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Tampa Bay Small Business Update: Auto Parts Sales Accelerate

Sep 18, 2020 8:07:20 AM / by Larry Julius

There are more than 2,000,000 vehicles registered in the Tampa Bay area. Many need new windshield wipers, shocks, struts, brakes, air filters, ignition coils, and the hundreds of other items that fill the shelves of local auto part dealers.

Despite the pandemic induced slowdown, business at auto parts stores has grown nearly 13% since February, according to the US Census Bureau.

This explosive growth in auto parts sales directly relates to the  average age of cars on Tampa Bay's roads.

"Per the latest study from IHS Markit, the current combined average age of vehicles has hit a record of 11.9 years," Rimmi Singhi wrote this week on NASDAQ.com. "The aging vehicles are a boon to auto parts, replacement, and repair companies. In a bid to ensure long-term functioning of the aging vehicle population, customers are making investments to replace faulty vehicle parts and components."

Also contributing to the rapid aging of cars on the road is the current demand for used versus new vehicles. According to the Bureau of Economic Analysis, the personal consumption expenditures (PCE) for used cars is 25% higher in August than it was during the same month last year.

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Topics small business, small business owner, best way to advertise, radio advertising, tampa small business owners, retail stores, small business advertising, used cars, used trucks, Retail Sales, Retailer, retail, advertise on radio, small business marketing, auto parts, used vehicles

Banks and Credit Unions Reach ReFi Customers On Tampa Radio

Sep 11, 2020 4:24:04 PM / by Larry Julius

There are approximately 394,000 households in the Tampa Bay area with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $115,000.

Yesterday, there was extraordinary news for many of these borrowers and for Tampa area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

 
With interest rates at this new level, 20 million American homeowners can now refinance their existing mortgage, according to Black Knight, a data analytics company specializing in homeownership life cycles. 
 
By refinancing an existing mortgage, a Tampa Bay homeowner could considerably reduce the length of their loan or lower the amount 
of their monthly payments.
 
Local banks, credit unions, and mortgage companies create a great deal of revenue from refinancing. 
 
Generally, a lender can expect to earn two to five percent of the loan principal amount in closing costs, according to BankRate.com. For a $200,000 mortgage refinance, for example, closing costs could generate between $4000 and $10,000.
 
For local financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Tampa radio is the most effective way to reach homeowners.
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Topics best way to advertise, radio advertising, advertise on tampa radio, refinance, mortgage broker, mortgage, bank, home owners, home value, advertise on radio, mortgage rates, credit unions

Now Open: Political Advertising Window on Tampa Radio

Sep 8, 2020 12:22:40 PM / by Larry Julius

On September 4, the political advertising window opened on Tampa television and radio stations.  This is a 60 day period leading up to a general election when broadcast stations licensed by the Federal Communication Commission are obligated to offer candidates for national office the opportunity to buy commercials at the lowest unit rate (LUR).

For example, if a high-frequency advertiser like McDonald's earns the lowest rates on a particular Tampa radio station during morning drive-time, then any candidate for federal office must, during the 60-day political window, be offered the same rate for morning drive time on that station, regardless of frequency.

If, however, the McDonald's rate is contingent on the radio station's ability to pre-empt commercials without notice, then qualified candidates must agree to identical terms to receive the same rate.

To facilitate the purchase of commercials on Tampa radio, stations will supply candidates with a political rate-card.  This card will show the LUR by time of day and by preemption parameters.

Here are other important facts about political advertising on Tampa radio.

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Topics radio advertising, issue advertising, political advertising, advertise on radio, political rates, political rate card, lowest unit rate

Advertising In Tampa Bay: OTT & CTV Viewing Soars

Sep 4, 2020 4:16:38 PM / by Larry Julius

Advertising on Tampa television and cable is becoming less attractive to local business owners as viewers rapidly defect to alternative video entertainment sources including, Netflix, YouTube, Hulu, Amazon and Disney+.

Collectively these streaming services are referred to as Over-The-Top Television (OTT) and Connected-TV (CTV). Viewers can only access this OTT and CTV content via smartphone, tablets, computers, smart-TVs, Amazon Fire Sticks, and Roku Sticks, Nielsen reports that 93.4% of Tampa Bay adults own at least one these devices. Furthermore, they are using them.

According to Nielsen, OTT and CTV networks now reach 42.8% of all Tampa Bay consumers every week.

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Topics Television, small business, small business owner, Cable TV, Television Advertising, best way to advertise, tampa small business owners, advertise on tampa radio, small business advertising, pay-tv, advertise on radio, small business marketing, OTT, CTV, streaming video

B2B Advertising In Tampa Bay: Reaching The Decision Makers

Aug 27, 2020 7:50:39 AM / by Larry Julius

New data from the US Census Bureau has optimistic news for Tampa Bay companies that sell business-to-business.

There are approximately 61,635 businesses in the Tampa Bay area, according to the Census Bureau. Indeed, many of these businesses have suffered since the onset of the Coronavirus, especially in April.

Census information is now showing positive indicators that the fortunes of area companies are improving. This includes those with 500 or fewer employees. These small businesses account for 95% of all Tampa area firms.

