business trends 2012

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