Tampa consumers are expected to spend upward of $43.9-billion at retail in 2021. This would be, at minimum, a 6.5% jump over 2020. The forecast is based on newly released estimates by the National Retail Federation.
“Despite the continuing health and economic challenges COVID-19 presents, we are very optimistic that healthy consumer fundamentals, pent-up demand and widespread distribution of the vaccine will generate increased economic growth, retail sales and consumer spending,” NRF President and CEO Matthew Shay said.
“From the outset of the pandemic, retailers have gone above and beyond even the most conservative safety guidelines to protect and serve their associates and consumers alike."
To capture the largest possible share of spending growth, local retailers will need to advertise. By the most crucial marketing metrics, the best best way to reach consumers is by advertising on Tampa radio.
Each week, according to Nielsen, more than 2.2 million adults tune-in to their favorite Tampa radio stations. This is significantly more than are reached local-TV or cable. It's also more than log-on to Facebook, read the newspaper, or stream OTT services like Netflix and Hulu. It's also more than listen to Pandora or Spotify.
The reach of Tampa radio is especially dominant among area millennials. This generation now accounts for nearly a third of all local retail spending.
When a Tampa Bay retailer invests in advertising, reach is critical to the success of the campaign.
A study, Nielsen discovered the elements of an advertising campaign that had the most potent effect on purchase behavior. The results indicate that reach (the number of different consumers exposed to a campaign) was responsible for driving more sales for the advertiser than branding, recency, context, or targeting. Only the message itself (creative) was more potent.
In addition to radio's superior reach of local consumers, it also has a proven ability to increase traffic to websites. Improving web traffic will be vital to the success of every Tampa small business owner and retailer.
According to the NRF forecast, online sales are expected to increase by 18-23% in 2021. In Tampa, this growth represents more than $11.5 billion.
Every time a radio commercial runs on Tampa radio, 4.2 consumers, on average, will visit the advertiser's website within 8 minutes. This is based on an analysis of more than 62,700 commercials tracked by Analytic Owl, an advertising attribution service.
Typically, 79% of the traffic driven to advertisers' website by Tampa radio are first time users.
Tampa radio's ability to drive significant traffic to an advertiser's website is due, in part, to the medium's tremendous reach among local, online shoppers.
The US Small Business Administration recommends that every New England small business advertise consistently. “Think you have a great product?” asks the SBA. “Unfortunately, no one’s going to know about it unless you advertise.” The SBA goes on to say, “Advertising, if done correctly, can do wonders for your product sales, and you know what that means: more revenue and more success for your business."
More Advertising Advice For Tampa Bay Small Business Owners
- Advertise in Tampa Bay: How Local Consumers Use The Internet?
- 5 Key Advertising Stats Tampa Bay Small Business Owners Should Know
- Advertising In Tampa Bay: Reaching Female Consumers
- How Smart Speakers Affect Advertising On Tampa Radio
- Tampa Radio: Which Stations Do Local Consumers Prefer?