There are 698,000 consumers in the Fort Myers-Naples area who own their own homes. 

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 SWFL homeowners 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 Southwest Florida', 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 Fort Myers radio is the best way to reach area homeowners.

Southwest Florida consumers spent more than $22.7 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, 56% of retail dollars are spent by SWFL consumers over the age of 50. This may surprise many small business owners because older consumers comprise only 48% 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 Fort Myers-Naples small business owners to advertise.

Retailers in Southwest Florida rang-up $22,714,044,000 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 $931 million 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 Fort Myers-Naples 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.”  

There is alarming news for Southwest Florida small business owners who advertise on Fort Myers television stations: broadcast TV viewers are disappearing at a rapid pace.

Nielsen reports that halfway through the first quarter of this year, the number of people using television has dropped 7.5%. This compares to -6.3% in the fourth quarter of 2019, and -7.0% a year ago,

"If the trend holds, it would represent the largest quarterly decline for TV viewership in our data set," explains UBS analyst John C. Hodulikadding. "Trends have worsened across most age demos with persons 25-34 now falling -17% vs. low double-digit declines throughout 2019. The persons 55+ demo continues to trend down -2%, similar to 2019 (the first year of declining ratings for the demo)."

Radio listenership, on the other hand, has remained quite stable, according to Nielsen. Since 1970, the medium has reached more than 9-in-10 consumers every week.

How quickly the millennials have grown up.

According to Nielsen, 58.7% of all Southwest Florida parents with children under the age of 18 are millennials.  

From the time their kids are born until they reach they are 17, these young parents will spend, on average, $233,000 per child. This does not include the cost of college.

Currently, there are 197,533 children under the age of 18 living in SWFL. That means the local parenting economy is worth upwards of $45 billion. These dollars are being spent, among other things, on diapers, daycare, transportation, toys, education, electronics, clothing, and health care.

For SWFL small business owners interested in competing for a substantial portion of this multi-billion dollar pool of parental cash, they must advertise to millennial moms and dads. By almost any measurement, advertising on Fayetteville radio is the best way to reach this audience.

March is the biggest single month for used car sales in Southwest Florida. During these 31 days alone, local pre-owned vehicle dealers are expected to bring in $44 million in sales. This will represent 10% of their annual revenue.

By the end of May, these dealers owners will sell more than $129 million worth of pre-owned cars and trucks. This, undoubtedly, makes March-May 'used car season' in the Fort Myers-Naples area.

Although most SWFL used car dealers are small business owners, they do really big business. In all, over the next 12 months, more than 154,000 pre-owned vehicles will be driven off their lots.

To capture a larger share of the area's $449 million used car market requires pre-owned vehicle dealers to advertise. By any measure, the best way for these business owners to advertise is on Fort Myers radio.

As Valentine's Day sales begin to dwindle, that's when Southwest Florida small business owners start thinking about Mom.

Mother's Day, which happens on the second Sunday of May, is second only to Christmas in terms of holiday spending. Last year, SWFL consumers spent more than $94-million celebrating the women in their lives. That number is expected to grow again in 2020.

To claim a significant share of this Mother's Day cash, local retailers and restaurants will need to advertise.  By almost every key metric, advertising on Fort Myers radio is the best choice.

Over 225,000 consumers in Southwest Florida now own a smart speaker. Ownership of these devices, including Amazon Echo and Google Home, has grown five-fold since the beginning of 2017.

According to Adobe Analytics, significantly  more consumers are asking Siri and Alexa to play music than any other activity.

Many SWFL small business owners depend on Fort Myers radio to advertise their goods and service. So, how does the use of smart speakers as an audio device affect their radio advertising's ability to reach local consumers? The answer is: none at all.

If you were one of the 807,219 consumers who tuned-in to a Fort Myers radio station last week, then chances are you heard at least one commercial from GEICO, Progressive, or Liberty Mutual. That's because insurance is big business in Southwest Florida.

Each year, SWFL consumers spend $1.5 billion to insure their homes and cars. That's almost $1500 for every area adult.

There is good news and bad news for the 1900 local insurance agents who are competing to earn a substantial share of the home and auto premiums consumers are paying.

According to Nielsen, 114,000 policyholders in SWFL are planning to switch insurance providers during the next 12 months.

In 1940, WFTM became the first radio station to serve Southwest Florida. Today, 807,219 adult consumers tune-in to Fort Myers radio stations every week. This is significantly more than watch local TV or read newspapers. 

SWFL small business owners, however, also want to know how local radio compares to streaming audio platforms like Pandora and Spotify, especially as it relates to advertising. The answer could surprise many of them.

Pandora was created to provide a personalized radio station catering to the musical preferences of each user.  The playlists were determined by a proprietary algorithm and then streamed directly to each listeners' computer. Over the next few years, the service became available on iPads and smartphones.