Tampa Bay area business owners have an abundance of options for marketing their goods and services to local consumers. New research from Nielsen, however, indicates that advertising on Tampa radio is still the best way to reach local shoppers.

Every week, according to Nielsen, Tampa radio reaches 2.2 million adults. This is significantly more than are reached by social media, local TV stations and cable systems, newspapers, streaming video and audio, and podcasts.

In addition to listening to their favorite Tampa radio stations over the air, Nielsen reports that 647,443 adults also listen to local stations online every month.

As a matter of fact, according to a study conducted by Edison Research during the third quarter of 2022, among Adults 25-54, 17% of all time spent listening to local AM/FM stations occurs online. This share of online listening has nearly doubled since 2016.

Based on projections from the National Retail Federation (NRF), Tampa Bay consumers are on track to spend $46.3-billion with retailers by the end of this year. This would be 13.5% higher than was spent in 2020.

To earn a significant share of these retail dollars, Tampa Bay area business owners are expected to spend $1.6 billion to advertise by year's end, according to Borrell Associates. This company tracks advertising expenditures in local markets across the U.S.

To ensure they are spending their advertising and marketing dollars wisely, many Tampa Bay business owners research how to best target prospective customers by using local media. An exceptional resource for local business owners to investigate the media habits of localconsumers is on the advice section of AdvertiseInTampaBay.com.  

Here are the top five most-read articles on the site in 2021:

The first Baby Boomers were born in Tampa Bay during 1946, and they kept coming until 1964.  Today, this generation represents 21.8% of the population.

According to Visa, however, when it comes to the ability to buy goods and services from local business owners, people 50 and older are responsible for 56% of all retail spending.  In Tampa Bay, that equates to $33-billion.

Forecasts from the Bureau of Labor Statistics indicate the spending power of the Baby Boomer generation will remain dominant through at least 2025. This is fueled, in part, by the Boomers' continued participation in the labor force.

Advertising is critical to the growth and ultimate success of a Tampa Bay small business. The U.S. Small Business Administration recommends that mature businesses should budget 7-8% of its annual income for advertising the company's goods and services. 

Businesses that are in an early growth phase, however, should plan on investing 10-12%.  Start-up companies that may not yet be familiar to their target consumers should consider investing even a larger percentage.

Deloitte, the world's largest business consulting firm, recommends that "radio advertising should be a big part of the mix for those buying advertising."

Tampa Bay small businesses that sell products or services to pet owners should sit up and take notice.  Local consumers will spend $753,000,000 this year on behalf of Fido and Fluffy. This amount has increased 323% since 1994, with no sign of letting up.

According to the American Pet Products Association, here's how local spending on furry companions breaks down:

• Food: $301,527,000
• Supplies/OTC Medicine: $161,795,000
• Vet Care: $183,858,000
• Live Pet Purchases: $22,062,000
• Other Services: $66,188,000

The biggest month for sales of pet-related products and services in Tampa Bay is, by far, December. That is when 10.5% of all annual spending happens in this category.

Tampa Bay consumers are expected to spend $59.3 billion at retail this year, according to Nielsen. This means that every household, on average, will be paying out $45,646

To capture a larger share of these dollars, local small business owners need to know the answer to two questions.

The first question is, where is this enormous amount of cash being spent?  The list below details the answer.

Tampa Bay consumers are expected to spend $7.3 billion on this year's holiday shopping, based on predictions by The National Retail Federation.  This would be a 4% increase over last year.

Deloitte, one of the world's top four accounting firms, forecasts similar growth.

"The projected holiday season growth is, in part, due to the current health of the labor market,” said Daniel Bachman, Deloitte's U.S. economic forecaster. “Near record-low unemployment rates, coupled with continued monthly job creation, may encourage people to spend more during the holiday season. The economy is still growing, albeit at a slower rate. Additionally, we continue to see consumer confidence elevated, which also helps boost holiday spending."

For most Tampa Bay retailers, holiday spending brings in about 20% of annual sales But, long gone are the days when the bulk of this shopping occurred between Black Friday and Christmas.

Last week, according to Nielsen, 601,626 single, adult women tuned-in to a Tampa radio station.  This is 88% of every consumer who fits this description.

Why should Tampa Bay small business owners take note of this demographic? A study by investment bank Morgan Stanley finds 41% of working-age women are single. That number is expected to increase to 45% over the next ten years.

The study, called 'Growth of the SHEconomy', indicates that single women outspend the average household in many retail categories. Remarkably, says, Erica Sweeney of MarketingDive, "Women purchase more than half of products traditionally considered 'male' including autos, home improvement products, and consumer electronics."

Every so often, when a Tampa Bay small business owner advertises on a local radio station, it isn't successful.

There can be no debate, though, when implemented correctly, advertising on Tampa radio works, and works well.

"Last year," says Jon Polizzi, "our business grew 67%.  The only thing we did differently was to add radio advertising into our marketing mix. I attribute most of our growth to what we have done on the radio."

Mr. Polizzi along with his brother have owned Electric Today, LLC since 2004. The company provides residential electrical and air conditioning repairs to customers in Hillsborough, Pinellas, and Manatee counties.

"We advertise on Tampa radio every week with very high repetition. Our return on investment (ROI) has been really good," say Mr. Polizzi. "I know if I can beat my name into someone's head enough times, they will know us when they need electrical or air conditioning repairs."