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Tampa Bay Consumers Still Spending Despite Economic Sentiment

Aug 8, 2022 11:13:24 AM / by Larry Julius

Local consumers may have a gloomy feeling about economic conditions, but their spending has not tapered. This is good news for the 123,853 small business owners in the Tampa Bay area.

According to the latest University of Michigan's Survey of Consumers, sentiment about current economic conditions remains near the all-time low. Concerns about volatile gas prices, rampant inflation, and a looming recession have driven the survey's index down 37% versus a year ago.

Despite these dim consumer sentiments, the U.S. Bureau of Economic Analysis's July report shows that real personal consumption expenditures are pacing well above pre-Covid levels. According to Morgan Stanley research, consumers' ability to spend is being driven, in part, by a massive amount of excess savings accumulated over the course of the pandemic.

Earlier this year, based on per capita spending data from the National Retail Federation (NRF). Tampa Bay consumers were forecast to spend nearly $50 billion at retail this year. The current level of spending suggests that shoppers are on track to hit that number.

Of course, for local business owners to successfully compete for a share of this record spending requires marketing. By most key marketing metrics, the best way to advertise is on Tampa Bay radio. This is especially true among business owners who must limit the number of marketing channels that can be used because of economic restraints.

Of all media, advertising on the radio provides the greatest return on investment.

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Topics ROI, best way to advertise, reach, radio advertising, recession, consumer spending, reach & frequency, advertising reach, consumer confidence, inflation, advertising roi

Advertising On Tampa Bay Radio in 2022: Five Things to Know

Jul 20, 2022 9:57:54 AM / by Larry Julius

West-central Florida business owners have depended on Tampa radio to market their goods and services since WDAE, the city's first radio station, went on air in 1922. Despite the advent of new media and technologies since then, advertising on local radio stations is still the best way for the area's 123,853 small business owners to create and maintain customers.

Here are five facts every business owner should know about advertising on Tampa radio in 2022.

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Topics small business, small business owner, best way to advertise, radio advertising, radio commercials, tampa radio, tampa radio stations, tampa small business owners, Hispanic radio, Spanish Radio, advertise on tampa radio, radio recruitment advertising, small business advertising, radio listeners, nobody listens to radio, advertise on radio, small business marketing, advertising on radio, radio history, tampa bay radio, radio formats, car radio, who listens to radio, am/fm radio, online radio listening

Tampa Bay Radio Is The #1 Advertising-Supported Medium

Jul 6, 2022 4:17:29 PM / by Larry Julius

Local business owners have been advertising on Tampa Bay radio since WDAE first signed-on in 1922.  But, back then, there were only two options for reaching a mass audience: newspapers and radio.

Today, though, advertisers have an over-abundance of marketing options both over-the-air and online. But every week, according to Nielsen, 2.3 million adults listen to a Tampa Bay radio station, giving the 101-year-old medium, by far, the biggest reach amongst local consumers.

A new report released last week by Nielsen underscores AM/FM radio's durable reach among all media.

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Topics Spotify, pandora, Streaming Audio, reach, radio advertising, advertise on tampa radio, advertise on radio, reach & frequency, sirius/xm, advertising reach, advertising options, streaming media, amazon, apple

Advertise In Tampa Bay: Online Listening Boosts Audience For AM/FM

Jun 30, 2022 9:45:28 AM / by Larry Julius

Despite an abundance of media options, Tampa Bay radio reaches the most consumers every week. 

According to Nielsen, every week 2.3 million adults tune in to their favorite Tampa Bay stations. This is more than watch local TV stations, cable, or streaming video. It is more than browse social media. It is more than listen to streaming audio services or podcasts. It is more than read local newspapers.

Not all listening to Tampa Bay radio happens on car radios, table-top radios, or boom boxes. Instead, local consumers also use their smartphones, computers, and tablets as a way to connect to their favorite local stations.

