There are 75,072 adults in Southern Maine who have an annual household income of $150,000 or more. This is just under 10% of the population.
Why should Maine small business owners care about this segment of the population? This tiny slice of the population accounts for 40% of all retail spending, that's why. We're talking $4.4 billion in cha-ching!
If a business owner wants to claim an unfair share of these rare and valuable southern Maine consumers, then advertising is required. And which medium is most capable of reaching these big spenders? Portland radio.
According to Nielsen, 94.6% of these big earners tune into a local, Portland radio station each week. This is far more than watch local TV, read local newspapers, or thumb-through local magazines.
For almost every imaginable product category, consumers earning $150,000 or more are more likely to be in the market to buy than the general population. And local radio reaches more of those buyers.
Let's take furniture, for example. Just under 16% of all southern Maine, high-income households will purchase new furniture this year. This means that these wealthy shoppers are 68% more likely to buy furniture than the general population.
For Maine business owners who sell furniture, radio reaches almost everyone of their 11,760 prospective customers.
Here's another example: real estate. Just about 4,800 southern Maine households who earn $150,000 or more are planning to buy a new house or condo this year as a primary residence. This makes them 230% more likely than the general population to do so.
For Maine real estate agents, Portland radio reaches almost everyone of these prospective home buyers.
Many Maine retailers will be surprised that the wealthiest consumers are best reached by Portland radio. Many believe that new media like internet streaming and satellite is eroding the audience for local radio. This is what marketing expert Doug Schoen confessed in an article he wrote in Forbes.
Despite how often the media reports on newer forms of advertising," said Mr. Schoen, "it is in fact free broadcast radio – yes, a mass market medium that’s been around since the 19th century – that often most effectively reaches and truly influences consumers."
"It’s quite clear," continues Mr. Schoen, "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."
Sound Advice For Maine Small Business Owners
- This Is Your Brain On Radio. Advice For Maine Small Business Owners.
- Target The Heart: Advertising Advice For Maine Small Business Owners
- Advertising On Public Radio. Should Maine Small Business Owners Do It?
- A Tip For Maine Small Business Owners From Top Marketing Companies
- What's Your Story? Tell it on Portland Radio
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