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Larry Julius


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Las Vegas Retail Sales Are Growing. Is It Time To Advertise?

Oct 20, 2020 2:48:12 PM / by Larry Julius

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

There are just over 69,000 small businesses in the Las Vegas-Henderson-Paradise, NV 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 30.4% 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 return on investment, roi, small business advertising, millennials, las vegas small business owner, retail, consumer spending, small business, millennial parents, retail sales, retail stores, retailer, small business marketing, purchase intent, consumer confidence

Newspaper Advertising In Las Vegas: Advice For Small Business Owners

Oct 14, 2020 5:13:17 PM / by Larry Julius

Las Vegas area business owners are expected to spend $39 million on newspaper advertising in 2020. This will be 49% fewer dollars than were spent in 2019, according to a study by Borrell Associates, a company that analyzes local media expenditures across the country.

Of course, the pandemic is part of the reason advertising revenues have plummeted at Las Vegas newspapers. But, the more significant factor is the sustained erosion of readership.

For example, between October 2017 and March 2019, the Monday-Saturday circulation of the Las Vegas Review-Journal has decreased by 22%. The Sunday edition suffered a 17% decrease.

Among all advertising media available to small business owners, newspaper's ability to reach adult consumers now lags significantly behind Las Vegas radio, cable, broadcast TV, and social media.

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Topics small business advertising, small business owner, las vegas small business owner, newspaper advertising, best way to advertise, small business, small business marketing, las vegas review-journal

Email Marketing In Las Vegas: Tips For Small Business Owners

Oct 5, 2020 10:45:00 AM / by Larry Julius

Las Vegas business owners are forecast to invest $4.7 million in 2020 on email advertising campaigns to market their goods and services, according to Borrell Associates, a company analyzes ad spending by local companies across the country. 

Borrell predicts overall spending on email marketing by Las Vegas companies is expected to be down by nearly 28% versus last year, primarily due to the pandemic. Regardless, now might be a good time for small business owners to consider engaging current and prospective customers with emails.

"Email is on-fire right now," says Jay Schwedelson, President of Worldata, a company that builds and measures email marketing success for Fortune 100 companies. "Since the start of the pandemic, consumers are spending 22% in their email inbox than they were in January."

Mr. Schwedelson speculates the increase in inbox time is due, in part, to many consumers working from home and depending more-and-more on written communication from co-workers and customers.

"It could also be that consumers are finding comfort in their email boxes rather than from all the noise on social media."

"Either way, email marketing is performing better than ever," says Mr. Schwedelson. "We've studied more than 200 million emails sent over the past 30 days to both business-to-consumer and business-to-business. We found that B2C open rates are up 16% since January, while B2B open rates are 25% higher."

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Topics small business advertising, small business owner, las vegas small business owner, small business, small business marketing, inbox, email marketing, click through rates, open rates, email advertising, ctr, subject line

Advertise In Las Vegas: Shoppers' Needs Are Changing...Again!

Sep 28, 2020 4:59:56 PM / by Larry Julius

There are over 1.7 million adult consumers in the Las Vegas area. Collectively, in a typical year, these shoppers would generate $45.7 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 Las Vegas 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 Las Vegas small business owners and retailers to also change their advertising strategies, too.

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Topics return on investment, roi, small business advertising, small business owner, las vegas small business owner, retail, small business, retail sales, retail stores, retailer, corona, coronavirus, covid 19, recovery, small business marketing, pandemic

How Las Vegas Small Business Owners Can Boost 2020 Holiday Sales

Sep 25, 2020 4:30:16 PM / by Larry Julius

Las Vegas area shoppers are expected to spend over $7.9 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 Las Vegas 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 Las Vegas retailer can employ.

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Topics return on investment, small business advertising, small business owner, las vegas small business owner, retail, holiday, christmas shopping, holiday shopping, small business, retail sales, retail stores, retailer, small business marketing, holiday advertising

Las Vegas Retailers Expect Sweet Halloween In 2020

Sep 22, 2020 3:03:15 PM / by Larry Julius

Clark County consumers are expected to spend $59 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 1.1 million Las Vegas 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, Clark County small business owner will need to advertise to let consumers know their stores are open, stocked, and ready. By any metric, advertising on Las Vegas radio is the best way to reach holiday shoppers.

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Topics small business advertising, small business owner, millennials, las vegas small business owner, advertise to mothers, advertise to working women, retail, halloween, holiday, small business, children, parents, millennial parents, retail sales, retail stores, retailer, small business marketing, holiday advertising

Las Vegas Small Business Update: Auto Parts Sales Accelerate

Sep 18, 2020 5:10:21 PM / by Larry Julius

There are more than 1,400,000 vehicles registered in the Las Vegas area. 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 Las Vegas'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 advertising, radio advertising, las vegas small business owner, effective radio advertising, retail, best way to advertise, small business, used cars, used trucks, used vehicles, retail sales, retail stores, retailer, small business marketing, auto parts

Banks and Credit Unions Reach ReFi Customers On Las Vegas Radio

Sep 11, 2020 4:40:52 PM / by Larry Julius

There are approximately 244,000 households in the Las Vegas area with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $166,000.

Yesterday, there was extraordinary news for many of these borrowers and for Las Vegas 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 Las Vegas area 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 Las Vegas radio is the most effective way to reach homeowners.
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Topics radio advertising, best way to advertise, home owners, Mortgage, mortgage rates, refinance, mortgage broker, advertise on radio, bank, credit unions

Advertising In Las Vegas: OTT & CTV Viewing Soars

Sep 4, 2020 4:52:34 PM / by Larry Julius

Advertising on Las Vegas 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 92.7% of Clark County adults own at least one these devices. Furthermore, they are using them.

According to Nielsen, OTT and CTV networks now reach 44.8% of all Las Vegas consumers every week.

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Topics small business advertising, small business owner, television advertising, las vegas small business owner, best way to advertise in las vegas, advertise on las vegas TV, best way to advertise, small business, television, pay-TV, cox cable, cable TV, advertise on radio, small business marketing, Streaming Video, OTT, CTV

B2B Advertising In Las Vegas: Reaching The Decision Makers

Aug 27, 2020 1:32:29 PM / by Larry Julius

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

There are approximately 44,500 business establishments in the Las Vegas area, 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 Las Vegas area firms.

During the week of April 39% of Las Vegas area small businesses reported temporary closures.  By July 1, the number dropped to 19%

Also, during that same week, 72% of Las Vegas small business owners were reporting decreases in revenue versus the prior week.  By the end of last week that number fell by over half.

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 Las Vegas 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 return on investment, roi, small business advertising, small business owner, las vegas radio stations, las vegas small business owner, best way to advertise in las vegas, best way to advertise, small business, advertise on radio, small business marketing, business to business, b2b

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