The chaos created in Tampa Bay by the onset of Coronavirus has been a disruptive force among consumers. 

Work routines, buying habits, family life, and media consumption have all been palpably affected. These are all factors that need to be considered by small business owners who continue to advertise their goods and services during the crisis.

Before the current chaos, advertising on Tampa radio, by any metric, was the best way a local small business could advertise.

For instance, pre-Coronavirus, 2.1 million adult consumers tuned-in to a Tampa radio station every week. This is significantly more than watched local TV, read a newspaper, accessed social media, or streamed audio from sites like Pandora and Spotify.

New research released from Nielsen indicates that amidst the current crisis, listening to local radio remains little changed. This is great news for those Tampa Bay small business owners who are depending on advertising for their long-term survival.

In 'normal' times, Tampa Bay consumers would be expected to rack up $54 billion in annual retail sales. Of course, since the onset of the Coronavirus crisis, nothing has been normal.

But as Gordon Borrell, CEO of Borrell Associates, explained to members of the Tampa Bay small business community via teleconference, consumers are still spending. This, it turns out, is normal.

Mr. Borrell shared research from Ibis that demonstrates during every type of crisis, including depressions, recessions, floods, hurricanes, earthquakes, fires, and, now, pandemics, consumers still spend.

The business literature contains an abundance of examples of how continuing to market and advertise during an economic crisis can help a company survive and emerge from the episode even stronger than before.

Tampa Bay small business owners who do continue to advertise and market, however, should consider modifying their pre-crisis strategy.

Last week, Gordon Borell, CEO of Borrell Associates shared insights with Tampa Bay small business owners on the value of marketing to consumers during a crisis. A video replay of the teleconference is available by clicking here.

Mr. Borrell is the CEO of Borrell Associates. His company is one of the most trusted sources of trends and forecasts for local media today.

According to Mr. Borrell, despite social distancing and economic jitters induced by the Coronavirus chaos, consumers are still spending money.

He points to research from Ibis that consumer consumption continues in almost every crisis including, depressions, recessions, floods, hurricanes, earthquakes, fires, and, now, pandemic.

In a typical week, 2.1 million adult consumers tune-in to Tampa radio stations.  But, since the onset of the Coronavirus, the weeks have not been typical.

Before social-distancing and work-from-home orders, 1.3 million Tampa Bay consumers would drive to-and-from work each day. More than 94% of these commuters could be reached by radio.  

Tampa Bay small business owners who depend on radio advertising to market their goods and services, therefore, might be concerned that the disruption in commuting patterns could depress the amount of time consumers spend with local radio.

According to market research, however, radio listening remains an important part of the daily life of consumers. Even amid the current chaos.

Tampa Bay small business owners are fighting the coronavirus battles on multiple fronts.  Their first objective is to keep their families and employees safe. Then, of course, there are the concerns of keeping their businesses healthy enough to survive current disruptions.

The business literature has an abundance of case studies showing how survival is often connected to a thoughtful communications and marketing strategy during challenging times.  

Business owners need to let Tampa Bay consumers know if they are still open. If their hours have changed. Or if they are providing alternative shopping methods (e.g., delivery, curbside pick-up).

Most importantly, it is imperative consumers know that a business will still be there for them when the crisis is over.

For those owners who are depending on communication to preserve their business, the best option may be to advertise on Tampa radio.

The top concern of every Tampa Bay small business owner is the health and safety of their families and employees.  Local information and breaking news regarding the Coronavirus is available by clicking here.

Of course, a secondary concern is tending to the health of their business amid an overabundance of social and financial disruptions. 

There is one prescription that helped many Tampa area businesses survive the Great Depression of 1929, the economic crash of 2009, and every recession in between.  The Rx for keeping a business healthy during chaotic times is to continue advertising.

The best example of how advertising cand fend off tough times was shared by The New Yorker magazine financial columnist James Surowiecki.

Tampa Bay retailers spend a considerable amount of time and money marketing their small businesses on social media.  Is this effort paying off?

Each month, according to Nielsen, 1.6 million Tampa Bay adults use Facebook, Instagram, or Twitter. This equates to 78% of consumers.  This reach is rather anemic compared to Tampa radio and TV, which attracts considerably more users in a single week than these social media platforms do over 30 days.

Among local millennials, the monthly reach of Facebook, Instagram, and Twitter is eclipsed by the weekly reach of Tampa radio.

The number of consumers reached by an advertising campaign, according to Nielsen, is the media consideration that has the most significant effect on increasing sales. 

There are 1.5 million consumers in Tampa Bay who own their own home. 

According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing  now, which means millions of dollars in fees for local lenders and brokers are up for grabs.

Why the sudden urgency for Tampa Bay consumers to refinance their mortgages?

According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."

"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."

If a consumer Googles 'refinance my mortgage in Tampa Bay', more than 6.2 million results come back, So, to set themselves apart, lenders and brokers will need to advertise.  By, any key metric, advertising on Tampa radio is the best way to reach area homeowners.

Tampa Bay consumers spent more than $59 billion with retailers last year. The National Retail Federation forecasts 4.1% more will be spent this year.

Who are the shoppers that will be spending all this money?

According to Nielsen, 53.3% of retail dollars are spent by Tampa area consumers over the age of 50. This may surprise many small business owners because older consumers comprise only 43% of the area's adult population.

These older consumers account for the majority of spending in almost every retail category. This includes furniture, cars, pet supplies, fast food, and electronics.

To earn a share of these massive dollars spent by these older consumers requires Tampa Bay small business owners to advertise.

Retailers in Tampa Bay rang-up $59,380,749,000 in retail sales last year, according to Nielsen. But wait. It's about to get better.

The National Retail Federation forecasts that in 2020, sales will increase by as much as 4.1%. This will create another $2.4 billion for local small business owners.  

“The economy is growing at a more modest pace, but the underlying economic fundamentals remain in place and are positive,” stated NRF chief economist Jack Kleinhenz. “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.

To claim a fair share of this enlarged pool of spending will require Tampa Bay small business owners to advertise.

“Think you have a great product?” asks the U.S. Small Business Administration. “Unfortunately, no one’s going to know about it unless you advertise.”