business trends 2012
TRANSCRIPT
Business TrendsBusiness Trends
What's happening in the River Communities?
This is a quick look at income in Mohave and LaPaz Counties and what people are spending their money on.
Population estimates and income figures are derived from the 2010 Census. Spending figures come from the US Bureau of Labor Statistics.
UPUP Spending TrendsSpending Trends
DOWNDOWN Spending TrendsSpending Trends
What do we buy on-line?What do we buy on-line?
Business TrendsBusiness Trends
Lets talk about money
MohaveMohaveEstimated Population 2010 200,186Per capita Income 2010 21,321
MohaveMohaveEstimated Population 2010 200,186Per capita Income 2010 21,321
La PazLa PazEstimated Population 2010 20,429Per capita Income 2010 21,165
Mohave and La Paz combined income using 2010 Census Income numbers:
Total Dollars for Mohave and LaPaz Counties, 2010: $4,700,545,491 ($4.7 BILLION)
MohaveMohaveEstimated Population 2010 200,186Per capita Income 2010 21,321
La PazLa PazEstimated Population 2010 20,429Per capita Income 2010 21,165
3.6% = $169,219,637
Furniture PurchasesFurniture Purchases
Mohave and LaPaz County Expenditures 2010
5.7% = $267,931,092
Medical ExpendituresMedical Expenditures
Mohave and LaPaz County Expenditures 2010
.6% = $28,203,272
Insurance PurchasesInsurance Purchases
Mohave and LaPaz County Expenditures 2010
3.8% = $178,620,728
ClothingClothing
Mohave and LaPaz County Expenditures 2010
5.4% = $253,829,456
EntertainmentEntertainment
Mohave and LaPaz County Expenditures 2010
.9% = $32,122,989
Alcohol PurchasesAlcohol Purchases
Mohave and LaPaz County Expenditures 2010
12.4% = $582,867,640
GroceriesGroceries
Mohave and LaPaz County Expenditures 2010
6.5% = $305,535,456
Auto PurchasesAuto Purchases
Mohave and LaPaz County Expenditures 2010
3.7% = $173,320,183
DonationsDonations
Mohave and LaPaz County Expenditures 2010
5.4% = $253,829,456
Dining OutDining Out
Mohave and LaPaz County Expenditures 2010
1.2% = $56,406,545
Personal CarePersonal Care
Mohave and LaPaz County Expenditures 2010
Misc. StuffMisc. Stuff
1.6% = $75,208,727Mohave and LaPaz County Expenditures 2010
HomeHome
34.1% = $1,602,886,012Mohave and LaPaz County Expenditures 2010
Business TrendsBusiness Trends
Lets Break Them Down
Baby BoomersBaby Boomers
Baby Boomers control over 80% of personal financial assets
More than 50% of discretionary spending power.
They are responsible for more than half of all consumer spending
Buy 77% of all prescription drugs
61% of OTC medication
80% of all leisure travel.
76,000,000 born between 1946 and 1964
Baby BoomersBaby Boomers
Generation X and MillenialsGeneration X and Millenials
Generation YGeneration YAka Millenials
http://createqrcode.appspot.com/
What are we doing?What are we doing?
eMarketer
Access the Web
Check Mail
Use Social Networks
Get Weather
Listen to Music
Play Games
Download/Use Apps
Watch Video
Get Local News
59%
58%
48%
47%
46%
43%
39%
31%
29%
CommunityCommunity
Facebook is projected to exceed 1 Billion users in 2012
HistoryHistoryFacts:
Recessions since the Great Depression: 11
Average number of months of recession: 18
We spend one year in seven in a Recession.
During the Great Depression, GDP fell by 27%
During the Great Recession, GDP fell by 4%
96% of the economy remained in tact!
Employment at 89%Employment at 89%
Consumer Price Index Urban L.A.Consumer Price Index Urban L.A.
Consumers have not left the market...Consumers have not left the market...
They change
They adapt to new challenges
They are still spending
They are spending differently
Many businesses overreactMany businesses overreact
Consider the Hot Dog VendorConsider the Hot Dog Vendor
Cutting Advertising Cutting Advertising to preserve cash flowto preserve cash flow
Cutting Advertising in a RecessionCutting Advertising in a Recession
The ABP Project, 1972-1977 (1974to1975 recession)
Companies that reduced advertising achieved minimal sales
growth in 1974, suffered a sales decline in 1975, and increased
sales by 70% during the five year period.
Companies that maintained ad budgets suffered no sales
slowdown during the recession and grew 150% for the period.
These companies grew at a faster rate in 1976 and 1977
The 1981 – 1982 recessionThe 1981 – 1982 recession
McGraw Hill Research study of 600 companies, 1980 - 1985
Businesses that maintained or increased their advertising had
significantlysignificantly higher sales after the recovery.
