WJR Business Beat

WJR Business Beat with Jeff Sloan: Study Shows That Small Businesses Are Making Bold Moves to Stay Relevant (Episode 209)

On this morning’s Business Beat, Jeff shares findings from a recent Borrell Associates study, indicating that small businesses are making bold moves to stay relevant and capture market share.

One third of local advertisers said they plan to spend more on local advertising in 2021, and 70% will add more types of media that are new and different methods in their marketing mix.

Tune in to the Business Beat, below, to hear more results from the study on local advertising and the state of small businesses:

“What’s the significance of this news?

Well first, it certainly shows that businesses could come roaring back, and so could our local economies, if indeed we can start to put the pandemic in the rearview mirror. And second, local media businesses stand to benefit from this aggressive approach to more advertising spend beginning right now in 2021.”

– Jeff Sloan

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

Good morning, Paul.

A recent study by Borrell Associates indicates that small businesses are making bold moves to stay relevant and even capture market shares as we begin to ease our way out of the pandemic. Conducted in March, the survey asks marketers about how things shaped up in the first quarter of 2021 for them and how they’re looking for the next three months and the rest of the year.

One third of local advertisers said they plan to spend more on local advertising in 2021, and nearly half said things were better in the first quarter of 2021 compared with first quarter of 2020.

So, how are they going to make this extra spend in 2021? Well, 70% will add more types of media that are new and different methods in their marketing mix, while 58% planned to increase the frequency of their advertising. Several marketers participating in the survey said that they plan to rely heavily on messaging that incorporates a shop local theme, as it’s clear now that local consumers have stepped up and are continuing to step up in a meaningful way to support local merchants and restaurants.

What’s the significance of this news?

Well first, it certainly shows that businesses could come roaring back, and so could our local economies, if indeed we can start to put the pandemic in the rearview mirror. And second, local media businesses stand to benefit from this aggressive approach to more advertising spend beginning right now in 2021.

While we’re certainly not out of the woods yet, Paul, we’re starting to see some trends that are encouraging, and this projected uptick and local advertising spend certainly is an encouraging sign.

Good way to start the week! Go out there and make it a great one, everybody.

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

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