As the pandemic rages on, advertising is no longer a luxury for the 123,000 small businesses in the Tampa-St. Petersburg-Clearwater, FL Metro area. Advertising has become a tool for survival.OTT & CTV Viewing Soars In Tampa Bay
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.
Although both broadcast and cable TV still maintain a reach advantage, the amount of time consumers are spending with OTT and CTV programming is staggering.
Who Listens To Commercials On Tampa Radio?
Apr 22, 2020 10:06:38 AM / by Larry Julius
Every week, 2,193,604 adult consumers tune-in to a Tampa Radio station. That is way more than are reached by other media, including local television, newspaper, social media, or streaming audio sites like Pandora and Spotify.
There is a more significant number, though, for thousands of Tampa Bay small business owners who advertise on Tampa radio. The real question is how many of these listeners stick around when their commercials come on?
A 2011 Nielsen study discovered that, on average, 93% of listeners stayed with the radio station they were tuned-to when the commercials came on. That number amazed many advertisers at the time who believed that audiences were far more likely to defect when the music stopped.
A lot has changed since 2011. Tampa Bay consumers have many more media options and can instantly connect to each with a button-push, mouse-click, screen-tap, or voice command. With all this instant gratification, do radio audiences still stay tuned during commercial breaks?
According to a new study from the Journal of Advertising Research, audiences in 2020 are more than twice as likely to stick with the radio station they are tuned to during commercials than they were nine years ago.
In the current study, the authors combined portable people-meter data ratings to measure loss of audience during advertising. They discovered a new benchmark of 3% for avoidance of radio advertising.
Newspaper Advertising In Tampa Bay: Advice For Small Business Owners
Tampa Bay business owners are expected to spend $64 million on newspaper advertising in 2020. This will be 32% fewer dollars than were spent in 2019, according to a study by Borrell Associates, a company that analyzes local media expenditures across the country.
Of course, the pandemic is part of the reason advertising revenues have plummeted at Tampa Bay newspapers. But, the more significant factor is the sustained erosion of readership.
For example, between October 2017 and March 2019, the Monday-Saturday circulation of the Tampa Bay Times has decreased by 17%. The Sunday edition suffered an 18% decrease.
Among all advertising media available to small business owners, newspaper's ability to reach adult consumers now lags significantly behind Tampa radio, cable, broadcast TV, and social media.
What Is The Best Way To Reach Online Shoppers In Tampa Bay?
Tampa Bay shoppers are expected to spend a record $8.1 billion online in 2020, based on the most recent projections from eMarketer. This would represent year-over-year growth of 32.4%.
During the same period, according to eMarketer, receipts at brick-and-mortar stores have contracted by 3.2%. Overall, excluding gas and auto sales, e-commerce will account for 20.6% of all retail sales this year.
The Coronavirus pandemic is credited with this seismic shift in shopping behavior as consumers continue to avoid stores and opt for online shopping.
“We’ve seen e-commerce accelerate in ways that didn’t seem possible last spring, given the extent of the economic crisis,” said Andrew Lipsman, eMarketer principal analyst at Insider Intelligence. “While much of the shift has been led by essential categories like grocery, there has been surprising strength in discretionary categories like consumer electronics and home furnishings that benefited from pandemic-driven lifestyle needs.”
Even before the onset of the pandemic, 76.7% of Tampa area consumers had bought goods online over the prior six months, according to Nielsen research. Purchases included clothing, health & beauty products, travel reservations, books, furniture, and groceries.
Advertising In Tampa Bay: Radio Listening Little Changed From 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.
More Advertising Advice For Tampa Small Business Owners
- Who's Spending Now? Tampa Bay Small Business Owners Ask.
- Advertising In Tampa Bay: Still Time To Ring Up Holiday Sales
- What Is The Best Way To Reach Online Shoppers In Tampa Bay?
- Small Business Advertising In Tampa Bay: Consumers Ready To Spend
- Advertising ROI In Tampa Bay: Television vs. Radio
- AVOD: Four Letters Every Tampa Bay Small Business Owners Should Know