Neilsen finds that 29.2% of all consumers who listen to a Tampa Bay radio station over the air will, at some point during the month, also connect to a local station via the internet. As a matter of fact, during a typical hour, Nielsen data suggests that 10.9% of a station's total audience is listening on a device other than a traditional receiver.

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Topics Streaming, Streaming Audio, radio advertising, digital advertising, online advertising, internet, internet advertising, streaming media, am/fm radio, online radio listening

Smart Speaker Usage in Tampa Bay: A Conversation With Alexa

Jun 23, 2022 1:30:34 PM / by Larry Julius

Me: Alexa, how many consumers In Tampa Bay have access to a smart speaker?

Alexa: According to a recent Nielsen study, 863,282 Tampa Bay adults own a smart speaker. This is 32.9% of the local population.*

Me: Alexa, what exactly is a smart speaker?

Alexa: According to Wikipedia, A smart speaker is a type of loudspeaker and voice command device with an integrated virtual assistant that offers interactive actions and hands-free activation with the help of one "hot word" (or several "hot words"). Some smart speakers can also act as a smart device that utilizes Wi-Fi, Bluetooth and other protocol standards to extend usage beyond audio playback, such as to control home automation devices. This can include, but is not limited to, features such as compatibility across a number of services and platforms, peer-to-peer connection through mesh networking, virtual assistants, and others. Each can have its own designated interface and features in-house, usually launched or controlled via application or home automation software. Some smart speakers also include a screen to show the user a visual response.

Me: Alexa, what brand of smart speakers are Tampa Bay consumers likely to own?

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Topics advertise in tampa bay, google, amazon echo, smart speaker, google home, siri, alexa, advertise in Tampa, amazon, apple

Advertising On Tampa TV: Where Have The Viewers Gone?

Jun 13, 2022 3:25:36 PM / by Larry Julius

During the past seven days. according to Nielsen, only 67.1% of local consumers tuned in to Tampa television stations like WFLA, WTSP, WTVT, WFTS, WEDU, or WFXT.  TV's diminishing reach among adults 18 and older has been eclipsed by the audience size for social media, cable, and Tampa radio. Furthermore, streaming video services such as Netflix, Hulu, Prime, and Disney+ are quickly reaching parity with over-the-air options.

The erosion of local TV station audiences is stunning when comparing prime-time ratings from the past.  In 1980, the highest-ranked TV show was Cheers with a 21.3 rating. The 30th-ranked show was The Wonder Years with a 14.2 rating.

Twenty years later, Survivor was the number one show with a 17.4 rating and Family Law was the 30th ranked show with an 8.8 rating.

Finally, in 2019, Sunday Night Football was the number one ranked show with a 10.9 rating. Survivor tied with Dancing With The Stars in 30th place with a 5.5 rating.

It is stunning to think that the number one TV show in 2019 had a 24% lower rating than the 30th-ranked show in 1980.

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Topics TV, Television, small business, small business owner, Cable TV, Television Advertising, best way to advertise, tampa small business owners, small business advertising, pay-tv, direcTv, small business marketing, satellite TV, OTT, CTV, avod, svod, local television, streaming TV

Advertising On Tampa Bay Radio Still #1 Way to Reach Consumers

Jun 8, 2022 2:00:23 PM / by Larry Julius

Every week, according to new Nielsen data, 2,225,469 adults tune in to a Tampa Bay radio station. This is more consumers than use social media, access local cable, watch broadcast TV, stream video channels, listen to streaming audio, read a newspaper, or download a podcast.

Based on per capita estimates from the National Retail Federation (NRF), Tampa Bay consumers are expected to spend between $50.5 and $51.4 billion at retail in 2022, a six to eight percent growth over the previous year. Utilizing radio's enormous advertising reach, local business owners can compel shoppers to spend this large pool of cash in their stores and on their websites.

The number of consumers reached is critical to the success of an advertising campaign.

