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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

Advertise In Fayetteville: Radio Listening Little Change vs. Last Year

Aug 10, 2020 7:02:04 AM / by Larry Julius

During the Spring of this year, 243,400 adult radio-listeners spent 1.96 hours per day listening to their favorite Fayetteville stations, according to Nielsen. Although local consumers had spent fewer minutes listening at the onset of the pandemic, the current time tuned-in remains little change compared to a year ago.

Some advertising experts had predicted that as consumers spent more time at home because of COVID-19 concerns, the hours devoted to radio listening would decrease. That, however, was not the case.

In Spring of 2019, according to Nielsen, 32.1% of radio listening occurred at home. During July of this year, in-home listening jumped to 41%. Despite the reduction in out-of-home activities, though, consumers still spent the exact amount of time listening to Fayetteville radio.

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Topics Pandora, Spotify, small business, small business owner, Sirius/XM, fayetteville small business owners, best way to advertise, effective radio advertising, radio advertising, coronavirus, corona, covid 19, small business marketing, advertise on radio, small business advertising, podcasts, pandemic

Advertising On Fayetteville Radio Reaches Pay-TV's Cord Cutters

Jul 30, 2020 2:47:52 PM / by Larry Julius

More than one-third of Fayetteville area households are 'cord-cutters' or 'cord-nevers'. This means, they have fired their cable or satellite television providers or never subscribed at all. Instead, these consumers are choosing to find their video entertainment elsewhere.

The number of local homes that subscribe to pay-TV services began plummeting in 2013. New technologies has allowed viewers to bypass cable and satellite for more compelling content at lower prices. These cord-cutters now depend on services like Netflix, Hulu, Disney+, and Amazon Prime to fill their multiple screens.

For many years, North Carolina small business owners have been investing a significant portion of their advertising budgets into cable-TV.  The medium had proven to be a low-cost, high-reach alternative to buying commercial on over-the-air television stations. 

Now, because of cord-cutting, there are 121,000 adult consumers with unconnected TVs. This profoundly diminishes the value proposition of advertising with local cable systems.

There is a powerful and affordable solution, however, for small business owners to reach both the diminishing cable audience and the expanding number of cord-cutters.

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Topics television, small business, small business owner, fayetteville television, fayetteville small business owners, best way to advertise, effective radio advertising, radio advertising, small business marketing, pay-TV, cable television, advertise on radio, small business advertising, cord-cutters, cable-tv, satellite television, cord-nevers

Fayetteville Retailers Prepare For $46 Million Back-To-School Season

Jul 23, 2020 9:51:29 AM / by Larry Julius

Based on projections from the National Retail Federation, Fayetteville area parents are expected to spend $46 million to equip K-12 kids for the upcoming school year. If so, then this shopping spree will be 29% bigger than last year's and the biggest take since 2012.

“By any measure, this is an unprecedented year with great uncertainty, including how students will get their education this fall whether they are in kindergarten or college,” NRF President and CEO Matthew Shay says.

“Most parents don’t know whether their children will be sitting in a classroom or in front of a computer in the dining room, or a combination of the two. But they do know the value of an education and are navigating uncertainty and unknowns so that students are prepared."

Along with pencils, paper, pens, and knapsacks, the NRF survey says 63 percent of K-12 families expect to buy computers and other electronics this year, up from 54% last year, and they expect to spend more at an average $274.44, up from $203.44 last year. The $71 difference accounts for the largest share of the overall increase in average spending of almost $93.

Also, because many parents are unsure if learning will take place at school or at home, back-to-school spending this year is expected to include home furnishings such as desks, chairs, and lamps.

To claim a meaningful share of this year's booming back-to-school economy, local retailers will need to advertise to let parents know that their stores are open, it is safe to shop, and the needed supplies are in stock.

By any metric, the best way to reach these parents is on Fayetteville radio.

