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.
By almost any metric, the best way for local B2B companies to advertise is on Las Vegas radio.
Every week, Las Vegas radio reaches 91.7% of all consumers who make purchase decisions at the companies they work for. This is significantly more local decision-makers than are reached by any other medium.
Las Vegas radio is an especially potent way to reach small business owners, a group crucial to the success of every B2B company. Each week, local radio reaches 97.8% of them.
In addition to providing near-universal reach among those people who make purchasing decisions at Clark County businesses, radio advertising also provides a strong return-on-investment.
Over the past few years, Nielsen has conducted more than 20 studies to determine what type of ROI a business owner can expect from radio advertising. Although the results varied by industry, the average company generated $100 in sales for every $10 invested.
AdAge, a trade magazine for advertising professionals, calls these types of return "eye-popping". The magazine goes on to say radio's ROI is superior to commercials on TV, online, and social media.
When presented with this ROI data, marketing expert Doug Schoen wrote in Forbes, "The implications of results like these are profound for the communications and advertising industries and as a marketing professional with over 35 years of experience, I found this data nothing short of fascinating. It’s quite clear that we should all be paying more attention to radio, its reach and potential to help our businesses. It’s doing the job with expert efficiency."
More Advertising Advice For Las Vegas Small Business Owners
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- Advertising in Las Vegas: The Radio Century
- What Is The Best Way To Reach The 1.8 Million Consumers In Las Vegas
- What Las Vegas Consumers Need To Know Now About Your Small Business
- Advertising In Las Vegas: Radio Listening Little Changed From Year Ago
- Advertising On Las Vegas Radio Reaches Cable-TV's Cord Cutters
