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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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
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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Television,
small business,
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Cable TV,
Television Advertising,
best way to advertise,
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advertise on tampa radio,
small business advertising,
pay-tv,
advertise on radio,
small business marketing,
OTT,
CTV,
streaming video
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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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
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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best way to advertise,
reach,
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tampa small business owners,
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effective advertising,
Retail Sales,
Retailer,
retail,
advertise on radio,
reach & frequency,
small business marketing,
advertising reach
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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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
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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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
More than one-third of Tampa Bay households are 'cord-cutters' or 'cord-nevers'. This means, they have fired their cable or satellite television providers or never subscribed at all. Instead, these consumers are choosing to find their video entertainment elsewhere.
The number of local homes that subscribe to pay-TV services began plummeting in 2013. New technologies has allowed viewers to bypass cable and satellite for more compelling content at lower prices. These cord-cutters now depend on services like Netflix, Hulu, Disney+, and Amazon Prime to fill their multiple screens.
For many years, Tampa Bay business owners have been investing a significant portion of their advertising budgets into cable-TV. The medium had proven to be a low-cost, high-reach alternative to buying commercial on over-the-air television stations.
Now, because of cord-cutting, there are 892,000 adult consumers with unconnected TVs. This profoundly diminishes the value proposition of advertising with local cable systems.
There is a powerful and affordable solution, however, for small business owners to reach both the diminishing cable audience and the expanding number of cord-cutters.
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Television,
small business,
small business owner,
Cable TV,
Television Advertising,
best way to advertise,
radio advertising,
tampa small business owners,
small business advertising,
pay-tv,
advertise on radio,
small business marketing,
cord-cutter,
advertising on radio,
satellite TV
Car radios came to Tampa Bay in June of 1930. For just $120, about $1200 in present dollars, local drivers could install these early mobile devices into their Fords, Studebakers, Packards, and DeSotos,
The first car radios were built by the Galvin Manufacturing Company of Chicago. They named their invention, and eventually their company, Motorola.
Today, more than 2,000,000 car radios fill ears of area drivers with music, news, sports, and information. As a result, local radio reaches more consumers than all other media.
In a typical pre-COVID-19 week, according to Nielsen, 89% of adult consumers would tune-in to a Tampa radio station. This is significantly more than were reached by local TV, cable, social media, newspaper, or streaming media sites Pandora and Spotify.
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small business,
small business owner,
best way to advertise,
radio advertising,
in-car advertising,
small business advertising,
advertise on radio,
vehicle traffic,
in-car audio,
small business marketing
If you were one of the 2.3 million adults who tuned-in to a Tampa radio station last week, then no doubt you heard multiple commercials that included phrases like 'troubling times', 'uncertain times', 'unprecedented times', 'new normal', and 'we're in this together'.
In March, as the pandemic began to disrupt consumers' lives, using these phrases was a powerful way for Tampa Bay small business owners to acknowledge the severity of the crisis and to exhibit empathy. But 120 days later, these words have become cliche and have lost potency.
A cliche, says the Oxford Dictionary, is "a phrase or opinion that is overused and betrays a lack of original thought."
According to the Writing Center at The University of North Carolina, the dependence on cliches could create a harmful perception of a business that uses them. For instance, these overused phrases can make an advertiser's message seem boring. They can be perceived as vague. They can be interpreted to be a sign of laziness. They can also result in a lack of credibility.
The words a Tampa Bay small business chooses for its advertising will have the most significant effect on sales. That's why eliminating cliches is critical.
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small business,
small business owner,
radio advertising,
radio commercials,
effective radio commercials,
commercial length,
scripts,
small business advertising,
advertise on radio,
small business marketing,
writing radio commercials,
creative
This year, according to Nielsen, 1.7 million Tampa Bay consumers will spend $1.4 billion on eco-friendly goods and services. Sales for sustainable products have grown 20% since 2014, a trend expected to continue into 2021.
Tensie Whelan and Randi Kronthal-Sacco of the New York University Stern Center for Sustainable Business write in the Harvard Business Review, "Consumers are voting with their dollars against unsustainable brands. The legacy companies that will thrive are those that accept this shift and are willing to pivot.”
For Tampa Bay small business owners who are skeptical that sustainability affects purchase decisions, retail analyst Stacey Widlitz provided this advice, recently, in Forbes.
"Retailers only need to look to IBM's recent study, in association with the National Retail Federation, to understand just how fast consumer priorities are changing," says Ms. Widlitz. "Findings from the study revealed nearly 60% of consumers surveyed are willing to change their shopping habits to reduce environmental impact. For the nearly 80% of respondents who said sustainability is important to them over 70% would pay a premium of 35% on average."
To compete for a share of consumers' spending on green goods and services requires local small business owners to advertise.
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small business,
small business owner,
millennials,
radio advertising,
retail stores,
small business advertising,
millennial parents,
Retail Sales,
Retailer,
retail,
advertise on radio,
small business marketing,
sustainable,
green products,
eco-friendly