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Fayetteville Retail Sales Are Growing. Is It Time To Advertise?

Oct 20, 2020 2:16:04 PM / by Larry Julius

Now would be a good time for Fayetteville small business owners to consider increasing their advertising expenditures.

There are just over 8,600 small businesses in the Fayetteville, North Carolina metro area, according to the U.S. Census Bureau.  Based on some promising retail sales data, the Overall  Sentiment Index among local small business owners has improved 32.4% between April 26 and October 12 of this year.

The best news for business owners came from the Commerce Department on Friday when it reported that retail sales rose by a seasonally adjusted 1.9% in September.  This is the fifth straight month of gains.

Local retail gains are being powered by improving consumer confidence and a large pool of cash sitting in people's savings accounts.

The Conference Board's Consumer Confidence Index jumped to 101.8 in September, up 17.9% from August. This means consumers are in the mood to spend. Fortunately, they have money in the bank to do so.

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Topics Retailer, roi, return on investment, millennials, retail, small business, small business owner, fayetteville small business owners, purchase intent, consumer spending, millennial parents, retail sales, retail stores, small business marketing, retail traffic, retail store traffic, small business advertising, consumer confidence

Newspaper Advertising In Fayetteville: Advice For Business Owners

Oct 15, 2020 2:01:02 PM / by Larry Julius

Fayetteville area business owners are expected to spend $6.1million on newspaper advertising in 2020. This will be 35.8% fewer dollars than were spent in 2019, according to a study by Borrell Associates, a company that analyzes local media expenditures across the country.

Of course, the pandemic is part of the reason advertising revenues have plummeted at Fayetteville newspapers. But, the more significant factor is the sustained erosion of readership.

For example, between October 2017 and March 2019, the Monday-Saturday circulation of the Fayetteville Observer has decreased by 46%. The Sunday edition suffered a 49% decrease.

Among all advertising media available to small business owners, newspaper's ability to reach adult consumers now lags significantly behind Fayetteville radio, cable, broadcast TV, and social media.

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Topics small business, small business owner, fayetteville small business owners, best way to advertise, newspaper advertising, fayetteville observer, small business marketing, small business advertising, newspaper readers

Email Marketing In Fayetteville: Tips For Small Business Owners

Oct 5, 2020 6:48:50 AM / by Larry Julius

Fayetteville business owners are forecast to invest $800,000 in 2020 on email advertising campaigns to market their goods and services, according to Borrell Associates, a company analyzes ad spending by local companies across the country. 

Borrell predicts overall spending on email marketing by Fayetteville companies is expected to be down by nearly 12% versus last year, primarily due to the pandemic. Regardless, now might be a good time for small business owners to consider engaging current and prospective customers with emails.

"Email is on-fire right now," says Jay Schwedelson, President of Worldata, a company that builds and measures email marketing success for Fortune 100 companies. "Since the start of the pandemic, consumers are spending 22% in their email inbox than they were in January."

Mr. Schwedelson speculates the increase in inbox time is due, in part, to many consumers working from home and depending more-and-more on written communication from co-workers and customers.

"It could also be that consumers are finding comfort in their email boxes rather than from all the noise on social media."

"Either way, email marketing is performing better than ever," says Mr. Schwedelson. "We've studied more than 200 million emails sent over the past 30 days to both business-to-consumer and business-to-business. We found that B2C open rates are up 16% since January, while B2B open rates are 25% higher."

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Topics small business, fayetteville small business owners, small business marketing, small business advertising, open rates, CTR, subject line, inbox, email marketing, email advertising, click through rates

Advertise In Fayetteville: Shoppers' Needs Are Changing...Again!

Sep 29, 2020 8:28:44 AM / by Larry Julius

There are over 349,000 adult consumers in the Fayetteville area. Collectively, in a typical year, these shoppers would generate $8.5 billion in retail sales. This money would be spent on cars, shoes, fast-food, entertainment, groceries, mattresses, adult beverages, haircuts, makeup, and an over-abundance of other of goods and services. Their money was being spent on both the essential and the frivolous. 

The way Fayetteville consumers spend money changed radically in March as COVID-19 began to spread. Six months into the pandemic, shopping strategies are about to change again.

It started with panic buying. Consumers began ignoring prices and were paying what was ever necessary to ensure the safety, health, and comfort of their families.  According to Nielsen, this sudden spike in demand caused widespread price increases. To put it in perspective, retail prices shot-up in 64% of all product categories stocked in grocery stores.

