As inflation and economic uncertainty have triggered a slight pullback in consumer spending, many industries are concerned that this shift in consumer confidence could hurt their own earning potential in the months ahead.
Many consumers will purchase at least one vehicle in their lifetime, making auto advertising relevant to the interests of a broad audience. But at any given moment, only a small percentage of consumers are actively considering an automotive purchase—and for local auto dealerships, this group of likely buyers is their top advertising target.
When Super Bowl ads are sold at a massive price of $6.5 million per 30-second slot, it’s easy for TV advertising to gain a reputation as being too expensive for many businesses to consider. This is particularly true for small, local businesses, which often write off TV ad options based on the assumption that this ad channel won’t fit into limited advertising budgets.
Increased competition for incoming students is costing a pretty penny for higher education institutions: a 2019 survey found that colleges and universities spent an average of $429-623 per newly enrolled student on advertising and marketing campaigns.