There are 84,675 small businesses in the Wilmington, DE, tri-state area, according to the U.S. Census Bureau. Almost every one of these businesses is competing for a portion of the $14.6 billion of local retail spending expected to occur in 2023.*

To capture the largest share of this giant pool of consumer cash, Wilmington small business owners will need to consider advertising.

"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. Advertising, if done correctly, can do wonders for your sales., and you know what that means: more revenue and more success for your company."

One of the best ways to advertise in Wilmington may be on local radio, a fact not lost on the world's largest advertiser, Proctor & Gamble. Last year, P&G upped spending on the radio by 43% to $235 million, according to Vivvix (formerly Kantar Media), led by a big jump in local radio.

According to Nielsen, 487,506 adults tune in to their favorite Wilmington, Delaware, radio stations every week. This is significantly more consumers than are reached by all other advertising-supported media, including local TV, local cable, streaming video, social media, online audio, and local newspapers.

Wilmington radio's unchallenged reach is why many local business owners depend on the medium to capture the largest possible share of the $14.6 billion dollars consumers are expected to spend at retail this year.

Other local small business owners, however, may be surprised to learn that by most marketing metrics, radio remains the best way to advertise in Wilmington.

Here are four more facts about AM/FM radio that may surprise many local marketers.

Every week, according to Nielsen, Wilmington, Deleware, radio reaches 487,506 adults. This is more consumers than use any other medium, including local TV, local cable, streaming video, social media, online audio, and newspapers.

Reach, though, is only one component used to calculate ratings.  The other metric that contributes to the rating formula is the time spent using each medium. So, although for the past 10 years, AM/FM radio's reach has been significantly higher than the reach of local TV, consumers spent considerably more time watching TV. As a result of the math, TV has enjoyed higher ratings than radio.

For the first time, however, AM/FM radio ratings have exceeded local TV ratings by three percent among the key advertising demographic of 18-49-year-olds, according to Nielsen's Total Audience Data for the third quarter of 2023.

In the Wilmington area, there are 299,401 18-49-year-olds, the majority of whom are millennials, a generation that now accounts for nearly one-third of all retail spending.

Over the next 12 months, according to Nielsen, 80,547 Wilmington, Delaware area households plan to buy furniture and mattresses. Based on a per capita forecast from Furniture Today, these expenditures will total $287.4 million during 2023, a $5.2 million dollar increase over 2022.

Although the forecast growth of furniture and bedding sales is expected to moderate a bit versus 2021, what retailer would not want to grab a share of the multi-million dollar category growth this year?

To capture a bigger share of the increased spending on chairs, couches, beds, tables, and mattresses will require local stores to invest in marketing. And according to most key metrics, the best way to reach local furniture buyers is with advertising on Wilmington radio.

Wilmington, Delaware, area construction companies will need to recruit 1,242 more workers in 2023 in addition to the normal pace of hiring. This forecast is a per capita estimate based on research from Associated Builders and Contractors (ABC).  

The frenetic pace of recruiting construction workers in Wilmington is expected to extend into 2024, with an incremental 737 workers needed next year, as well, in addition to the normal pace of hiring.

Overall, the demand for construction workers in America has been increasing at an epic rate.

According to ABC, the construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, and the industry unemployment rate of 4.6% in 2022 was the second lowest on record, higher than only the 4.5% unemployment rate observed in 2019. In addition, national payroll construction employment was 231,000 higher in December 2022 than in December 2021.

Right now, filling open jobs at any Wilmington company is a struggle.

A recent survey by the National Federation of Independent Business Owners found that after inflation, the most critical problem facing these businesses is the inability to recruit and retain quality employees.

Right now, says the Federal Reserve,  unfilled jobs remain near an all-time with 1.7 openings per unemployed person.  As a result, only one person is being hired per every four job openings.  To put this dismal hire-to-opening ratio in perspective, ten years ago, there was one hire per every job opening.

Compounding the recruitment woes of Wilmington's small business owners is the very stubborn quit rate.  According to the Federal Reserve, for every ten hires made, seven current employees quit. 

So, how can local builders and contractors fill the open jobs at their companies? Most metrics indicate that advertising on Wilmington Radio may be the best way.

Wilmington, Delaware are business owners should brace for a sweet Valentine's Day in 2023.

Based on per capita spending forecasts from the National Retail Federation (NRF), Wilmington area consumers are expected to spend $58.9 million on their Valentines this year, 8.4% more than they did in 2022.

Overall, says the NRF, 52% of consumers plan to celebrate Valentine's day this year. On average, each celebrant will spend $192.80 on holiday gifts and outings. This is $17 more than last year.  Here is the most interesting part, though.

"While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives," says the NRF. "Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends, and co-workers, along with classmates or teachers."

Economic concerns among Wilmington, Delaware area consumers are not expected to subdue holiday shopping in in 2022.  Based on forecasts from The National Retail Federation, local shoppers are projected to spend at least $2.1 billion this year. This would be 6% more than was spent in 2021.

“While consumers are feeling the pressure of inflation and higher prices, and while there is continued stratification with consumer spending and behavior among households at different income levels, consumers remain resilient and continue to engage in commerce,” NRF President and CEO Matthew Shay said. “In the face of these challenges, many households will supplement spending with savings and credit to provide a cushion and result in a positive holiday season.”

The biggest challenge facing Wilmington business owners is keeping holiday spending local. NRF expects 10-12% of purchases to happen online from retailers like Amazon and Walmart.

To lay claim to this expanding pool of holiday spending,  and keep business local, small business owners will need advertising. By, most marketing metrics, the best way to advertise is on Wilmington radio.

According to Nielsen, 558,721 adults in the Wilmington, Delaware area have access to the internet. Eighty-three percent of these consumers conduct online research before making a retail purchase, says a report from GE Capital Bank. 

To reach Wilmington area adults in the market to buy their goods and services, businesses spent $430 million in 2021 on digital adverting, according to projections based on the 2021 IAB Internal Advertising Report.  This is 35% more than was spent during the prior year.

This mammoth pool of online advertising dollars targeted at Wilmington consumers is being spent on a variety of digital resources including search engine marketing (SEM), search engine optimization (SEO), display ads, video ads, audio ads, email, and social media. Each of these tools can precisely target consumers who are currently in the market to buy whatever it is a business is selling.

Most forms of online advertising are designed to compel Wilmington consumers to click on a digital ad that will transport them to the website of a company that sells whatever it is consumers are in the market to buy.  Is investing only in digital advertising enough to drive sales for a local business? 

Many marketing experts believe that online advertising needs to be part of a broader marketing strategy to be successful.

Wilmington, Delaware area small business owners have an abundance of options for advertising their goods and services. Choices include local TV, local cable, social media, streaming video, streaming audio, podcasts, and newspapers.

The best way to advertise in Wilmington, however, is local radio.

Every week, according to Neilsen, 501,249 adults tune-in to their favorite Wilmington radio stations. This is significantly more than any other advertising medium.

In addition to the adults who listen to Wilmington radio over-the-air, an incremental 9,106 adults connect to their favorite stations online as well using their phones, computers, and tablets. In all, according to Nielsen, 24.9% of all Wilmington radio listeners listen both online and offline.