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Topics Retailer, millennials, retail, small business, small business owner, fayetteville small business owners, effective radio advertising, back to school, radio advertising, millennial parents, retail sales, retail stores, small business marketing, retail traffic, advertise on radio, retail store traffic, small business advertising

Drivers Hit The Road Taking Fayetteville Radio Along For The Ride

Jul 21, 2020 11:31:02 AM / by Larry Julius

Car radios came to Fayetteville in June of 1930. For just $120, about $1200 in present dollars, local drivers could install these early mobile devices into their Fords, Studebakers, Packards, and DeSotos, 

The first car radios were built by the Galvin Manufacturing Company of Chicago. They named their invention, and eventually their company, Motorola.

Today, more than 267,000 car radios fill ears of area drivers with music, news, sports, and information. As a result, local radio reaches more consumers than all other media.

In a typical pre-COVID-19 week, according to Nielsen, 95% of adult consumers would tune-in to a Fayetteville radio station. This is significantly more than were reached by local TV, cable, social media, newspaper, or streaming media sites Pandora and Spotify.

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Topics small business, small business owner, fayetteville small business owners, best way to advertise, effective radio advertising, in-car audio, in-car listening, radio advertising, small business marketing, advertise on radio, vehicle traffic, small business advertising

Advertising On Fayetteville Radio: What Consumers Want To Hear

Jul 17, 2020 8:04:28 AM / by Larry Julius

If you were one of the 281,300 adults who tuned-in to a Fayetteville radio station last week, then no doubt you heard multiple commercials that included phrases like 'troubling times', 'uncertain times', 'unprecedented times', 'new normal', and 'we're in this together'. 

In March, as the pandemic began to disrupt consumers' lives, using these phrases was a powerful way for North Carolina small business owners to acknowledge the severity of the crisis and to exhibit empathy. But 120 days later, these words have become cliche and have lost potency.

A cliche, says the Oxford Dictionary, is "a phrase or opinion that is overused and betrays a lack of original thought." 

According to the Writing Center at The University of North Carolina, the dependence on cliches could create a harmful perception of a business that uses them. For instance, these overused phrases can make an advertiser's message seem boring. They can be perceived as vague. They can be interpreted to be a sign of laziness. They can also result in a lack of credibility. 

The words a Fayetteville area small business chooses for its advertising will have the most significant effect on sales. That's why eliminating cliches is critical.

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Topics commercial, commercial length, creative, small business, small business owner, fayetteville small business owners, effective radio commercial, radio commercials, effective radio advertising, memorable radio commercials, radio advertising, small business marketing, advertise on radio, small business advertising, scripts

Advertising In Fayetteville: Consumers Pay More For Sustainable

Jul 14, 2020 9:28:20 AM / by Larry Julius

This year, according to Nielsen, 689,000 Fayetteville area consumers will spend $192 million on eco-friendly goods and services. Sales for sustainable products have grown 20% since 2014, a trend expected to continue into 2021.

Tensie Whelan and Randi Kronthal-Sacco of the New York University Stern Center for Sustainable Business write in the Harvard Business Review, "Consumers are voting with their dollars against unsustainable brands. The legacy companies that will thrive are those that accept this shift and are willing to pivot.” 

For North Carolina small business owners who are skeptical that sustainability affects purchase decisions, retail analyst Stacey Widlitz provided this advice, recently, in Forbes.

"Retailers only need to look to IBM's recent study, in association with the National Retail Federation, to understand just how fast consumer priorities are changing," says Ms. Widlitz. "Findings from the study revealed nearly 60% of consumers surveyed are willing to change their shopping habits to reduce environmental impact. For the nearly 80% of respondents who said sustainability is important to them over 70% would pay a premium of 35% on average."

To compete for a share of consumers' spending on green goods and services requires local small business owners to advertise.

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Topics Retailer, millennials, retail, small business, small business owner, radio advertising, retail sales, retail stores, small business marketing, retail traffic, advertise on radio, retail store traffic, small business advertising, sustainable, eco-friendly, green products

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