Gains made during the recession were permanent
Why Maintain Share of Mind?Why Maintain Share of Mind?
Coopers & Lybrand
Solidifies your customer base
Portrays you as stable
Take business from less aggressive competitors
Positions your business for POST RECESSION GROWTH
McDonalds MisstepMcDonalds Misstep
1990-1991 Recession – Market Sense Research
-28% +41%
+61%
The Web and SearchingThe Web and Searching
Search Engine DOMINATIONSearch Engine DOMINATION
Is Text Advertising for You?Is Text Advertising for You?
Tatango
Why they Opt Out: You’re sending them too many texts, You’re sending them the wrong texts (about things they’re not interested in) or they just wanted the “instant” discount when they opted in and they have no intention of staying on the list.
Is Social Media Advertising?Is Social Media Advertising?
The Twitter The Twitter CultureCulture
Do you have a story?Do you have a story?
Are you Liked?Are you Liked?
2012 Gartner report for Business Intelligence Platforms
Are you Listening?Are you Listening?
Arnold Worldwide
Almost 60% of people worldwide say they
expect brands to respond to social media
comments regarding service at least most of
the time, according to a new report.
Social FailuresSocial Failures
Wal Mart‘s Facebook Campaign – Wal Mart here tried using Facebook pages feature to
market itself in a different image, “practicality” vs. “style”, and failed miserably as opposed to
Target, the company!
Starbucks Social Media Campaign – Though their idea to leverage the customer
community to drive co-innovation is a great one in theory, Starbucks less than planned or
integrated campaign failed to gain the feedback sought.
Molson Canadian Facebook Photo Contest Campaign – The photo required to enter the
draw for a trip to Cancun promoted irresponsible drinking and lead to the plummet of the
campaign!
General Motor‘s SUV “create your own advert” Viral Marketing Campaign – The problem
was that the environmentalists created negative ads!
Secrets of e-Mail MarketingSecrets of e-Mail Marketing
Is your email targeted, relevant and timely.
Is your email personalized with recipients' First Name, Last Name or both if appropriate.
Is your email clear and concise?
Does your email focus on Benefits?
Does it create a sense of urgency?
Email Marketing ResearchEmail Marketing Research
MailerMailer’s “Email Marketing Metrics Report”
Email Marketing ResearchEmail Marketing Research
MailerMailer’s “Email Marketing Metrics Report”
Open rates in were highest on Monday (11.6%) and Tuesday (11.5%), and lowest on Saturday (9.5%),
11 Reasons Social Marketing Fails11 Reasons Social Marketing FailsYour questions are too personalThe Tone of the Post is uninspiringEvery post is a block of black and white textYou are trying to sell without getting to know your customersYou are not sharing the right stuffYou are not asking “why”You're not returning the favorYour page has an identity crisisYou're not offering anythingYou're giving up too easilyYou're forgetting the most important thing:
Constant Contact
PLAN!PLAN!
There WILL be a Christmas this year.
There will be heat waves.
There will be rain storms.
There will be holidays.
Are you front loaded?
Do you need to be Linked In?Do you need to be Linked In?
What are Tablet and Smart Phone What are Tablet and Smart Phone Users doing WHILE watching TV?Users doing WHILE watching TV?
Business TrendsBusiness Trends
Where do you stand?
Jack Welch's Six RulesJack Welch's Six Rules
Face Reality as it is, not as it was or as you wish it were
Be candid with everyone
Don't manage... lead
Change... before you have to
If you don't have a competitive advantage, don't compete
Control your own destiny or someone else will
Sewell's 10 Commandment of Sewell's 10 Commandment of Customer ServiceCustomer Service
Ask customers what they want and give it to them
Do the job right the first time and every time
Under-promise and over deliver
When a customer asks, the answer is always yes
Every employee who deals with customers must have the authority to handle complaints
Encourage customers to tell you what you are doing wrong
Measure everything
Pay people like partners
Your mother was right. Show people respect. Be polite. It works!
Learn how the best really do it – then improve
Ray Kroc's Fanatical CommitmentRay Kroc's Fanatical Commitment
Ray Kroc simply took the Hamburger Business more seriously than anyone had before.
Fanatical Commitment to Quality, Service, Cleanliness and Value
McDonald’s reinforces uniformity without stifling entrepreneurship
Evaluate your marketingEvaluate your marketingIs it creative?
Is it consistent?
Change it for change sake
Focus and Dominate
Make it accountable: Set up a system. Compare YTD, month to month number and adapt
Keep the employees informed: Tell them what you are advertising and where. Make them aware of special offers. Tell them the purpose and specific goals of the advertising.
Business TrendsBusiness Trends