At the dawn of 2020, Southwest Florida small business owners were expecting the area's retail economy to expand by 4.1%. This optimism was stoked by the National Retail Federation's chief economist who said, "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."

By February, however, the country entered into a COVID-19 induced recession. Then, to slow the spread of the pandemic, on April 3, the Governor of Florida locked the state down. This brought the SWFL area's $22.5 billion retail economy to a standstill.

As stores, restaurants, and offices in the Fort Myers-Naples area begin to re-open, consumers' appetite for spending is returning. According to Nielsen, loyal radio listeners are very likely to be first in line at the cash registers.

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.

Last week, Gordon Borell, CEO of Borrell Associates, shared insights with Southwest Florida 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.

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.

Southwest Florida small business owners need employees...desperately.

According to a report from the National Federation of Independent Business, 26% of small business owners say finding qualified workers is their number one problem. 

The report goes on to say that 88% of small business owners looking to hire new employees are finding there are no qualified candidates.

The historically low unemployment figures in the Fort Myers-Naples area appears to be the root cause of local hiring woes. The metro area's jobless rate stands at 2.8%. There are just not enough qualified workers to go around.

Most small business owners have exhausted the traditional methods of recruitment. These include online job board posts, newspaper ads, referral bonuses, and help wanted signs. All to no avail.

To successfully attract the qualified applicants they yearn for, local small business owners need to command the attention of 'passive' job seekers. The number one source for these candidates is Fort Myers radio.

Last week, according to Nielsen, 179,642 single, adult women tuned-in to a Fort Myers radio station.  This is 89% of every consumer who fits this description.

Why should Southwest Florida 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."

Advertising is critical to the success of every Southwest Florida small business owner.  One of the most powerful elements of any advertising campaign is how many people it reaches.

Nielsen, the world's largest consumer insights company, found that advertising reach has a more significant effect on sales than branding, recency, and context.

There are many ways a local business owner can advertise. This includes traditional media like Fort Myers radio, local TV, and newspaper. It also includes online advertising options such as Facebook, Instagram, and Pandora.

They type of customer an individual business needs to reach depends on the goods and services the company sells. For instance, a daycare operator might want to reach households with young children. On the other hand, a real estate agent could be looking for consumers in the market to purchase a new home.

The charts below reveal how the different advertising options available to Fort Myers-Naples business compare in terms of the ability to reach customers with specific characteristics. This includes age, income, education, employment status, political affiliation, number of children, ethnicity, and purchase intent.

Next year, according to Nielsen, 52,438 people in Southwest Florida will be getting married.  Assuming that those folks are hitching-up with each other, that means there will be 26,192 weddings. 

CostOfWedding.com reports that the average cost for these pending nuptials will be $27,209 including (but not limited to) rings, dresses, tuxedos, flowers, venues, photographers, invitations, limos, and rice (or birdseed for the ecologically inclined).

This means small business owners in the Fort Myers-Naples area who cater to the bridal market will be competing for a share of $712 million.

In 1930, the Galvin Manufacturing Corporation put the first car radio on the market. They called it the Motorola. This in-car entertainment would setback a Southwest Florida consumer about $120 which would be equivalent to $1200 today.

But, if you had that kind of cash, you would be able to cruise around in your Ford Model-A, DeSoto, Packard, or Studebaker and hear the music of the day from radio stations in Tampa, Miami, and Atlanta.

It would be 10 more years until there were Fort Myers radio stations for local consumers to enjoy.

Today, there's a radio in almost every vehicle on the streets of SWFL. Despite the competition on the dashboard from other sources of entertainment, AM/FM radio remains the dominant choice for in-car entertainment.  This is great news for local business owners who depend on Fort Myers radio to market their goods and services.