expected to spend $270 million on fine jewelry this year. Based on projections from IBISWorld, here's what will be purchased:
- $113 million worth of diamonds
- $40 million worth of watches
- $27 million worth of gold
- $32 million worth of pearls and gemstones
- $47 million in other goods and services
Philadelphia 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 Delaware Valley 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 Philadelphia radio.
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Best Way To Advertise,
Jewelry Store,
bridal advertising,
wedding advertising,
retail,
consumer spending,
small business owner,
radio advertising,
small business,
Retail Sales,
retailer,
retail stores,
advertise on radio,
jewelry