Almost immediately, advertising messages from local retailers shifted from promises of low prices and convenience to product availability and shopper safety.

Based on new research from Nielsen, consumers' shopping strategies are beginning to shift again. This will require Fayetteville small business owners and retailers to also change their advertising strategies, too.

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Topics Retailer, roi, return on investment, small business, small business owner, fayetteville small business owners, retail sales, retail stores, coronavirus, corona, covid 19, small business marketing, retail traffic, retail store traffic, small business advertising, pandemic

How Fayetteville Small Business Owners Can Boost 2020 Holiday Sales

Sep 25, 2020 4:06:33 PM / by Larry Julius

Fayetteville area shoppers are expected to spend over $1.5 billion during this year's November-January holiday season. This estimate is based on a forecast issued last week by Deloitte, the world's largest business accounting firm.  This spending represents a 1-1.5% increase  versus the same period last year.

How can Fayetteville small business owners best compete for a significant share of the 2020 holiday expenditures?

"Retailers who prioritize customers’ desires for a safe, efficient shopping journey will be the big winners this year," writes Sean Gundz on www.ChainstoreAge.com.

"The holiday season is always a stressful time for retailers, especially the ones that make the majority of their revenue in the short window between Thanksgiving and Christmas," says Mr. Gundz. 

"Within this window is Black Friday, which, along with other big holiday sales events, are going to look a lot different this year. Retailers must accommodate COVID-19 mandates that enable social distancing, minimize surface touching, and actually restrict foot traffic in their facilities. All while trying to optimize sales."

Mr. Gundz says there is no single way to deal with the challenges facing retailers this holiday season. He does offer five tips, though, that every Fayetteville retailer can employ.

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Topics Retailer, retail, small business, small business owner, fayetteville small business owners, holiday shopping, christmas shopping, millennial parents, retail sales, retail stores, small business marketing, retail traffic, retail store traffic, small business advertising, holiday advertising, parents

Fayetteville Retailers Expect Sweet Halloween In 2020

Sep 22, 2020 12:49:20 PM / by Larry Julius

Fayetteville area consumers are expected to spend $11.7 million on Halloween related activities in 2020, according to information from the National Retail Federation.  This would be a slight 2.3% decrease from 2019. This is proof of the holiday's strong resistance to the pressures of a pandemic economy.

Based on data from the NRF's annual survey conducted by Prosper Insights & Analytics, more than 203,000 Fayetteville adults plan to participate in Halloween-related activities. Among those celebrants, safe at-home activities ranked highest: 53 percent plan to decorate their homes, 46 percent plan to carve a pumpkin, and 18 percent will dress up their pet.

“Consumers continue to place importance on celebrating our traditional holidays, even if by untraditional standards,” NRF President and CEO Matthew Shay said. “Retailers are prepared to meet the increased demand for seasonal décor, costumes, and other items that allow families the opportunity to observe Halloween safely.”

To earn a large share of Halloween spending in 2020, Fayetteville small business owner will need to advertise to let consumers know their stores are open, stocked, and ready. By any metric, advertising on Fayetteville radio is the best way to reach holiday shoppers.

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Topics Retailer, retail, small business, small business owner, fayetteville small business owners, Working Mothers, halloween, holiday shopping, children, millennial parents, retail sales, retail stores, small business marketing, retail traffic, retail store traffic, small business advertising, holiday advertising

Fayetteville Small Business Update: Auto Parts Sales Accelerate

Sep 18, 2020 3:18:45 PM / by Larry Julius

There are more than 267,000 vehicles registered in the Fayetteville area. Many need new windshield wipers, shocks, struts, brakes, air filters, ignition coils, and the hundreds of other items that fill the shelves of local auto part dealers.

Despite the pandemic induced slowdown, business at auto parts stores has grown nearly 13% since February, according to the US Census Bureau.

This explosive growth in auto parts sales directly relates to the  average age of cars on Fayetteville's roads.

"Per the latest study from IHS Markit, the current combined average age of vehicles has hit a record of 11.9 years," Rimmi Singhi wrote this week on NASDAQ.com. "The aging vehicles are a boon to auto parts, replacement, and repair companies. In a bid to ensure long-term functioning of the aging vehicle population, customers are making investments to replace faulty vehicle parts and components."

