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 Philadelphia area 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.”
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 Delaware Valley 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 Philadelphia 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 Delaware Valley's millennials, 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 Philadelphia consumers will spend this year versus last year:
- Radio, TV & Other Electronics Stores: $51,616,200
- Furniture & Household Appliance Stores: $53,753,760
- Department Stores: $134,506,480
- Clothing & Accessories: $195,834,120
- Building & Material Supply: $208,708,200
- Health & Personal Care: $300,343,800
- General Merchandise: $323,486,640
- Food Services & Drinking Establishments: $458,831,880
- Grocery Stores: $492,867,960
- Food & Beverage Stores: $593,078,160
- Motor Vehicle & Parts Dealers: $899,396,280
More Advertising Advice For Philadelphia Small Business Owners
- Advertising on Philadelphia Television vs. Local Radio
- Advertise In Philadelphia: Reaching Millennial Parents
- Why Philadelphia Used Car Dealers Should Advertise Now
- Advertising On Philadelphia Radio: 5 Key Facts For Business Owners
- Advertise In Philadelphia: Reaching Mother's Day Shoppers
- Smart Speakers: What Philadelphia Consumers Are Listening To
- Best Way For Insurance Agents To Advertise In Philadelphia