According to a Nielsen study, after the actual content of the commercial message itself, reach is the most potent advertising element that can drive sales. Reach is more important than brand, recency, or even context. Tampa Bay radio provides local business owners with the most significant reach among consumers.

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Topics Return On Investment, ROI, small business, small business owner, best way to advertise, reach, tampa small business owners, retail stores, in-car advertising, small business advertising, Retail Sales, Retailer, retail, reach & frequency, in-car audio, small business marketing, advertising reach, retail spending, advertising return on investment, advertising roi

Father's Day 2022: Tampa Bay Consumers Will Spend $203 Million

May 31, 2022 2:27:51 PM / by Larry Julius

Father's Day this year is on Sunday, June 19. Based on projections from the National Retail Federation (NRF), Tampa Bay shoppers are expected to spend $203.1 million on the dads in their life. This is on par with the record-breaking $204.1 million spent in 2021.

“Despite growing concerns about inflation, consumers plan to spend approximately the same amount as last year in celebration of Father’s Day,” NRF President and CEO Matthew Shay said. “Spending patterns also reflect the sentimental nature of the holiday as consumers are prioritizing unique and meaningful gifts.”

The NRF projects that nearly 60%, of all Father's Day purchases in Tampa Bay, will be for special outings, clothing, gift cards, and electronics. Although most category spending will be down slightly from last year, the amount of money spent on special outings such as dinner is expected to increase by over 8%.

Here is how this large pool of Father's Day cash in Tampa Bay is expected to be distributed in all retail categories.

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Topics small business, small business owner, best way to advertise, tampa small business owners, small business advertising, holiday, holiday shopping, consumer spending, small business marketing, holiday advertising, advertising options, father's day, father

Television Advertising In Tampa Bay: What Are Consumers Watching?

May 11, 2022 2:15:53 PM / by Larry Julius

Every week, 2.5 million Tampa Bay consumers watch something on TV.

Not too many years ago, when a Tampa Bay consumer sat down to watch TV, the program options were limited to what was on WFLA, WTSP, WTVT, WFTS, WEDU, or maybe, what was on a handful of cable channels.  That was then. This is now.

Today, according to Nielsen, each time a TV is turned on in a Tampa Bay living room, the viewer has more than 817,000 options not only from broadcast stations and cable systems, but also from streaming video platforms like Netflix, Hulu, Disney+, Peacock, YouTube, Amazon, Tubi, Crackle, and FreeVee.

Of course, Tampa Bay consumers don't even need to sit down in front of their big-screen LCD, anymore. Most of the 817,000 available programs can also be viewed on their computers, tablets, gaming devices, and smartphones. But as far as viewers are concerned, though, it's all just television.

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Topics TV, Television, Cable TV, Television Advertising, Streaming, pay-tv, direcTv, satellite TV, CTV, streaming video, avod, svod, local television, streaming television, streaming media, streaming TV

Tampa Bay Radio Listeners Lead The Return To 'Normal'

Apr 28, 2022 1:26:12 PM / by Larry Julius

Each week according to Nielsen, 2.2 million consumers tune in to a Tampa radio station. This is significantly more adults than watch local TV stations, cable, or streaming video. It is more than browse social media. It is more than listen to streaming audio services or podcasts. It is more than read local newspapers.

There are two traits Tampa Bay radio listeners have in common. First, they are very loyal to their favorites, tuning-in to, on average, only 2.8 different stations each week.

Second, and of particular importance to Tampa Bay small business owners, radio listeners are returning to 'normal' at a faster rate than the general population after more than two years of pandemic.

Since the onset of the COVID-19 crisis, Nielsen has been measuring consumer sentiment in regard to normal behaviors. In a survey conducted in March of this year, 83% of adults say they are "ready to go and feel life is becoming more normal". This is up dramatically from the same time 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, consumer spending, Retail Sales, Retailer, retail, small business marketing, consumer confidence, retail spending

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