Also contributing to the rapid aging of cars on the road is the current demand for used versus new vehicles. According to the Bureau of Economic Analysis, the personal consumption expenditures (PCE) for used cars is 25% higher in August than it was during the same month last year.

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Topics Retailer, retail, small business, small business owner, fayetteville small business owners, best way to advertise, radio advertising, used cars, used vehicles, retail sales, retail stores, small business marketing, retail traffic, retail store traffic, advertising on radio, small business advertising, used trucks, auto parts

Banks and Credit Unions Reach ReFi Customers On Fayetteville Radio

Sep 12, 2020 9:40:56 AM / by Larry Julius

There are approximately 66,000 households in the Fayetteville area with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $127,000.

Yesterday, there was extraordinary news for many of these borrowers and for Fayetteville area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

 
With interest rates at this new level, 20 million American homeowners can now refinance their existing mortgage, according to Black Knight, a data analytics company specializing in homeownership life cycles. 
 
By refinancing an existing mortgage, a Fayetteville area homeowner could considerably reduce the length of their loan or lower the amount of their monthly payments.
 
Local banks, credit unions, and mortgage companies create a great deal of revenue from refinancing. 
 
Generally, a lender can expect to earn two to five percent of the loan principal amount in closing costs, according to BankRate.com. For a $200,000 mortgage refinance, for example, closing costs could generate between $4000 and $10,000.
 
For local financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Fayetteville radio is the most effective way to reach homeowners.
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Topics best way to advertise, radio advertising, refinance, mortgages, mortgage rates, mortgage broker, bank, home owners, advertise on radio, credit union, homeowners

Now Open: Political Advertising Window on Fayetteville Radio

Sep 8, 2020 3:18:12 PM / by Larry Julius

On September 4, the political advertising window opened on Fayetteville radio and area TV stations.  This is a 60 day period leading up to a general election when broadcast stations licensed by the Federal Communication Commission are obligated to offer candidates for national office the opportunity to buy commercials at the lowest unit rate (LUR).

For example, if a high-frequency advertiser like McDonald's earns the lowest rates on a particular Fayetteville radio station during morning drive-time, then any candidate for federal office must, during the 60-day political window, be offered the same rate for morning drive time on that station, regardless of frequency.

If, however, the McDonald's rate is contingent on the radio station's ability to pre-empt commercials without notice, then qualified candidates must agree to identical terms to receive the same rate.

To facilitate the purchase of commercials on Fayetteville radio, stations will supply candidates with a political rate-card.  This card will show the LUR by time of day and by preemption parameters.

Here are other important facts about political advertising on Fayetteville radio.

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Topics issue advertising, political advertising, radio advertising, advertise on radio, advertising on radio, political rates, political rate card, lowest unit rate

Advertising In Fayetteville: OTT & CTV Viewing Soars

Sep 5, 2020 8:17:14 AM / by Larry Julius

Advertising on local television and cable is becoming less attractive to Fayetteville business owners as viewers rapidly defect to alternative video entertainment sources including, Netflix, YouTube, Hulu, Amazon and Disney+.

Collectively these streaming services are referred to as Over-The-Top Television (OTT) and Connected-TV (CTV). Viewers can only access this OTT and CTV content via smartphone, tablets, computers, smart-TVs, Amazon Fire Sticks, and Roku Sticks, Nielsen reports that 94.2% of Fayetteville adults own at least one these devices. Furthermore, they are using them.

According to Nielsen, OTT and CTV networks now reaches 42.3% of all Fayetteville consumers every week.

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Topics television, small business, small business owner, fayetteville television, fayetteville small business owners, best way to advertise, radio advertising, television advertising, small business marketing, pay-TV, cable television, advertise on radio, small business advertising, cable-tv, satellite television, ott, ctv, streaming video

B2B Advertising In Fayetteville: Reaching The Decision Makers

Aug 27, 2020 8:15:55 AM / by Larry Julius

New data from the US Census Bureau has optimistic news for Fayetteville companies that sell business-to-business.

There are approximately 6000 businesses in the Cumberland and Robeson County, according to the Census Bureau. Indeed, many of these businesses have suffered since the onset of the Coronavirus, especially in April.

Census information is now showing positive indicators that the fortunes of area companies are improving. This includes those with 500 or fewer employees. These small businesses account for 88% of all Fayetteville area firms.

