TopLine Business Acumen Series Digest: February 07, 2022 edition
This week’s most engaging stories
TopLine’s Business Acumen Series features business trends and opportunities to help sales professionals prospect and engage clients. It’s updated several times daily within TopLine. This digest features some of the week’s top stories.
The Future of Local Ad Spend
Here are two insights into media ad spend in 2021, and how you can stay ahead of the curve in 2022:
The top 5 ad verticals last year included financial, auto, restaurant, healthcare, and home improvement.
Local Advertising Spends Across All Markets:
- Financial/Insurance: $15.8B
- Automotive: $14.1B
- Restaurant/Food: $14B
- Healthcare: $9.4B
- Home Improvement: $7.3B
Traditional media spend had a larger share across key verticals last year, but by 2025, digital is expected to exceed traditional.
Let’s look at how the media ad dollars were split last year across key verticals:
- Financial/Insurance: 55% Traditional/45% Digital
- Automotive: 51% Traditional/49% Digital
- Restaurant/Food: 56% Traditional/44% Digital
- Healthcare: 67% Traditional/33% Digital
- Home Improvement: 64% Traditional/36% Digital
Are your local businesses staying ahead of the curve by adding digital strategies to their audio marketing plans?
Latest Resources from TopLine
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Store Closures are Down and Store Openings are Up in 2022
According to Coresight Research, store closings at the end of January were down 65%, compared to last year. Meanwhile, store openings increased 3% from 2021.
According to Retail Dive, “Coresight’s tallies for the full year 2021 showed that openings (5,048) outpaced closures (4,975) in a year marked by strong consumer demand and few retail bankruptcies.”
One major retailer is driving growth in store openings: Dollar General has announced over 1,000 planned openings in 2022.
Are you partnering with Dollar General to announce their new store openings?
Refinances Increase in Anticipation of Higher Rates
With mortgage rates on the rise, people are trying to take advantage of any low rates while they’re still around. According to CNBC.com, refinance applications increased by 18% within the past week. While still lower than a year ago, the percent increase was still sharp when compared to last week.
Black Knight found that around 5.9 million people could save money by refinancing now. To boot, home prices are still going up. Joe Kan from the Mortgage Bankers Association says that “the average purchase loan size hit a new survey high once again at $441,100. Stubbornly low inventory levels and swift home-price growth continue to push average loan sizes higher”.
Do you know any lenders? Can they reach homebuyers trying to get a low rate right now?
Social Media Influenced Investing
Many teens and young adults rely on social media for their investing decisions. Some of these young people are out for a quick profit rather than investing in principles, which can be very risky. Finance professionals are striving to take this power away from social media creators to avoid young people from making poor investment decisions.
Do you know of financial advisors looking to add younger clients? Can you connect them to a younger audience looking to start investing?