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What Happens When A Fort Myers Small Business Stops Advertising?

May 28, 2020 11:42:19 AM / by Larry Julius

Southwest Florida small business owners may perceive the continuation of advertising as a luxury right now. This is especially so when compared to the necessity for covering the costs of utilities, inventory, payroll, and rent.

Before pulling the plug, though, business owners from Marco Island to Cape Coral must consider the consequences of 'going dark', a marketing term which means to stop advertising.

"According to our analysis, short-term decisions to go dark create significant risk for long-term revenue," says Ameneh Atai, Senior Vice President of Commercial Strategy at Nielsen. "This affects both incremental revenue and base sales."

"Our database of long-term effects models suggests that cutting ad spending for the rest of 2020 could lead up-to 11% revenue decrease in 2021," says Ms. Atai. "It could take three to five years of solid and consistent brand building to recover from an extended dark period of media."

"We have a ton of evidence in our historical analysis," adds Nielsen's Tsvetan Tsvetkov, Senior Vice President of Agency and Advertiser Solutions. "Companies that step away from advertising efforts for a period of time, whether it's a couple of quarters or a full year or longer lose the momentum they have built over time the minute they stop. To recover takes a long, long time."

To avoid the economic risks of going dark, local small business owners need to make sure every dollar spent on advertising produces solid returns.  By most marketing metrics, advertising on Fort Myers radio could prove to be the best option.

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Topics Reach, roi, best way to advertise, retail, radio advertising, small business owner, small business, retail sales, retail store, retailer, reach & frequency

Who'll Be Buying As Southwest Florida Small Businesses Reopen?

May 19, 2020 7:16:00 AM / by Larry Julius

To slow the spread of COVID-19, the Governor of Florida shut down all but the most essential businesses in the state on April 3. This public safety measure inflicted a severe disruption to the Fort Myers-Naples' $22.5 billion retail economy.

As local small business owners begin to reopen, each must concentrate on supercharging their cash flows to compensate for weeks of consumer abstinence. Turning the lights back on and hanging out a welcome sign might not be enough, though, to bring even the most loyal customers back.

Some customers may not return because of personal safety concerns. Other customers may have discovered alternative sources to purchase goods and services.

But, there is one thing every Southwest Florida small business owner can be assured of. Consumers will not return if they aren't aware that a business has reopened.

Advertising is a potent tactic for any Southwest Florida small business that needs to reintroduce itself to local consumers.

“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.”

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Topics best way to advertise, retail, store traffic, radio advertising, small business owner, small business, retail sales, retail store, retailer, corona, coronavirus, covid 19, crisis marketing, reopening

Fort Myers Small Business Advice: Marketing During The Corona Crisis

Apr 8, 2020 7:07:27 AM / by Larry Julius

In 'normal' times, Southwest Florida consumers would be expected to rack up $22.5 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 Fort Myers-Naples area 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.

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

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Topics best way to advertise, radio advertising, small business owner, small business, retail sales, retail store, retailer, corona, coronavirus, covid 19, crisis marketing, Borrell Associates

Coronavirus: Advertising In SWFL For Small Business Survival

Mar 25, 2020 3:00:44 PM / by Larry Julius

Southwest Florida 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 Fort Myers-Naples area 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 Fort Myers radio.

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Topics restaurant, roi, best way to advertise, streaming audio, radio advertising, small business owner, return on investment, social media advertising, facebook, newspaper advertising, television advertising, small business, retail sales, retail store, retailer, facebook advertising, corona, coronavirus, covid 19

Keeping Your SWFL Small Business Healthy During The Corona Crisis

Mar 16, 2020 4:57:28 PM / by Larry Julius & Bob McCurdy

The top concern of every Southwest Florida 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 SWFL 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 can fend off tough times was shared by The New Yorker magazine financial columnist James Surowiecki.

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Topics restaurant, best way to advertise, retail, radio advertising, small business owner, recession, consumer spending, small business, restaurant advertising, retail sales, retail store, retailer, corona, coronavirus, covid 19

Small Business Advertising In Southwest Florida: Target The Spenders

Mar 3, 2020 8:56:20 PM / by Larry Julius

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.

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Topics best way to advertise, retail, store traffic, small business advertising, radio advertising, social media advertising, newspaper advertising, consumer spending, baby boomers, television advertising, small business, retail sales, retail store, retailer

SWFL Retail Boom: How Your Small Business Can Benefit

Feb 28, 2020 4:46:50 PM / by Larry Julius

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.”  

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Topics Reach, pandora, best way to advertise, retail, store traffic, radio advertising, small business owner, online advertising, digital advertising, social media advertising, newspaper advertising, consumer spending, television advertising, small business, spotify, retail sales

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