During the week of April 26, 36% of North Carolina small businesses reported temporary closures.  By July 1, the number dropped to 11%

Also, during that same week, 68% of North Carolina small business owners were reporting decreases in revenue versus the prior week.  By the end of June, that number fell by more than half.

In both June and July of this year, national data shows all retail and food services spending significantly outperformed the prior year by between two and three percent.

As the business climate improves in the Fayetteville area, the fortunes of B2B companies will accelerate as well. These include those businesses that sell office supplies, restaurant supplies, cleaning services, legal services, accounting services, transportation services, banking services, technology, and commercial real estate.

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Topics roi, return on investment, b2b, business to business, small business, small business owner, fayetteville radio stations, fayetteville small business owners, best way to advertise, fayetteville radio, small business marketing, small business advertising, advertise on fayetteville radio

How Has Working From Home Affected Advertising On Fayetteville Radio?

Aug 24, 2020 6:45:00 AM / by Larry Julius

Before COVID-19, most listening to Fayetteville radio happened outside the home. Consumers were tuning-in to their favorite stations from the car on the way to their job. Then, they tuned-in when they arrived at work. They listened again during the commute back home.

Nielsen recently surveyed consumers who worked from home before and during the novel coronavirus outbreak. The results show, as of June, 66% of respondents now work from home full-time as a consequence of the pandemic.

As consumers are compelled to work from their houses and curtail their commutes, the share of at-home listening to Fayetteville radio has grown by 27%, according to Nielsen.

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Topics best way to advertise, effective radio advertising, radio advertising, coronavirus, corona, covid 19, advertise on radio, pandemic, radio listening, listening location, time spent listening, work from home

Advertising in Fayetteville: The Radio Century

Aug 20, 2020 7:20:00 AM / by Larry Julius

Fayetteville radio reaches more area adults every week than any other medium. During a typical seven-day period, according to Nielsen, 327,293 local consumers tune-in to their favorite AM and FM stations. This is significantly more than those who watch broadcast television, subscribe to pay-TV, browse social media, read a newspaper, or stream music from Pandora and Spotify.

Radio's omnipresence in the life of Fayetteville consumers is remarkable considering today is the medium's 100th birthday.

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Topics reach, roi, return on investment, best way to advertise, radio advertising, reach & frequency, advertise on radio, advertising reach, radio history

What Is The Best Way To Reach Fayetteville's 350,000 Consumers?

Aug 17, 2020 1:19:18 PM / by Larry Julius

Despite all of the media options available for small business owners to market their goods and services, advertising on Fayetteville radio is still the best way to reach local consumers.

Adult consumers are spending 741 minutes per day consuming electronic media, according to a new study by Nielsen.  This is 7.8% more time than they spent last year and 11.2% more than in 2018.

The typical daily media diet consists of radio, live TV, time-shifted TV, DVD/Blue-ray devices, game consoles, internet-connected devices, as well as internet via computers, smartphone apps, and tablet apps.

According to Nielsen, despite all of these media options, local radio reaches the most consumers every week.

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Topics Retailer, reach, roi, return on investment, retail, small business, radio effectiveness, small business owner, fayetteville small business owners, best way to advertise, effective radio commercial, radio commercials, effective radio advertising, radio advertising, effective advertising, reach & frequency, retail sales, retail stores, small business marketing, retail traffic, advertise on radio, retail store traffic, advertising reach

What Fayetteville Consumers Need To Know Now About Your Small Business

Aug 12, 2020 9:33:50 AM / by Larry Julius

There is good news for Fayetteville retailers and restaurants.

As a result of the pandemic, one-third of consumers indicate they will pay a premium for local brands and products, according to a recent study by Ernst & Young

However, before consumers will buy from a local business in Raeford, Lumberton, Spring Lake, or any town in-between, they must know they can do so without risking their health.

Advertising is the only practical way to let Fayetteville area shoppers and diners know about the precautions and practices your small business has taken to reduce potential health threats.

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Topics Retailer, retail, small business, radio effectiveness, small business owner, fayetteville small business owners, best way to advertise, effective radio commercial, effective radio advertising, restaurant advertising, effective advertising, restaurant marketing, retail sales, retail stores, restaurants, small business marketing, retail traffic, retail store traffic, small business advertising

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