Recently, we attended the Greater Lafayette Economic Forecast event. The good news is that the signs of a recession that popped up last year, have subsided and our Lafayette outlook is continued, modest growth. The leading economic indicators, like employment levels in Elkhart, 10 year Treasury Bonds vs 3 months notes yield curve and federal interest rates, that usually predict such things are predicting this modest growth, for the Lafayette region. In fact, the GDP for Tippecanoe county is listed at 4.9%, while the national average is 2.9% and Indiana, as a state, is listed at 2.0%.
One of our bigger concerns is having enough workers for the jobs we do have. One trend from the Greater Lafayette Economic Forecast is continuing low unemployment, to the point where we have a labor shortage. We could have even bigger growth, in Lafayette, if we could fill many of these employment opportunities. Meanwhile, personal income in Indiana and Greater Lafayette is growing, which leads to a greater consumption level. All the more reason to reach out a grab your unfair share of business these. One way to do that in Lafayette is to advertise.
Advertising is an amazing business tool that increases or maintains sales margins by increasing the chance that people will choose your brand over a competitor by making your brand easy to think of and easy to purchase. It creates positive feelings and associations via broad reaching messages that people find interesting and enjoyable and targeted activations they find relevant and useful.
Radio advertising, specifically, aides awareness and creates a favorable brand image, which in turn leads to consideration which leads to purchase. The goal of successful advertising is to be known before you are needed. Many Lafayette businesses make the big mistake of not advertising and waiting to be found. Still others are trapped in the ideas of passive advertising.
There are two kinds of advertising; active and passive. Active advertising like radio, builds top of mind awareness which leads to brand preference and purchases. Passive advertising, like internet search, doesn’t do anything but sit and wait for your customer to take action. What if you were to combine the two: the massive reach of Lafayette radio with the precision of online advertising?
Use the broad reach of radio advertising to train the audience on who you are, what you stand for and how to do business with you. More importantly, train the consumer to search for you directly, rather than bring up a list of you and all of your competitors, when they need the goods or services you provide? We can help you do this. There is a bit of science to it.
Another key is to determine your share of the Lafayette marketplace and make sure your share of voice exceeds your current market share. This will ensure positive growth moving forward. The opposite tends to happen when your share of voice is below your market share. To determine your market share, take your gross sales and divide by total category sales. Then determine your share of voice by looking at what all the other players in your category are doing and do it better. The market place only has a 100% share – growth will go to the aggressor!
Want to know how to succeed? – call me directly at 765-637-2143 or send me and e-mail at email@example.com. We will schedule a time for our team of experts to meet with you and develop an advertising plan for success that will help you capture your unfair share of the growth that the Greater Lafayette Economic Forecast projects for this year.
Neuhoff Media Lafayette
Certified Radio Marketing Expert