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What Happens When A Fayetteville Small Business Stops Advertising?

May 28, 2020 8:13:26 AM / by Larry Julius

Fayetteville 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 Lumberton to Spring Lake 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 Fayetteville radio could prove to be the best option.

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Topics Retailer, reach, roi, return on investment, retail, small business, small business owner, best way to advertise, radio advertising, reach & frequency, retail sales, retail stores

Why Fayetteville Real Estate Agents Need To Advertise Now

May 24, 2020 9:05:00 AM / by Larry Julius

Type "Fayetteville REAL ESTATE AGENTS" into Google. In slightly over a half-second, the search will deliver 5,080,000 results. Similar searches for Hope Mills, Dunn, Lumberton, Spring Lake, or Ft. Bragg produce a proportional number of returns.

Despite the economic hardships imposed by the Coronavirus crisis on North Carolina consumers, the demand for real estate is booming. 

The Wall Street Journal published a trend yesterday indicating that mortgage applications for purchase a home have achieved levels equal to last year.

According to redfin.com, home buying demand is 16.5% higher now than it was pre-COVID-19 on a seasonally adjusted basis.

Redfin attributes this explosive growth in real estate shoppers to two factors, including record-low mortgage rates. The other primary driver is a migration trend from expensive metropolitan areas as buyers hunt for more space at lower prices.

To capture a larger share of the robust market, local real estate agents need to stand apart from the millions of Google results.  Advertising on Fayetteville radio will help accomplish this.  Here's why.

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Topics Streaming Audio, small business, small business owner, best way to advertise, newspaper advertising, online advertising, social media advertising, radio advertising, television advertising, real estate, home buyers, pay-TV, home sellers

Who'll Be Buying When Fayetteville Small Businesses Reopen?

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

To slow the spread of COVID-19, the Governor of North Carolina shut down all but the most essential businesses in the state on March 30. This public safety measure inflicted a severe disruption to the Fayetteville area's $8.1 billion retail economy.

As local small business owners prepare 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 North Carolina 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 Fayetteville 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 Retailer, retail, small business, store traffic, small business owner, best way to advertise, radio advertising, retail sales, retail stores, coronavirus, corona, covid 19, crisis marketing, reopen

Should Your Fayetteville Small Business Continue To Advertise?

May 16, 2020 7:21:00 AM / by Larry Julius

COVID-19 has had a profound effect on cash register receipts in Fayetteville. Every day small business owners from Spring Lake to Hope Mills are being challenged by the pandemic induced recession.

Just yesterday, for instance, the US Commerce Department announced that April retail sales were down by 20% vs. the same month last year. This is sure to take a massive bite out of the $8.1 billion in annual consumer spending Fayetteville area businesses had been expecting in 2020.

“April was the cruelest month,” Craig Johnson, president of Customer Growth Partners, told the Wall Street Journal. "Retail spending likely bottomed out in the first week of May with spending picking up due to Mother’s Day and gradual state reopenings.

“It’s going to be less worse with each month,” said Mr. Johnson, “as people slowly come out of the foxhole and enter the mainstream of American consumerism.”

The ability of a North Carolina small business to survive past the lockdowns will depend on the steps it takes now.

WARC, a company that collaborates with more than 50 respected marketing organizations, including the Advertising Research Foundation and the Association of National Advertisers, has identified ten tactics that businesses should implement immediately. The #2 step on this list: Keep advertising if you can.

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Topics small business, small business owner, best way to advertise, recession, coronavirus, corona, covid 19, crisis marketing, WARC

Does Cable TV Advertising Make Sense For Fayetteville Small Businesses?

May 12, 2020 1:28:23 PM / by Larry Julius

Pay-TV is struggling to survive COVID-19.

Before the onset of the pandemic, Nielsen reported that 60% of Fayetteville area households received their television programs from cable systems, telephone companies, or satellite operators.  That number, however, is plummeting.

Pay-TV providers in the Fayetteville area include AT&T TV, Dish, Spectrum, and DirecTV.

"Cord-cutting, people dropping their cable and satellite TV subscriptions, pre-dates the onset of Covid-19. But the pandemic is exaggerating the trend, creating deeper issuers for programming that relies on those services for distribution," Eric Savitz wrote last week in Barron's.  This includes non-premium services like ESPN, TBS, TNT, USA, CNN, and Discovery.

"LightShed Partners analyst Richard Greenfield counts a loss of 1.96 million subscribers to cable, satellite TV, and virtual cable services combined in the first quarter," Savitz continued. "This is the worst combined quarterly drop ever, down 6% from a year ago."

Greenfield said in an interview with Barron’s that what is especially sobering is that most of the first quarter activity pre-dated the virus. The numbers are likely to get considerably worse in the second quarter.