During the week of April 26, 34% of Tampa Bay small businesses reported temporary closures.  By July 1, the number dropped to 17%

Also, during that same week, 73% of local small business owners were reporting decreases in revenue versus the prior week.  By the end of last week, that number fell by half.

In both June and July of this year, national data shows all retail and food services spending significantly outperformed the prior year by between two and three percent.

As the business climate improves in Tampa Bay, the fortunes of B2B companies will accelerate as well. These include those businesses that sell office supplies, restaurant supplies, cleaning services, legal services, accounting services, transportation services, banking services, technology, and commercial real estate.

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Topics Return On Investment, ROI, small business, small business owner, best way to advertise, tampa radio, tampa small business owners, advertise on tampa radio, small business advertising, small business marketing, tampa bay radio, b2b, business to business

How Has Working From Home Affected Advertising On Tampa Radio?

Aug 24, 2020 6:45:00 AM / by Larry Julius

Before COVID-19, most listening to Tampa radio happened outside the home. Consumers were tuning-in to their favorite stations from the car on the way to their job. Then, they tuned-in when they arrived at work. They listened again during the commute back home.

Nielsen recently surveyed consumers who worked from home before and during the novel coronavirus outbreak. The results show, as of June, 66% of respondents now work from home full-time as a consequence of the pandemic.

As consumers are compelled to work from their houses and curtail their commutes, the share of at-home listening to Tampa radio has grown by 23%, according to Nielsen.

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Topics best way to advertise, radio advertising, radio listeners, corona, coronavirus, covid19, advertise on radio, recovery, pandemic, listening location, time spent listening, work from home

Advertising in Tampa Bay: The Radio Century

Aug 20, 2020 7:02:00 AM / by Larry Julius

Tampa radio reaches more area adults every week than any other medium. During a typical seven-day period, according to Nielsen, 2.3 million local consumers tune-in to their favorite AM and FM stations. This is significantly more than those who watch broadcast television, subscribe to pay-TV, browse social media, read a newspaper, or stream music from Pandora and Spotify.

Radio's omnipresence in the life of Tampa Bay consumers is remarkable considering today is the medium's 100th birthday.

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Topics Return On Investment, ROI, best way to advertise, reach, radio advertising, radio commercials, advertise on tampa radio, effective radio commercials, advertise on radio, reach & frequency, advertising reach, radio history

What Is The Best Way To Reach Tampa Bay's 2.6 Million Consumers?

Aug 17, 2020 11:55:24 AM / by Larry Julius

Despite all of the media options available for small business owners to market their goods and services, advertising on Tampa radio is still the best way to reach local consumers.

Adult consumers are spending 741 minutes per day consuming electronic media, according to a new study by Nielsen.  This is 7.8% more time than they spent last year and 11.2% more than in 2018.

The typical daily media diet consists of radio, live TV, time-shifted TV, DVD/Blue-ray devices, game consoles, internet-connected devices, as well as internet via computers, smartphone apps, and tablet apps.

According to Nielsen, despite all of these media options, local radio reaches the most consumers every week.

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Topics small business, small business owner, best way to advertise, reach, radio advertising, tampa small business owners, retail stores, effective radio commercials, small business advertising, effective advertising, Retail Sales, Retailer, retail, advertise on radio, reach & frequency, small business marketing, advertising reach

What Tampa Bay Consumers Need To Know Now About Your Small Business

Aug 12, 2020 8:55:38 AM / by Larry Julius

There is good news for Tampa Bay retailers and restaurants.

As a result of the pandemic, one-third of consumers indicate they will pay a premium for local brands and products, according to a recent study by Ernst & Young

However, before consumers will buy from a local business in Lakeland, Clearwater, Spring Hill, or any town in-between, they must know they can do so without risking their health.

Advertising is the only practical way to let Tampa Bay shoppers and diners know about the precautions and practices your small business has taken to reduce potential health threats.

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Topics small business, small business owner, store traffic, best way to advertise, tampa small business owners, retail stores, effective radio commercials, small business advertising, effective advertising, Retail Sales, Retailer, retail, corona, coronavirus, covid19, recovery, small business marketing

Advertising In Tampa Bay: Radio Listening Little Changed From Year Ago

Aug 10, 2020 7:01:00 AM / by Larry Julius

During July, 2.1 million adult radio-listeners spent two hours per day listening to their favorite Tampa Bay stations, according to Nielsen. Although local consumers had spent fewer minutes listening at the onset of the pandemic, the current time tuned-in remains little changed  compared to a year ago.

Some advertising experts had predicted that as consumers spent more time at home because of COVID-19 concerns, the hours devoted to radio listening would decrease. That, however, was not the case.

In July of 2019, according to Nielsen, 26.7% of radio listening occurred at home. During July of this year, in-home listening jumped to 32.8%. Despite the reduction in out-of-home activities, though, consumers still spent the exact amount of time listening to Tampa radio.

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Topics small business, small business owner, Spotify, pandora, best way to advertise, radio advertising, tampa small business owners, small business advertising, corona, coronavirus, covid19, advertise on radio, small business marketing, sirius/xm, pandemic, podcasts

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