More than 95% of Southwest Florida households own at least one vehicle.
Pre-pandemic, 83% of workers spent, on average, 56 minutes every weekday in these cars commuting to-and-from their jobs.
On their way to work, many of these drivers would contribute to the Fort Myers area's $22.7 billion retail economy by visiting the convenience stores, coffeehouses, auto repair centers, gas stations, daycares, grocery stores, or hundreds of other businesses they passed.
At lunchtime, these same cars would take their owners to restaurants, dentist appointments, nail appointments, barbershops, and on an infinite number of other errands.
On the weekends, these vehicles filled the parking lots of hardware stores, furniture stores, car dealers, appliance stores, bowling alleys, movie theatres, and nightclubs,
Then on April 3, when the Governor of Florida shut down the state to slow the spread of COVID-19, traffic came to a standstill and so did the spending.
There are strong indications, though, that in the Fort Myers area, roads are filling up again.
Read More
Topics
roi,
best way to advertise,
retail,
store traffic,
small business advertising,
radio advertising,
small business owner,
return on investment,
in-car listening,
consumer spending,
small business,
retail sales,
retail store,
retailer,
in-car audio,
vehicle traffic
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.
Read More
Topics
Reach,
roi,
best way to advertise,
retail,
radio advertising,
small business owner,
small business,
retail sales,
retail store,
retailer,
reach & frequency
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.”
Read More
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
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.
Read More
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
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.
Read More
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
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.
Read More
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
Southwest Florida 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, 586,000 SWFL adults use Facebook, Instagram, or Twitter. This equates to 62.7% of consumers. This reach is rather anemic compared to Fort Myers 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 Fort Myers 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.
Read More
Topics
Reach,
best way to advertise,
retail,
radio advertising,
small business owner,
twitter,
social media advertising,
facebook,
instagram,
small business,
retail store,
retailer,
facebook advertising,
engagement
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.
Read More
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