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Here’s another great sign that the local economy is returning! BIA Advisory Services is one of the foremost firms on tracking and forecasting advertising expenditures. On July 22, they revised their estimate for local advertising dollars for 2021 to $142.4 billion dollars. That is an increase of $4.8 billion or 3.5% higher than they had predicted in November 2020.
As I talk to sales managers, it’s almost a uniform cry: “Business is returning – the only thing holding up the rebound is a lack of auto dollars.” This is true for understandable reasons.
All you have to do is drive by any car lot and see the lack of cars available. The recent microchip shortage, combined with a recovering economy, has resulted in car dealers selling out their fleet with little to no marketing. This is the case for most brands. So why advertise?
There are several important reasons why car dealers need to continue advertising.
The beauty of the PPM ratings system is that it can accurately – and quickly – record listener behavior. We see that year after year during the Christmas holiday. We see it in markets where a major sports franchise goes to the World Series or the Super Bowl. We saw it over the last year as listeners stopped commuting.
There is also a level of consistency in these numbers. A person can be in the panel for up to two years. Sometimes, even longer.
Of course, sample size remains an issue. However, this is not something you or this blog can solve today. What you (and we) can do is get to know the panel.
I just had the privilege of speaking at a conference with over 400 broadcasters. Standing on the stage viewing a roomful of people amazed me. Who would have thought just a few months ago that this would ever occur again? This was not the “new normal.” This was normal.
Last week, the May 2021 PPM data was released. This survey period covered April 29 to May 26. By casual observation I noticed that market listening in the May survey increased.
As The Ratings Experts, we wallow in data every day. We crunch the numbers to help our clients understand what happened to their station in a particular survey. The emphasis here is on the “what.”
A recent article in the Wall Street Journal discussed the problem with big data. Not that it isn’t valuable. Every industry needs to understand how it is evolving. Deciphering consumer behavior is crucial to tailoring a product or service to keep up with what customers need and want.