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Topics millennials, television, small business, small business owner, best way to advertise, radio advertising, television advertising, pay-TV, cable television, dishTV, spectrum, direcTV, AT&T TV

How To Bring Employees Back To Your Fayetteville Small Business

May 9, 2020 6:54:48 AM / by Larry Julius

In January, Fayetteville small business owners were in a panic. The unemployment rate was at a record low 4.8%, and there were not enough workers to fill their open jobs. 

As of today, though, North Carolina is reporting that at least one-in-five of the state's workforce have lost their jobs for Coronavirus related reasons. Yet, many small business owners are still struggling to find employees.

According to The Wall Street Journal, "For some workers, unemployment benefits are now paying more than their old jobs did. For others, safety concerns or a lack of child care, as most schools and day-care centers remain closed, are making them hesitant to go back."

“That’s going to get in the way of any real recovery,” Douglas Holtz-Eakin, president of American Action Forum and former director of the Congressional Budget Office, told WSJ.

The struggle to hire employees creates an additional threat for those Fayetteville small business owners who received loans under the SBA's Paycheck Protection Program.  

To qualify for the loan forgiveness provision of the PPP, business owners must restore its workforce to pre-Coronavirus levels. This must be accomplished within eight weeks of receiving the monies.

So, just like in January, local small business owners are under pressure to fill open jobs. Advertising on Fayetteville radio is a potent way to attract and hire the needed employees.

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Topics recruitment advertising, small business, help wanted, small business owner, best way to advertise, online advertising, radio advertising, employment advertising, white collar, blue collar, online job boards, job boards

Fayetteville Small Business Advice: Buying Facebook Ads in Pandemic

May 7, 2020 9:09:03 AM / by Larry Julius

Facebook usage has swelled since the onset of the Covid-19. 

According to Nielsen, before the current chaos, 62% of Fayetteville area adults used Facebook each month. This was significantly fewer than were reached by local radio or television each week.

According to the New York Times, however, since the start of the Coronavirus, daily Facebook traffic has increased by 27%. This compares to 33% growth in the amount of time consumers spend listening to local radio during a similar period.

Based on the surge in Facebook consumption, North Carolina small business owners might be tempted to purchase advertising on the social media platform to augment their regular, free postings. Here are are few facts these businesses should consider before investing.

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Topics trust, small business, small business owner, best way to advertise, digital advertising, facebook, social media, online advertising, social media advertising, radio advertising, facebook advertising

Reclaim 'Top Of Mind' When Your Fayetteville Small Business Re-Opens

May 1, 2020 10:58:33 AM / by Larry Julius

Business was booming in Fayetteville. Then it was not.

Before the chaos brought on by Coronavirus, it had been predicted, based on estimates from the National Retail Federation, Fayetteville area consumers would spend 4.1% more in 2020 than they did in 2019. On March 30, however, when North Carolina's Governor shut down the state, the expectations of growth for many small business owners were replaced with fights for survival.

As the state prepares to reopen, Fayetteville area small businesses will learn that turning the lights back on and hanging out the welcome sign might not be enough to bring even the most loyal customers back.

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

More likely, though, customers will not come back because a business has lost a valued parcel of real estate: the position at the top of a customer's mind. This is the place where purchase decisions are made.

There is a way to regain top-of-mind status. First, though, it's important to understand why a business can be forgotten so quickly. 

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Topics frequency, recall, top of mind awareness, small business, small business owner, best way to advertise, radio advertising, coronavirus, corona, covid 19, recency

Who Do Fayetteville Consumers Trust During A Crisis?

Apr 28, 2020 7:02:17 AM / by Larry Julius

For Fayetteville small business owners, marketing and advertising are crucial to surviving any crisis, including Coronavirus. The business literature has an abundance of case studies from depressions, recessions, natural disasters, and, yes, pandemics that affirm this existential conclusion.

Advertising, however, may seem extravagant right now to North Carolina businesses that are struggling to make rent, purchase inventory, and meet payroll. Henry Ford, though, is often quoted as saying, "Stopping advertising to save money is like stopping a clock to save time."

Therefore, as business owners from Lumberton to Dunn (and every point in between) are cinching their belts tighter-than-ever to stay alive, the dollars invested in advertising must be spent in the most effective manner possible.

During periods of uncertainty, advertising works the hardest when placed in within media that consumers trust.  During the time of COVID-19, advertising on Fayetteville radio has earned that trust among local consumers.

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Topics reach, recall, trust, small business, small business owner, best way to advertise, recession, radio advertising, coronavirus, corona, covid 19, crisis marketing, context

Web Traffic Is Soaring For Fayetteville Small Business Owners

Apr 24, 2020 12:30:32 PM / by Larry Julius

Since the onset of the Coronavirus crisis, consumers are not flocking into the showrooms, storefronts, offices, or dining rooms of Fayetteville small business owners. It turns out, though, social distancing has not proven to be an impediment to shopping.

North Carolina consumers are still spending money despite the chaos imposed by the pandemic, according to Gordon Borrell, CEO of Borrell & Associates. His company specializes in the collection of marketing data from business owners across the country.

"During depressions, recessions, floods, hurricane, earthquakes, fires, and, now, pandemics, commerce goes on," Mr. Borell told members of Fayetteville's small business community during a recent teleconference.

To prove his point, he shared research from IBISworld  which, indicates spending continues despite a plunge in consumer confidence.

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Topics small business, Website Traffic, attribution, small business owner, online advertising, consumer spending, radio advertising, coronavirus, corona, covid 19, web traffic, website visitors, e-commerce

Who Listens To Commercials On Fayetteville Radio?

Apr 22, 2020 12:45:55 PM / by Larry Julius

Every week, 288,946 adult consumers tune-in to a Fayetteville radio station. That is way more than are reached by other media, including local television, newspaper, social media, or streaming audio sites like Pandora and Spotify.

A more significant number for thousands of North Carolina small business owners who advertise on Fayetteville radio is how many of these listeners stick around when their commercials come on.

A 2011 Nielsen study discovered that, on average, 93% of listeners stayed with the radio station they are tuned-to when the commercials come on. That number amazed many advertisers at the time who believed that audiences were far more likely to defect when the music stopped.

A lot has changed since 2011. Fayetteville consumers have many more media options and can instantly connect to each  with a button-push, mouse-click, screen-tap, or voice command. With all of these choices, do radio audiences still stay tuned during commercial breaks?

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Topics Streaming Audio, Pandora, Spotify, best way to advertise, instagram, newspaper advertising, online advertising, social media advertising, radio advertising, television advertising, facebook advertising, button pushing

Advertising On Fayetteville Radio Still Best Option During Coronavirus

Apr 16, 2020 7:36:09 AM / by Larry Julius

The chaos created in Fayetteville by the onset of Coronavirus has been a disruptive force among consumers. 

Work routines, buying habits, family life, and media consumption have all been palpably affected. These are all factors that need to be considered by small business owners who continue to advertise their goods and services during the crisis.

Before the current chaos, advertising on Fayetteville, by any metric, was the best way a local small business could advertise.

For instance, pre-Coronavirus, 2.1 million adult consumers tuned-in to a Fayetteville radio station every week. This is significantly more than watched local TV, read a newspaper, accessed social media, or streamed audio from sites like Pandora and Spotify.

New research released from Nielsen indicates that amidst the current crisis, listening to local radio remains little changed. This is great news for those North Carolina small business owners who are depending on advertising for their long-term survival.

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Topics Streaming Audio, Pandora, Spotify, small business, small business owner, best way to advertise, digital advertising, newspaper advertising, online advertising, social media advertising, radio advertising, television advertising, coronavirus, corona, covid 19, crisis marketing, small business marketing

Fayetteville Small Business Advice: Marketing During The Corona Crisis

Apr 8, 2020 6:57:15 AM / by Larry Julius

In 'normal' times, Fayetteville consumers would be expected to rack up $54 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 members of the Fayetteville 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.

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

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Topics small business, small business owner, best way to advertise, radio advertising, coronavirus, corona, covid 19, crisis marketing, small business marketing, borrell associates

Crisis Marketing: What Fayetteville Small Business Owners Should Know

Mar 31, 2020 2:29:49 PM / by Larry Julius

Last week, Gordon Borrell, CEO of Borrell Associates, shared insights with Fayetteville 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.

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Topics retail, small business, small business owner, best way to advertise, radio advertising, coronavirus, corona, covid 19, crisis marketing, small business marketing, borrell associates

Fayetteville Radio: Who's Listening During The Coronavirus Crisis

Mar 27, 2020 3:45:59 PM / by Larry Julius

In a typical week, 289,000 adult consumers tune-in to Fayetteville radio stations.  But, since the onset of the Coronavirus, the weeks have not been typical.

Before social-distancing and work-from-home orders, 197,000 Fayetteville consumers would drive to-and-from work each day. More than 97% of these commuters could be reached by radio.  

North Carolina small business owners who depend on radio advertising to market their goods and services, therefore, might be concerned that the disruption in commuting patterns could depress the amount of time consumers spend with local radio.

According to market research, however, radio listening remains an important part of the daily life of consumers. Even amid the current chaos.

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Topics retail, small business, small business owner, best way to advertise, radio advertising, coronavirus, corona, covid 19, crisis marketing

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